Page 6 - Rupee

Govt asks trade bodies, banks 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 rupee vostro accounts (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, 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 ...

Exploring tech, legal provisions to keep e-Rupee transactions 'anonymous'

It will weigh its options as things evolve but will ensure the anonymity of transactions up to a certain limit, which is a basic feature of cash transactions

Rupee at over 1-month low on renewed Federal Reserve rate hike fears

Indian currency underperforms EM peers; analysts cite shrinking forward premia, widening CAD

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

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

What does e-rupee mean for you?

India's digital rupee is making its retail debut today. Soon, people will use this digital currency for daily transactions. Find out how it's going to be different from digital wallets and UPI

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

Cross-border rupee trade: FinMin, bank heads to meet on December 5

The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

A longstanding plan aims to shrink the shortfall to below 4.5% of GDP by 2025-26

HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

Three others got permission earlier, but no deal so far

Rupee sheds 0.2% to dollar as Covid worries trigger slump in yuan

Talk of persistent rate hikes by US Fed officials also drags rupee lower

Dollar-rupee forward premia lowest since 2011 as US-India rate gap shrinks

Indian currency's recovery since US CPI leads to reversal of onshore-offshore arbitrage

Rupee closes at 81.70 against dollar amid muted trend in domestic equities

The rupee depreciated 6 paise to close at 81.70 (provisional) against the US dollar on Friday amid a lacklustre trend in domestic equities and firming crude oil prices. However, a weak dollar in the overseas market and fresh foreign capital inflows restricted the loss, forex traders said. At the interbank foreign exchange market, the local unit opened up at 81.59 and later erased all its early gains. During the session, it witnessed a high of 81.52 and a low of 81.78. The domestic unit finally settled at 81.70 against the American currency, registering a fall of 6 paise over its previous close of 81.64. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.28 per cent to 106.39. Global oil benchmark Brent crude futures rose 0.36 per cent to USD 90.10 per barrel. On the domestic equity market front, the 30-share BSE Sensex fell 87.12 points or 0.14 per cent to end at 61,663.48, while the broader NSE Nifty declined 36.25 p

Rupee slides as Chinese yuan weakens, October trade deficit hits mood

The rupee settled at 81.65 per US dollar on Thursday as against 81.31 per dollar at previous close

Rupee closes at 81.63 against dollar amid muted trend in domestic equities

The rupee depreciated by 37 paise to close at 81.63 (provisional) against the US dollar on Thursday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities. Forex traders said the American currency strengthened after strong US retail sales data pointed to resilient consumption adding room for tighter policy by the US Federal Reserve. At the interbank foreign exchange market, the local unit opened at 81.62 and later witnessed an intraday high of 81.45 and a low of 81.68 during the session. The domestic unit finally settled at 81.63 against the American currency, registering a fall of 37 paise over its last close. On Wednesday, the rupee depreciated by 35 paise to close at 81.26 against the US dollar. US retail sales posted the biggest increase in eight months in October. UK inflation number came in at 11.1 per cent, to 41-year high, as compared to 10.1 per cent in the previous month, said Gaurang Somaiya, Forex & Bullion ...

Rupee falls to 81.63 against dollar amid muted trend in domestic equities

The rupee depreciated 37 paise to 81.63 against the US dollar in early trade on Thursday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities. Forex traders said the American currency strengthened after strong US retail sales data pointed to resilient consumption despite a slowing economy, adding room for tighter policy by the US Federal Reserve. At the interbank foreign exchange, the domestic unit opened at 81.62 against the dollar, then lost ground to quote at 81.63, registering a loss of 37 paise over its previous close. On Wednesday, the rupee depreciated by 35 paise to close at 81.26 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.26 per cent to 106.55. The Indian Rupee started this Thursday morning on a weaker note as the dollar stabilised as investors tried to assess the outlook for US Fed policy following stronger-than-expected .

Rupee falls 35 paise to close at 81.26 against US dollar on forex outflows

The rupee depreciated by 35 paise to close at 81.26 against the US dollar on Wednesday on disappointing trade data and foreign fund outflows. Forex traders said a negative bias on risk aversion in global markets weighed on the local unit. At the interbank foreign exchange market, the local unit opened at 81.41 and later witnessed an intraday high of 81.23 and a low of 81.58 during the session. The domestic unit finally settled at 81.26 against the American currency, registering a fall of 35 paise over its last close. On Tuesday, the rupee appreciated 37 paise to close at 80.91 against the US dollar. "The Indian rupee depreciated on risk aversion in global markets and weak Asian currencies. Disappointing macroeconomic data from FII outflows also weighed on Rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. "The Indian Rupee weakened on Wednesday on dollar demand from importers and weakness in Asian currencies. A decline in USD/INR forward premiums also mad

Nine Russian banks open special vostro accounts for trade in rupee

Next round of India-UK FTA talks expected in Dec: Commerce secy

9 Russian banks open vostro accounts for trade in Rupee after RBI approval

As many as nine special vostro accounts have been opened with two Indian banks after permission from the Reserve Bank of India to facilitate overseas trade in rupee, a top government official said on Tuesday. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July. Another Russian bank Gazprom - which does not have its bank in India - has also opened this account with Kolkata-based Uco Bank. "Nine accounts have been opened. One in Uco Bank, one in Sber, one in VTB and 6 with IndusInd Bank. These six are different Russian banks," Commerce Secretary Sunil Barthwal told reporters here. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border trade in the Indian currency, which the RBI is keen to promote. The RBI has allowed th