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 Indian rupee will remain at its current level three months from now and gain only marginally by the end of February 2024, barely recouping any of its losses from last year, a Reuters poll of foreign exchange strategists found. The rupee has steadied after falling more than 10% in 2022, when it was one … Read more
More Asian countries, such as Indonesia and the United Arab Emirates, are showing interest in using the Rupee as a trading unit, potentially reducing dependence on the world’s reserve currency for cross-border exchange of goods and services. “The world can trade two ways – in one currency and the second option is to trade in … Read more
Mumbai: The Indian rupee is likely to have seen the worst in 2022 and could start making a recovery in the new year, giving the Reserve Bank of India a chance to replenish its foreign exchange reserves kitty, a treasurer at told Reuters. “The growth differential and future prospects of better returns will give the … Read more
NEW DELHI: On the back of corporate dollar outflows, the Indian rupee today plunged 1% to end at a month-low of 82.61 against the US dollar. The dollar index, which measures the strength of the greenback against a basket of six major currencies, hung on to most of the previous session’s gains to be the … Read more
Mumbai: The Sensex climbed 248 points to close at its all-time high of 61,872 on Tuesday, propped up by robust fag-end buying in banking and energy stocks amid a positive trend in global equities. A strengthening rupee, encouraging domestic inflation data and unabated foreign capital inflows further bolstered sentiment, traders said. The Sensex rose 248.84 … Read more
Kolkata: The free fall in rupee is not a reflection of fundamentals of the Indian economy, which is well poised to attain its $5 trillion dollar goal in the next four to five years even as the global economy is facing headwinds at present, HDFC chairman Deepak Parekh said. The rupee depreciated about 10% this … Read more
The Reserve Bank of India is receiving encouraging responses from countries to participate in rupee-based trading, deputy governor T Rabi Sankar has said. RBI has been pushing rupee-based trade settlement since July this year by creating a comprehensive framework for it, as part of its endeavour in the process of ‘internationalisation’ of the rupee. “Increased … Read more
The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters. The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the … Read more
Notwithstanding the rupee’s plunge to historic lows against the dollar, IT stock investors have apparently ignored all the worries related to margin compression and demand moderation. IT has been the worst performer so far in 2022 with the Nifty IT index having lost around 31% of its value against Nifty’s 2% loss during the period. … Read more