The rupee fell by 49 paise to close at 81.89 (provisional) against the US dollar on Monday as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit.
Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure. At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money. "This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.
The rupee rise may halt if interest rates are raised by the US Fed and the European Central Bank, and Indian domestic interest rates are lowered.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
Forex market was closed on Thursday on account of Ganesh Chaturthi.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
The partially convertible rupee closed at 61.31/32 per dollar, unchanged from its Tuesday close.
Relentless fall of the rupee has not dampened demand for rough diamonds in India.
Most Asian currencies are on a slide on worries about the withdrawal of US stimulus.
Indian rupee washed out initial losses against the greenback.
Last month saw DGCX record the highest volumes, as trades in futures contracts across the bourse crossed one million contracts.
'If you want to win you need to perform.' 'Governments have found a way to buck anti-incumbency, but one policy intervention will not pay in all elections.'
He had taken charge as the 25th director general of the Indian Coast Guard on July 19 last year.
A sojourn in Seoul, one of Asia's largest metropolises, where the ultra-modern coexists with the ancient -- temples and palaces with futuristic skyscrapers climbing to the stratosphere, K-pop with Buddhism, a village within city limits.
The five-member jury set up to finalise symbol for the rupee is said to have selected the design presented by IIT-ian D Udaya Kumar, said The Indian Express.
'If you see another 1000-point correction, people may start panicking.'
Rupee hits 2-month low against dollar on US rate hike fears.
The Centre was seized of the issue of the continuing appreciation of the rupee against the dollar adversely affecting the exporting community, Union Commerce and Industry Minister Arun Jaitley said on Saturday.
With the rupee crossing Rs 72/dollar in recent times, things suddenly don't look too good on several counts.
A weak rupee, though seemingly good for exporters, would push up input cost further for Indian companies.
The dollar index recovered its early losses and was trading up by 0.11 per cent against a basket of six major rivals.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Forex dealers said besides heavy selling of the American currency by banks and exporters, a higher opening in the domestic stock market, supported the rupee.
Globally, the dollar index was trading up by 0.1 per cent against the basket of six major currencies on optimism that the US economy is improving.
'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
US is not going to do the kind of sequential taper that was hinted in May, said FM.
The rupee shed 6 paise to hit a fresh 1-month low of 62.31 on Thursday.
The recent depreciation of the rupee against the US dollar is unlikely to ensure better margins for exporters as buyers in Europe and the US, facing lower demand in their countries, are asking for hefty discounts.
Software leaders are quite robust.
Rupee's misunderstood fall is far from over despite some near-term respite.
The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
The rupee on Friday slipped 1 paisa to close at its all-time low of 78.33 (provisional) against the US dollar. At the interbank foreign exchange market, the local currency opened at 78.20 and finally settled at its all-time low of 78.33, down 1 paisa from its previous close. During the day, the local unit witnessed an intra-day high of 78.19 and a low of 78.35 against the American currency.
Rupee climbs further to fresh nine year high of 39.785 against the US dollar
Foreign investors pumped in Rs 11,119 crore in the Indian equities in December, making it the second consecutive monthly inflow, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world. However, foreign portfolio investors (FPIs) have turned cautious in recent days. The inflow in December was much lower compared to Rs 36,239 crore invested by FPIs in the month of November, data with the depositories showed.
Forex dealers attributed the fall to increased demand for the dollar.
Crude oil hit an all time high in rupee terms; Tuesday figures expected to be higher
The depreciating Indian rupee creates new opportunities.
Despite the rally in equities over the last few years, India, according to Christopher Wood, global head of equity strategy at Jefferies, is still in early stages of an equity cult. Any changes to the capital gains tax for equities - both long-term and short-term - in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election outcome on June 4 that saw the Bharatiya Janata Party (BJP) lose majority, though it was able to form the government with the help of coalition partners.
In two years, the start-up Overqualified Housewives has helped over 6,000 women across India find flexible-job roles across India from salaries ranging between Rs 8,000 to Rs 80,000, making them financially independent.
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