The Indian rupee fell below 84 to a dollar level for the first time on Friday, pressured by concerns over the recent jump in oil prices and the exodus of foreign money from the equity market. The rupee dropped to a low of 84.0525 per U.S. dollar and was last quoted at 84.05. The currency’s … Read more
The Indian rupee closed stronger on Monday, aided by a rally in Asian currencies that helped the local unit touch its highest in two weeks. The rupee closed at 83.87 against the U.S. dollar, up from its close at 83.94 on Friday. The currency hit 83.85 during the session, its highest since Aug. 6. The … Read more
The e-rupee, or the digital rupee, is a digital currency issued by the RBI [File] | Photo Credit: REUTERS The story so far: Fintech companies including Google, PhonePe, Amazon Pay, Cred, and Mobikwik are looking to join the Indian central bank’s digital currency project by allowing their users to transact in e-rupee via Unified Payments … Read more
New Delhi: The Centre on Friday extended the interest equalisation scheme on pre- and post-shipment rupee export credit by two months for the micro, small and medium enterprises (MSMEs). The scheme, which seeks to promote outbound shipments by providing interest benefits to exporters, was to end on June 30. It has now been extended to … Read more
Senior Congress leader Jairam Ramesh addressing the media at AICC, in New Delhi. File. | Photo Credit: Sushil Kumar Verma The Congress on March 24 targeted Prime Minister Narendra Modi on the issue of falling value of the Indian rupee against the U.S. dollar, and sought answers from him. Congress general secretary Jairam Ramesh said … Read more
Mumbai: The rupee Wednesday closed at its strongest level versus the US dollar in six months as disappointing American economic data caused the greenback to weaken globally while overseas investors deployed funds in local capital markets. The domestic currency settled at 82.83 per US dollar on Wednesday, its strongest closing level since September 4, 2023, … Read more
Mumbai: A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the current account deficit (CAD) estimates for FY24. Capital inflows through both foreign direct investment (FDI) and portfolio flows are expected to improve during the rest of the fiscal. But potentially higher foreign exchange inflows may not mean … Read more
(This story originally appeared in on Dec 12, 2023) MUMBAI: It is highly unusual for the rupee to reach a new low against the dollar while the sensex hits new all-time highs. This anomaly occurred recently when the rupee breached 83.39 for the first time on the day the sensex closed at a new high. … Read more
The Reserve Bank of India is wary of complacency in the domestic bond market, given the volatility in international markets, said Parul Mittal Sinha, head-financial markets, India at Standard Chartered Bank. In an interview with Bhaskar Dutta, she said the Indian rupee will be relatively better performing despite the strengthening US dollar. Edited excerpts: The … Read more
India’s rupee will not drop past the 84-per-dollar mark even if the greenback strengthens further from current levels as the nation’s central bank will step in to defend the currency, according to Standard Chartered Plc. “The Reserve Bank of India has been protecting rupee from depreciating very sharply,” Parul Mittal Sinha, head of India financial … Read more