Page 11 - Indian Rupee

India's foreign exchange reserves jump $6.5 billion to $531 billion

The increase in reserves is mainly due to a rise in foreign currency assets that went up by $5.7 billion during the week

Rupee logs best single-day gain since September 30 on strong FPI flows

The rupee settled at 82.44 per dollar on Friday versus 82.89 on Thursday

Rupee appreciates 25 paise to 82.63 against US dollar as it retreats

The rupee appreciated 25 paise to 82.63 against the US dollar in early trade on Friday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 82.85 against the dollar, then gained ground to touch 82.63, registering a rise of 25 paise over its previous close. On Thursday, the rupee settled 8 paise lower at 82.88 against the US dollar. Rupee was under pressure through Thursday's session on broad dollar strength. There is, however, some respite overnight, IFA Global Research Academy said in a note. "We expect it to trade in a 82.50-82.80 range with sideways price action," it added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 112.67. Brent crude futures, the global oil benchmark, advanced 0.75 per cent to USD 95.38 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 9.85 points or 0.02 per cent higher at 60,84

Rupee seen up tracking recovery on Asian peers; US jobs data eyed

The rupee is tipped to open at around 82.70-82.75, compared with 82.88 in the previous session.

Bond yields track US peers on Federal Reserve interest rate hike

Total trade volumes in the regular secondary bond market were at Rs 21,150 crore on Thursday

Rupee falls 8 paise to 82.88 against US dollar after Fed hikes rates

The rupee depreciated 8 paise to 82.88 against the US dollar in morning trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance. At the interbank foreign exchange, the domestic unit opened at 82.87 against the dollar, then lost further ground to quote at 82.88, registering a loss of 8 paise over its previous close. In initial trade, the local unit also touched 82.84 against the American currency. On Wednesday, the rupee settled at 82.80 against the American currency. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the US Fed's commentary was not dovish at all. "Oil was higher at USD 95.50 per barrel while GBP and Euro were lower after the hawkish FED comments." The rupee could trade in the range of 82.50-83.20. "Exporters may sell dollars at 83 levels keeping a close watch on RBI while importers may continue to buy all dips they get," Bhansali said. Meanwhile, the dollar index, which gauges the greenback's

Rupee gains 10 paise to close at 82.71 against US dollar as it retreats

The rupee appreciated 10 paise to close at 82.71 (provisional) against the US dollar on Tuesday, as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local currency opened at 82.74 and witnessed a high of 82.59 and a low of 82.79. It finally settled at 82.71 against the American currency, registering a rise of 10 paise over its previous close amid a positive trend in domestic equities. On Monday, the rupee had settled 34 paise lower at 82.81. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.49 per cent to 110.98. Global oil benchmark Brent crude futures rose 1.42 per cent to USD 94.13 per barrel. "Rupee consolidated in a narrow range ahead of the important events that are lined up," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. For the first time since the implementation of the monetary policy framework in 2016, the Reserve Bank will ..

Rupee likely to open flat amid more losses in yuan, focus on Fed meeting

The rupee is expected at open around 82.76-82.82, compared with 82.7800 in the previous session. The local unit witnesses a late selloff on Monday

Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

Pilot for digital rupee for wholesale segment to commence on November 1

Use case to be settlement of secondary market transactions in g-secs; RBI says digital rupee is expected to make inter-bank market more efficient, as settlement will reduce transaction costs

1.3 bn Indians want pictures of Lakshmi, Ganesh on currency: Kejriwal

Delhi Chief Minister Arvind Kejriwal on Friday said "130 crore Indians" want pictures of Lord Ganesh and Goddess Lakshmi on currency notes. Blessings of the Almighty are necessary for hard work to translate into success, the Aam Aadmi Party leader said. Kejriwal reiterated his demand to print pictures of the two Hindu deities on currency notes at a rally at Morva Hadaf in Panchmahal district of Gujarat where Assembly elections are expected to be announced soon. "If there is a picture of Ganesh and Lakshmi ji on a note, the country will progress. I am not saying that the country will make progress only by printing their pictures, we will also work hard. People of the country will work hard. We will devise the right policies," he said. "But however hard you may work, unless you get the blessings of the Almighty, hard work does not succeed.....This is why I said there should be pictures of Ganesh and Lakshmi ji (on currency notes)," the AAP leader added. Both the BJP and Congress ..

