The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Ravichandran Ashwin has taken criticism on the chin and has responded with a bagful of wickets, refusing to let that 'outside noise' disturb the equilibrium of his mind.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
India's unstable politics and slow pace of reforms add to the downside risks said the bank's note.
Significant investors in government bonds FIIs have been net sellers since May 22.
Falling for the third day, Indian rupee on Wednesday weakened by 14 paise to close at over one-week low of 62.02 against the Greenback.
Who benefits, who loses from the rising rupee, while a boon for travellers and students, exporters may find themselves facing a greater disadvantage.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
The rupee had weakened by 23 paise to end at 63.51 against the American currency on Wednesday on month-end dollar demand from oil companies and persisting selling by foreign funds in stocks.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
Sustained dollar demand from banks and importers in view of dollar firmness in overseas markets.
The share of non-resident Indians (NRIs) and overseas investors in Indian mutual funds has been declining over time, despite adding half-a-trillion rupees to holdings over the last five years. Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period.
Forex dealers said besides dollar gaining against other currencies in the global markets, increased demand for the American currency from importers and lower opening in the domestic equity market influenced the rupee.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
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Demand for the dollar from importers weighed on the local currency.
The dollar index was up by a whopping 0.45 per cent against basket of six major global rivals, which also pushed the rupee to log its biggest daily loss since September 15.
The Lok Sabha was adjourned twice in the post-lunch period on Thursday as a war of words broke out between the treasury and opposition benches, triggered by Congress MP Charanjit Singh Channi's spat with the Bharatiya Janata Party's Ravneet Singh Bittu.
The rupee had retreated from three-week high and ended six paise down at 60.67 against the dollar on demand from importers for the US currency in Thursday's trade.
Tracking the trend in local stocks, the Indian rupee surged stronger by 152 paise or 3.08 per cent to a five-month high of 47.88/89, posting its biggest gain in almost 11 years against the dollar, on hopes of heavy capital inflows, prompted by a clear mandate for the Congress-led UPA in the Lok Sabha elections.
Delhi Chief Minister Arvind Kejriwal on Wednesday appealed to Prime Minister Narendra Modi to have photos of Lord Ganesh and Goddess Lakshmi on currency notes.
Caution ahead of key consumer inflation data in the day also weighed.
Tracking a recovery in local shares, the Indian rupee on Friday snapped a two-day declining trend and bounced back by 39 paise to end at 61.44 against the Greenback on fresh dollar selling by exporters and some banks.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
Rupee ends day stronger against the dollar.
Rohit said he never doubted Jaiswal's talent and, during their opening partnership, kept telling the debutant that he belonged at the Test level.
The immediate concern for the rupee is the sharp spike in oil prices
Indian rupee appreciated by 35 paise to end at two-week high of 63.03 against the greenback.
The rupee had lost 31 paise to close at one-month low of 61.07 on Wednesday on sustained dollar demand from banks and importers.
The rupee had closed barely steady at 63.75 on Wednesday.
Just because India has outperformed the US markets in a short recent period, it does not mean that this is based on fundamental reasons that are here to stay, points out Debashis Basu.
'There cannot be anyone like Air Marshal Keelor -- he was so difficult to emulate.' Air Commodore Nitin Sathe (retd) salutes War Hero Air Marshal Denzil Keelor PVSM, KC, AVSM, VrC who passed into the ages last month.
Rising for the second session, the Indian rupee on Thursday climbed by 50 paise to nearly four-week high of 62.67 against the greenback on persistent selling of dollars by banks and hopes of capital inflows in view of a strong equity market.
In New York market, the dollar continued to weaken against its rivals yesterday on a day devoid of major data releases out of Europe and the US.
The rupee had jumped by 16 paise to end at over two-month high of 61.71 against the greenback on good inflows in local markets and sustained dollar sales by exporters.
In order to facilitate purchase of crude oil from Iran, the Finance Ministry has issued a notification exempting payments made in Indian rupee for such imports from any local tax.
In New York, the dollar was up last Friday against its major rivals following weak German economic data.
The overseas market has developed into a significant competitor for India's two biggest markets -- rupee and stocks, the pre-Budget Economic Survey 2013-14 said, adding that ten years ago, the global market was practically absent in both these fields.
The Reserve Bank is working with the government to thrash out a payment settlement solution for Indo-Russian trade, which is hit by the economic sanctions imposed on Moscow after it invaded Ukraine, but asserted that any such solution will be 'sensitive' to the prevailing economic blockade, the central bank said. RBI Governor Shaktikanta Das was quick to add that it is a matter that the government has to deal with first, and as far as the central bank is concerned, obviously, we will not do anything which goes against the sanctions. RBI Deputy Governor T Rabi Sankar said since the Ukraine war has disrupted trade and payments, we are discussing with all stakeholders, and at the same time, we are sensitive to the economic sanctions.
The rupee's strength against its competitor could come to haunt exporters.
'The government should come back as a job creator as it did in the 1960s and the 1970s.'
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