Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dolla, was done through UPI in 2022. "Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," he said.
Top officials from MotoGP's commercial rights holder Dorna had visited India earlier this month to sign a seven-year MoU
The rupee had lost 33 paise, the most in a week, to close at 59.89 against the dollar on Monday on fresh demand from banks and importers amid disappointing industrial production, a fall in exports and higher inflation.
The rupee had gained 14 paise to close at 52.87 on Tuesday on fresh dollar selling by exporters on the back of sluggish movements of the US currency overseas.
The currency hit a record low of 57.32 on June 22 and has so far shed 7 per cent value against the dollar in 2012, making it worst performing currency in Asia.
The crisis over the Indian Premier League notwithstanding, former Pakistan captains Aamir Sohail and Javed Miandad believe the cash-awash Twenty20 event would continue no matter what happens to the fate of its under-fire Commissioner Lalit Modi.
Investment bankers who could have earned up to 48 million dollars in fees, if the proposed deal between Indian telecom major Bharti Airtel and South Africa's MTN had materialised.
When demand for the dollar outstrips the supply, the value of dollars goes up. But the supply of dollars has been rising steadily at an average of 10 per cent annually from less than $1 trillion in 1980 to over $12 trillion today -- and the fundamentals for gold today have much to do with the resulting drop in demand for dollars.
A lethargic-looking Barcelona were held to a 0-0 draw by 10-man Racing Santander in their opening match of the season.
India's forex reserves came down by $30 million to stand at $165.275 billion during the week ended October 13 as against $165.305 billion during the week ended October 6.
Bank of Baroda has hiked interest rates for non-resident external term deposits across various maturities with effect from April 4.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances