Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
In February, FPIs sold $421 mn in debt; in March they have sold $133 mn so far
In dollar terms, the Indian markets managed to climb back to 2008 levels only in January this year. The subsequent fall in the rupee because of emerging market woes has once again pushed the markets below their 2008 level in dollar terms.
The rupee closed at Rs 66.21 in its last trading session.
Investors who issued units in liquid and overnight funds, as well as those with a short-term holding of less than 30 days, are likely to be impacted the most, say experts.
Weakness of dollar in the overseas market also boosted the domestic currency, a forex dealer said.
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
Stock markets squandered early gains but managed to end in the green on Friday, propped up by heavyweight Reliance Industries which announced another stake sale deal for its digital platform. A strengthening rupee and firm global cues also supported the domestic bourses, traders said.
The rupee extended its fall for the fourth consecutive day by losing another 6 paise to hit a fresh one-month low of 62.31.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
The Indian rupee is down nearly 2 per cent against the US dollar since the beginning of January 2019. Experts attribute the Indian rupee's relatively poor performance to a sharper-than-expected fall in economic growth in India.
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
The huge pressure on the currency market largely went unnoticed because of the demonetisation exercise.
So long as there are concerns about world trade, growth and oil prices, the domestic market will remain volatile.
With NEFT, which drives the retail payments value, operationalised on a 24x7x365 basis, the country's payment systems landscape is headed for substantial growth.
'We had decided that India was unique and had overcome Covid.' 'Other nations ordered vaccines on time.' 'They let their scientists determine whether the battle against the pandemic was won instead of a divinely inspired leadership,' asserts Aakar Patel.
Good growth in BFSI segment, favourable currency to aid the company in Dec quarter
Europe's discordant leaders snatched a deal on Monday that might just avert Greece's euro exit, but global investors' faith in the durability of the single currency has been tested yet again.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent.
The Reserve Bank of India on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second Covid wave.
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
The rupee's fall against the dollar is bad news for companies which have increased their exposure to foreign currency loans in recent years.
The documents recovered from suspected ISI agent Akhtar Khan's home in the city "clearly showed" his links to Pakistan's ISI, a top Special Task Force officer said.
The 50-day window for depositing the old notes in bank accounts and post offices expires on Friday.
The depreciation in the yuan has led to a decline in all emerging market currencies
'Coronavirus has occasioned us to see how copious Modi's mojo bag is,' says Shreekant Sambrani.
Pakistan singer Rahat Fateh Ali Khan, who was detained by the Directorate of Revenue Intelligence with $ 1.24 lakh undeclared currency, has left the country after paying a fine of Rs.15 lakh. Official sources said Khan left by an Emirates flight to Lahore via Dubai on Tuesday evening.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
There was an uptick in clients' spends in the digital segment.
This is the first time in the RBI's history that a governor is leaving without willing to renew his contract
Gold funds have returned -5.2 per cent, while the Sensex is down 7 per cent in the past year.
The domestic currency had lost 49 paise to close at a three-month low of 60.55 on Thursday on capital outflows after the US Fed trimmed its monthly bond buying programme by another $10 billion.
Persistent foreign capital inflows also boosted sentiment.
If you are planning for a long-term goal like your child's education in a foreign university, invest about 20% of your portfolio in foreign assets that can provide a hedge against the rupee's depreciation.
'Despite muted growth in financial services, all other businesses have done well.'
Experts believe it can touch 63 against the dollar
Despite the onset of wedding season, the situation in apparel retail market remained unchanged and saw sharp decline in sales
RBI is unlikely to stem the slide against the dollar as the greenback is rising rapidly against all currencies in the world.
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A weak rupee makes imports costlier, including oil and other commodities.
