Currency

As China steps up efforts to graduate to a leading role in global currency markets, India faces a choice between aligning with the Western-dominated financial system and the Chinese one

According to a UBS India report, the rupee is likely to strengthen as the current account gap is expected to narrow in FY24

Warjiyo said if ASEAN countries could use their local currencies in the region, transactions and all payments can be conducted faster and able to tackle the global crisis

The rupee closed FY23 at 82.18 to a dollar, against 75.79 a year ago

The 'nation' made it to headlines again in February this year when its 'representatives' attended a discussion conducted by the United Nations in Geneva

In the latest blow to investors' confidence in the financial sector, Credit Suisse's shares on Wednesday plunged as much as 30%, after its largest shareholder said it could not provide further support

Adani-related flows, weaker dollar index push Rs up to one-month high

Iran's currency fell to a record low against the dollar on Sunday, with nationwide anti-government protests now in their fifth month. A breakdown in negotiations to restore Tehran's nuclear deal has also hurt the value of the rial. Traders in Tehran were exchanging the rial at around 600,000 to the dollar on Sunday, after the currency plunged further from 500,000 rials for USD 1 on Wednesday. Iran's currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions on Tehran in exchange for tight controls on Iran's nuclear programme. It was trading at 100 rials to the dollar in 1979 when the Islamic Revolution the West-back monarchy of Shah Mohammad Reza Pahlavi. Iran's statistics centre said last week that the inflation rate reached 53.4 in January. It was 41.4 in January 2021, two years ago. Iran has been gripped by nationwide protests since September. Demonstrations broke out following the death of 22-year-old Mahsa Amin

Business Standard brings you the top headlines at this hour

The Indian rupee is expected to open lower against the U.S. currency on Friday, following a surge on the dollar index after two Federal Reserve officials said they preferred bigger rate increases

Dollar advanced on Thursday after strong U.S. retail sales data underpinned the resilience of the world's largest economy, cementing that the Federal Reserve has further to go in tightening rates.

The decision followed a consultation with the Federal government

After a series of jumbo rate hikes in 2022 to tame inflation, the market is all but certain of a 25 basis points (bps) increase in interest rates later on Wednesday

Govt bond yields decline ahead of Budget statement as traders feel the fall in prices over the past week had been overdone

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Elsewhere, the dollar fell 0.4% to 130.18 yen, breaking a two-day rally

Brazil's President Luiz Incio Lula da Silva told reporters Monday that a common currency would reduce a harmful dependence on the US dollar

FPI outflows, likely RBI dollar purchases weigh on domestic currency

The Fed's aggressive rate increases were a main driver of the dollar index's 8% surge last year

The rupee finished the year at 82.72 to the US currency, down from 74.33 at the end of 2021, while the dollar index was headed for its biggest yearly gain since 2015