Page 7 - Indian Rupee

India looks at expanding rupee trade to Africa, W Asia to make it stronger

India has already been in talks with Russia for a rupee-rouble payment system

Rupee premiums likely to stay above 2% after RBI's push, says report

The RBI looks comfortable with the current level of forward premiums, especially since it has lifted informal restrictions on banks for trading in the non-deliverable forward (NDF) market

RBI sold $922 million in foreign exchange market in October: Bulletin

Forward purchase book shrinks $10 bln as RBI spreads out interventions

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

Fake currency worth Rs 137 cr seized in 3 yrs, most are Rs 2000 notes

Fake currency notes, with face value of crores of rupees are being caught every year, indicating an increase in their circulation in the country

Banks look at possibility of rupee trade with Bangladesh, African nations

Banks are looking at the possibility of initiating rupee trade with Bangladesh and African countries like Egypt as part of exercise to make rupee an international currency, sources said. The overseas trade in rupee would safeguard the external sector from fluctuation in the forex market. India imported goods worth USD 3,520.83 million from Egypt, of USD 1,004.24 million from Algeria and USD 2,725.08 million from Angola in the last financial year. As far as Bangladesh is concerned, the import in the last year from the neighbouring country stood at USD 1,977.93 million, according to the data provided by the commerce ministry. Currently rupee trade arrangements are with Russia, Mauritius and Sri Lanka through Special Rupee Vostro Account (SRVA). Indian banks have already opened SRVA with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SRVA with State Bank of India (SBI). In addition, Ban

Contribution of cesses to central govt's tax kitty doubles to over 18%

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

Rupee trade settlement mechanism draws interest from more nations

Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism

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 slips 4 paise against US dollar in line with domestic equities

The rupee depreciated 4 paise to 82.80 against the US dollar in early trade on Friday due to losses in domestic equities and risk aversion in global markets. However, a weak greenback overseas supported the domestic currency and restricted the decline, forex traders said. At the interbank foreign exchange, the rupee opened weak at 82.84 against the dollar, then gained some ground to quote at 82.80, registering a fall of 4 paise over its previous close. In the previous session on Thursday, the rupee settled 27 paise lower at 82.76 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.28 per cent to 104.27. Brent crude futures, the global oil benchmark, advanced 0.59 per cent to USD 81.69 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 293.36 points or 0.47 per cent lower at 61,505.67. The broader NSE Nifty fell 77.85 points or 0.42 per cent to 18,337.05. Foreign Instituti

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,

Bonds and rupee gain; US inflation spurs hopes of dovish Fed move

Markets feel that US central bank's aggressive rate hike cycle may be nearing an end

Rupee falls 4 paise to 82.64 against US dollar ahead of Fed meeting

The rupee depreciated 4 paise to 82.64 against the US dollar in early trade on Wednesday as a strengthening greenback overseas and risk-off sentiment among investors ahead of the US Fed's interest rate decision weighed on the local unit. However, a firm trend in domestic equities supported the domestic currency, forex dealers said. At the interbank foreign exchange, the domestic unit opened flat at 82.60 against the dollar, then lost some ground to quote at 82.64, registering a decline of 4 paise over its previous close. In early deals, the rupee was moving in a tight range of 82.60-82.65. In previous session on Tuesday, the rupee settled 9 paise lower at 82.60 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.11 per cent to 104.09. Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 80.41 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 238.7

RBI removes informal restrictions on rupee NDF trades, says report

The central bank had in October informally communicated to banks to halt building new positions in the NDF market to manage the rupee's volatility

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

Rupee falls 35 paise against US dollar amid heavy selling in equities

The rupee declined 35 paise to 82.63 against the US dollar in early trade on Monday as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments. Besides, foreign fund outflows and rising crude oil prices in the international market impacted the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.54 against the dollar, then lost further ground to quote at 82.63, registering a fall of 35 paise over its previous close. On Friday, the rupee settled 10 paise higher at 82.28 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, surged 0.35 per cent to 105.16. Brent crude futures, the global oil benchmark, advanced 0.66 per cent to USD 76.60 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 486.34 points or 0.78 per cent lower at 61,695.33. The broader NSE Nifty fell 138.

Rupee, bond yields to move in narrow range, with focus on Fed meeting

MUMBAI (Reuters) - The Indian rupee and government bond yields are likely to take cues from the outcome of the U.S. Federal Reserve's monetary policy meeting on Dec. 14, one of a host of high-profile, potentially market-moving economic events in the week.

Govt asks banks, stakeholders to explore more countries for trade in rupee

Having facilitated rupee trade with Russia, Mauritius and Sri Lanka, the government has asked trade bodies and banks to explore such opportunities with more nations, sources said. Indian banks have already opened special vostro rupee accounts (SVRA) with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SVRA with State Bank of India (SBI). In addition, Bank of Ceylon opened an account in its Indian subsidiary in Chennai. Union Bank of India has opened special rupee account of Ros Bank Russia while Chennai-based Indian Bank has opened such accounts of three Sri Lankan banks, including Colombo-based NDB Bank and Seylan Bank. In all 18 such special rupee accounts have been opened by 11 banks, including 2 of Russia and one of Sri Lanka, following approval from the Reserve Bank of India (RBI). The RBI issued detailed guidelines on cross-border trade transactions in the domestic currency in ...

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

Rupee gains 10 paise to close at 82.28 against US dollar as it weakens

The rupee appreciated by 10 paise to close at 82.28 (provisional) against the US dollar on Friday, tracking the weakening of the American currency in the overseas market. Forex traders said muted domestic equities and foreign fund outflows weighed on investor sentiments and restricted the gains. At the interbank foreign exchange market, the local unit opened at 82.30 and touched an intra-day high of 82.08 and a low of 82.33 against the greenback. It finally settled at 82.28, registering a rise of 10 paise over its previous close of 82.38. Forex traders said investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes. "Focus will now be shifting to the FOMC policy statement. The central bank could raise rates by 50 bps and maintain a less hawkish stance," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. "We expect the USD-INR (Spot) to trade sideways and quote in the range of 82.20 and ..