“Singapore exchange alone has an open interest of close to about 10 billion US dollars. And this 10 billion US dollars, which is almost five times of the exposure on the Indian Nifty Futures, is now going to completely switch to the NSE-IFSC exchange or the NSE International Exchange at GIFT City,” says V Balasubramaniam, … Read more
Mumbai: With the provision of rupee-settled trades gaining acceptance at a slow pace, India and Russia are increasingly opting to route goods operations through third countries such as the United Arab Emirates (UAE), thereby facilitating transactions in currencies other than rupees, roubles and dollars, said people with knowledge of the matter. “Some vostro accounts have … Read more
The soaring dollar, accelerating US interest rates, stalling global economy and alarming geopolitics have whipsawed global currencies, sending them to record lows against the greenback. The rupee, albeit one of the better performers, hit a record low of 81.93 to a dollar on Thursday, almost 10% down from a year earlier. Typically, net exporters, remittance … Read more
The United States has started blocking Russia from making debt payments using dollars held in U.S. banks, a move designed to deplete its international currency reserves and potentially push Russia toward its first foreign currency debt default in a century. A Treasury Department spokesperson said that the action was taken Monday. It was the same … Read more
India’s forex reserves declined by USD 1.425 billion to USD 631.527 billion for the week ended in February 25 due to a dip in currency assets, according to the Reserve Bank data released on Friday. The overall reserves had increased by USD 2.762 billion to USD 632.952 billion in the previous reporting week. During the … Read more
A collapse in imports during the coronavirus lockdown has left India awash with dollars. Now a further influx of greenbacks is expected as an embryonic economic recovery draws investors back. To banks, this means one thing: The local currency is a sitting duck for appreciation against a weakening dollar. Policy makers won’t want a stronger … Read more