India's forex reserves touch $524.5 bn, lowest level since July 2020

The primary reason for the decline is foreign currency assets, which recorded a dip of $3.5 billion to $465 billion

Rupee gains 4 paise to 82.29 against US dollar tracking gains in equities

The rupee appreciated 4 paise to 82.29 against the US dollar in early trade on Friday, supported by a weak greenback in the overseas market and positive domestic equities. Fresh foreign capital infusion in capital markets also strengthened sentiment, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.39 against the dollar, then gained ground to quote at 82.29, registering a rise of 4 paise over its previous close. The domestic unit was moving in a tight range of 82.39-82.29 in early deals. In the previous session on Thursday, the rupee jumped 48 paise to close at 82.33 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.23 per cent to 110.35. In the domestic equity market, the 30-share BSE Sensex was trading 220.59 points or 0.37 per cent higher at 59,977.43. Similarly, the broader NSE Nifty rose 60.50 points or 0.34 per cent to 17,797.45. Foreign Institutional Investors

Best of BS Opinion: Political currency, marginal progress, and more

Here is the best of Business Standard's opinion pieces for today

Rupee, bonds gain on hopes of Federal Reserve slowing rate hikes

At 3:30 pm IST on Thursday, the US dollar index was at 110.09 as against 112.02 at the same time on Tuesday

Explained: Mahatma to Mangalyaan, how currency notes evolved in India

Delhi's Chief Minister Arvind Kejriwal said that efforts to make India wealthy would only bear fruit with blessings from gods and goddesses.

If Lakshmi-Ganesha on notes can attract voters, implement: Kejriwal to BJP

Countering the claims of the BJP that the idea to use images of Goddess Lakshmi and Lord Ganesha on currency notes is a "political stunt", Delhi Chief Minister Arvind Kejriwal on Thursday said that the saffron party should implement it if it thinks the move can attract votes. Kejriwal's remarks came on the sidelines of his visit to the Ghazipur landfill site in the city. Reporters asked the Aam Aadmi Party (AAP) national convenor about his reaction on BJP's allegation that his appeal to print images of Goddess Lakshmi and Lord Ganesha on currency notes was a "political stunt" ahead of polls in Gujarat and Himachal Pradesh. Kejriwal replied, "(If it is a political stunt) Then they should do it. If they feel that saying this would attract votes, then they should implement it. They have the government at the Centre. They should implement this and get votes." Claiming that the Indian economy was not in good shape, Kejriwal at a press conference on Wednesday had said the country needed

Kejriwal urges PM to consider including Lakshmi, Ganesha on currency notes

Delhi Chief Minister Arvind Kejriwal on Wednesday appealed to Prime Minister Narendra Modi to have photos of Lord Ganesha and Goddess Lakshmi on currency notes. During a media briefing, he said the photos of Ganesha and Lakshmi could be printed on fresh currency notes. He added that the new notes could have a picture of Mahatma Gandhi on one side and of the two deities on the other. "Despite making efforts, sometimes our efforts do not fructify if gods and goddesses are not blessing us. I appeal to PM (Modi) to have photos of Lord Ganesha and Goddess Laxmi on our currency (notes). "If there is a photo of Lakshmi-Ganesha on our currency (notes), our country will prosper. I will write to (the) prime minister in a day or two on this," he said. He cited the example of Indonesia, a Muslim nation, that has a picture of Ganesha on its currency note. "When Indonesia can, why can't we? The photos can be printed on fresh (currency) notes," he said. Lamenting the fact that the India economy

Russia's VTB Bank opens 'vostro' account in India for rupee-based trade

Russia's No.2 lender VTB said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts

Rupee trade with few nations may start, internationalisation will take time

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board