Page 2 - Currency

Iranian govt replaces central bank governor amid currency's value drop

The move was widely seen as Iran's latest effort to contain the accelerated fall of its currency's value against major foreign currencies in the past weeks

Indian Rupee inches up as Asian currencies notch marginal gains on Thursday

The Indian rupee eked out slim gains on Thursday in its penultimate trading session of 2022, as Asian markets rebounded to move higher and the dollar flatlined

Indian rupee goes digital

Digital currency and fail-safe wireless connectivity should have preceded demonetisation

Rupee declines 11 paise to 82.73 against US dollar in early trade

The rupee weakened by 11 paise to 82.73 against the US dollar in early trade on Tuesday as a sell-off in domestic equities and rising crude prices in global markets weighed on the local unit. However, a weak greenback against major rivals overseas supported the domestic currency and restricted the fall, forex traders said. At the interbank foreign exchange, the local currency opened weak at 82.69 against the dollar, then lost ground further to 82.73, registering a decline of 11 paise over its previous close. The rupee settled 13 paise higher at 82.62 against the dollar in the previous session on Monday. In the domestic equity market, the 30-share BSE Sensex was trading 303.59 points or 0.49 per cent lower at 61,502.60, and the broader NSE Nifty slipped 95.85 points or 0.52 per cent to 18,324.60. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.37 per cent to 104.33. Brent crude futures, the global oil benchmark, rose

Rupee marginally lower against dollar, PSU banks help limit losses: Report

The rupee was quoting at 82.8375 per dollar by 10:20 am IST, compared with 82.76 in the previous session

Rupee depreciates 15 paise to 82.64 against US dollar in early trade

The rupee depreciated 15 paise to 82.64 against the US dollar in early trade on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance dented investor sentiments. A strong dollar against key rivals overseas and losses in the domestic equity markets sapped risk appetite, forex dealers said. At the interbank foreign exchange, the domestic unit opened sharply lower at 82.63 against the dollar, then slipped further to 82.64, a decline of 15 paise over its previous close. In the previous session on Wednesday, the rupee settled 11 paise higher at 82.49 against the US dollar. The US Fed on Wednesday increased interest rates by 50 basis points on expected lines and signalled more hikes ahead to fight inflation. The US central bank raised the interest rate to 4.25-4.50 per cent to the highest level in 15 years. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 103.85. Brent crude futures,

Rupee records 6.9% depreciation against US dollar in current financial year

The Indian rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, the Parliament was told on Tuesday

Rupee sheds 26 paise to dollar as firm US data leads to Fed hike jitters

The domestic unit settled at 82.54 to the dollar on Monday, from 82.28 at previous close. So far in 2022, the Indian currency has shed 9.9% against the greenback

Forex reserves at a three-month high; $11 billion added in a week

Reserves rise for 4th straight week on revaluation, likely RBI dollar purchases

Demonetisation failed to meet its objectives: Cong leader Adhir Chowdhury

Congress leader Adhir Ranjan Chowdhury on Friday criticised the government's November 2016 decision to demonetise high-value currency notes, claiming the move did not meet the desired goals as cash in circulation and fake currency have gone up. The comment made in the Lok Sabha was vehemently countered by the BJP's Nishikant Dubey who said the Reserve Bank of India took the "big step" to eliminate corruption and terror financing which were "rampant" under the Congress rule. Raising the issue during the Zero Hour in the Lok Sabha, Chowdhury said cash in circulation increased from Rs 18 lakh crore in 2016 to Rs 31 lakh crore currently. Also, fake currency and deposits in Swiss banks have increased, he claimed. "The health of the economy is in a bad shape because of demonetisation. Demonetisation was launched with the objective of bringing back black money and stopping fake currency and terrorism. But none of the objectives of demonetisation has been fulfilled," Chowdhury said. Dubey

How world's oldest digital currency could solve climate change crisis

But what if there was an overlooked digital currency that could help to solve the climate crisis, rather than just doing less to exacerbate it?

SC reserves verdict on demonetisation, asks govt, RBI for submissions

AG said note ban's success or failure in curbing black money not a reason to invalidate the decision judicially as the move was made in good faith, after following due process

Trade settlement in rupee: Govt, RBI devise country-specific plan

To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country

Dollar holds firm on account of upbeat US data, RBA rate rise lifts Aussie

The U.S. dollar index, which measures the currency against six major peers, was at 105.24, steady after Monday's 0.7% rally, its biggest since Nov. 21

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

In King Cash's castle: Businesses in disarray, RBI to take a closer look

The CLA has submitted a "confidential update" to the banking regulator, which has also set up an internal committee to monitor developments

Dollar slips to 5-month low, yuan set for biggest weekly gain since 2005

The dollar index, which measures the currency against six major peers including the yen and euro, fell 0.2% to 104.47, having earlier touched its lowest level since June 29 at 104.36

e-Rupee: India's digital currency fails to excite interest, say bankers

Seven bankers told Reuters that using the e-rupee of the Reserve Bank of India (RBI) was much the same as internet-based banking that users were already satisfied with

Rupee gains sharply against US dollar as MSCI rejig spurs flows

The rupee closed at 81.43 per US dollar on Wednesday as against 81.72 per dollar on Tuesday

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet