Scotiabank has launched a new programme to attract Indian newcomers in Canada. The bank will offer simplified process to establish their bank account, a credit card to start building their credit history, access to foreign exchange services and the ability to transfer money between Canada and their home country to the settling Indians. Scotiabank has a presence in India for more than 20 yrs and currently has 5 branches in the country offering commercial & corporate services.
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Forex dealers said besides a lower opening in the domestic equity market on fears of a rate hike by the Reserve Bank, higher demand for the American currency from importers put pressure on the rupee but dollar's weakness against other currencies overseas, capped the fall.
The cost of holding one-year forward dollars rose to 482.75 basis points from 472.75 bps on Tuesday.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
The rupee had gained nine paise to close at nearly one- month high of 61.84 against the dollar in yesterday's trade after the government said in the interim Budget that fiscal deficit this financial year will be capped below target.
Overseas funds have also become strong buyers of debt, with net purchases of $5.6 billion so far this year.
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Rupee will weaken against the dollar in next 12 months, says Reuters poll.
The outlook is improving and that mostly reflects the fact that the new government has pledged to prioritise economic reforms.
The renminbi is expected to weaken another 2 per cent in six months.
The rupee resumed higher at 61.75 as against the last closing level of 62.05 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a one-month high of 61.53 before quoting at 61.59 per dollar at 1045 hours.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.
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