Page 17 - Indian Rupee

Currency internationalisation: India pushes for rupee trade with Cuba

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

India, Saudi Arabia discuss Rupee-Riyal trade, UPI payment system

Both countries have re-affirmed continued cooperation in joint projects including the West coast refinery, LNG infrastructure investment and development of strategic petroleum storage facilities

Stagflation-free Asia leaving taper tantrums behind as currencies fare well

The foreign-exchange stockpiles Asian economies built up have helped cushion the impact of this year's market turmoil, which has spurred the largest equity outflows for at least a decade.

Rupee rises by 14 paise to 79.64 against US dollar in opening trade

The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.64 against the American currency, registering a gain of 14 paise over its previous close. On Friday, the rupee declined by 7 paise to close at 79.78 against the dollar. The rupee opened slightly stronger as Asian equities are flat or higher, dollar index is at 109.80, US Treasury yields at 3.45 per cent and Asian currencies slightly more robust than Friday closing, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. "The range for the day is expected to be 79.50 to 80 with a close watch on RBI as they try to maintain the 80 level," Bhansali added. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 109.80. Brent crude ..

RBI net-sold $19.05 billion in forex market in July to protect rupee

RBI's forward purchases fell $9 bln in July as interventions spread across spot, forwards

India's current account deficit likely jumped to a near-decade high: Poll

India's current account deficit likely widened to its highest in nearly a decade in the April-June quarter, driven by soaring global commodity prices and the biggest capital outflows

Fed-induced market volatility could spur demand for gold: Experts

Use current correction to build a 10-15% allocation to yellow metal

Indian rupee weakens 0.3% to 79.69 as oil companies soak up dollars

The rupee snapped a four-day winning streak on Wednesday after hotter-than-expected US consumer inflation data earlier this week bolstered bets of a third large rate hike by the Fed next week

Rupee rises 5 paise to 79.47 against US dollar amid rate hike concerns

The rupee witnessed a range-bound trading in early trade on Thursday as a firm American currency and concerns about hawkish US Fed offset the support from positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.53 against the dollar, then touched 79.47 in initial deals, registering a gain of 5 paise over its previous close. On Wednesday, the rupee declined by 35 paise to close at 79.52 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.72. Brent crude futures, the global oil benchmark, fell 0.11 per cent to USD 94 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 275.51 points or 0.46 per cent up at 60,622.48. Similarly, the broader NSE Nifty rose 36.15 points or 0.2 per cent to 18,039.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on ...

Rupee slides as US CPI data stokes speculation of 100 bps Fed hike

Higher US interest rates typically leads to a stronger dollar and reduces the appeal of emerging market assets for global investors

Index inclusion may fuel only short term gains in Indian rupee, bonds: DBS

Meanwhile, elevated supply of bonds in the second half of this financial year will bring focus back to incremental demand, resulting in a gradual rise of yields, the house said

Rupee falls 30 paise against US dollar to 79.44 on hawkish Fed outlook

Rupee had opened at 79.60, but managed to claw back from its fall, helped by Indian shares recouping a large part of their losses

Rupee doesn't need defending, it can take care of itself: CEA Nageswaran

Nageswaran said while international agencies were showing India's trend growth at 6%, the country could easily grow at 7% per annum for the rest of the current decade and beyond

Bond yields drop, rupee logs biggest single-day gain since July 27

The rise in bond prices came despite an increase in India's consumer price index inflation, which strengthens the case for the Reserve Bank of India to continue tightening monetary policy

Top headlines: Rupee at 5-week high; Infosys says no to moonlighting

As many as 34 new drugs were added and 26 dropped from an updated list of essential medicines that will lead to prices being fixed, said the government on Tuesday.

Rupee climbs to 5-week high on dollar inflows, breaches key level

The rupee closed at 79.1475 per US dollar, compared with the previous close of 79.5225, notching up its best session this month

Many countries interested in bilateral rupee trade: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Hero Mindmine Summit, she said this along with other steps taken by the government is towards full capital account convertibility. "It isn't the ruble-rupee which was in the old format. Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time which was so critical," she said when asked if India is ready for capital account convertibility. Highlighting that many countries have evinced interest in trade in the rupee, she said, in a way it is opening the Indian economy more than what can be imagined. "Post-pandemic, India is coming up with so many out-of-the-box solutions...I would like to highlight the fact that we are a lot more open with the Indian economy, a lot more open in the way we are talking to countries, we are willing to have our digital platform become ...

India not defending rupee, does not need to: Chief Economic Adviser

"I don't think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself," the country's chief economic adviser, V. Anantha Nageswaran, said.

India is not defending rupee, it can take care of itself: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy. "India is not defending the rupee... I don't think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself," he said at an event here. The Indian rupee, in August, had touched an all-time low of 80.15 against the US dollar. It is currently hovering at 79.25 level against the American currency. "The RBI is making sure that whatever direction the rupee is moving in line with the market trends is just gradual and doesn't impose burden either on the importers or the exporters," Nageswaran added. On declining foreign exchange reserves, he said, "Global risk aversion prevents capital from coming in. Natur

Many nations showing interest in rupee trade with India, says FM Sitharaman

Speaking at the Mindmine Summit 2022 here, Sitharaman said that positive response has come from many nations across the world, which have said that it is possible to have rupee trade with India