'The government should come back as a job creator as it did in the 1960s and the 1970s.'
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 first major devaluation of the rupee happened in 1966 when it was pegged against the US dollar at Rs 4.75/$
The concessional swap windows have attracted about $25 billion, RBI deputy governor HR Khan said on Monday.
The rupee has depreciated 2.35 per cent in the past three months and one per cent in the past month, despite strong capital flows and falling oil prices.
Assume that the rupee will trend lower over the next 10 years as India increases overseas sovereign exposures, and your long-term asset allocation should be geared to deal with this trend, suggests Devangshu Datta
The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
Voting for the bypolls in Punjab, Himachal Pradesh, Uttarakhand, West Bengal, Madhya Pradesh, Bihar and Tamil Nadu were held on Wednesday.
A 16-year-old Sunil Chhetri's joy knew no bounds when he was handed over a token amount of Rs 1000 for his first-ever contract with a Delhi-based club, recalled his childhood coach Mohammad Sajid on Thursday.
The rupee had gained two paise to close at one-month high of 62.14 against the dollar in Tuesday's trade.
In New York market, the dollar fell against euro late yesterday, as European Central Bank President Mario Draghi said that central bank officials had discussed quantitative easing as an option to fight falling inflation.
Heavy dollar demand from some banks and importers, mainly oil refiners, weighed on the rupee's fortunes.
The sudden movement of the rupee - post the monetary policy - is not a reason to panic, said currency dealers. According to them, a correction was overdue for the rupee that remained the best performing currency in the region for well over a month. The rupee closed at 74.72 a dollar on Friday from its previous close of 74.60. It had dropped 1.52 per cent against the dollar on April 7 after the Reserve Bank of India (RBI) announced its monetary policy, committing to buy Rs 1 trillion of bonds in the June quarter. A weak rupee goes well with the export narrative of the government, and is consistent with the RBI's intervention strategy that prevented an appreciation.
Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
Concerns related to capital outflows in the aftermath of the first US interest rate hike in nearly a decade predominantly weighed on the rupee trade.
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Domestic shares jumped nearly 1.5 per cent on Monday to an all-time high, surpassing their previous record hit just last week, as lenders including ICICI Bank extended a recent rally.
The Reserve Bank on Wednesday projected retail inflation to ease to 5.3 per cent in next fiscal from 6.5 per cent this year on assumptions of lower imported inflation, even though core inflation remains sticky. The RBI's inflation outlook for current fiscal has improved from 6.8 per cent projected earlier, to 6.5 per cent, on the back of steeper than expected decline in vegetable prices and Indian basket of crude at $95 a barrel. "Looking ahead, while inflation is expected to moderate in 2023-24, it is likely to rule above the 4 per cent target.
On Tuesday, the domestic currency had gained 13 paise to close at nearly four-week high of 60.43 against the American unit following fresh dollar selling by exporters and sustained investments by foreign funds.
The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.
The benchmark Sensex conquered yet another milestone of 28,000 for the first time briefly before concluding at a new closing peak of 27,915.88, a rise of 55.50 points of 0.20 per cent.
Forex dealers said besides the dollar's gains against other currencies overseas, increased demand from importers for the American unit put pressure on the rupee but a higher opening in the domestic equity market capped losses.
The appreciating value of the Indian rupee against the US dollar is unlikely to have any major impact on Indian exports, Union Commerce Minister Arun Jaitley said on Monday.
The rupee closed at Rs 66.21 in its last trading session.
'From a retail investor's perspective, therefore, it is essential not to get swayed by the short-term correction in the equity market and macro noise, and stay the course with their long-term financial plans,' notes Ashwin Patni.
The Indian benchmark S&P BSE Sensex today eased by 14.59 points, or 0.05 per cent after touching its all-time intra-day peak.
The rupee gained 28 paise on Thursday to close at 62.50.
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Dealers cited some dollar selling by state-run banks in the session, which some said may be on behalf of the central bank.
Resuming its slide against the greenback, the Indian rupee plunged to its more than one-year low of 41.76/77 against a US dollar. Heavy demand for US currency in view of high oil prices continued modest on its short supply. The Interbank Foreign Exchange (Durex) market witnessed brisk trade with wide fluctuations in the local currency in a range of 41.55 and 41.79 during the day. The local currency lost 41 paise against the US counterpart.
How the sharp move in the Rupee has affected Futures markets in India.
A higher opening in the domestic equity market also supported the rupee but dollar's gain against other currencies overseas limited the rise of domestic unit, forex dealers said.
The Reserve Bank of India (RBI) has put in place a framework to allow overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities not specifically permitted in the Indian domestic market. The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City (GIFT City). While these activities may not need prior approval, they are subject to compliance with all applicable laws/regulations and conditions stipulated by the RBI and those prescribed by the host regulator.
The Reserve Bank has told the International Monetary Fund (IMF) that the objective of frequent interventions in the forex market is to curb excessive volatility, dismissing the Fund's rationale for reclassifying India's exchange rate regime. The IMF, following the Article IV consultation with the Indian authorities, reclassified the status of the exchange rate regime to "stabilised arrangement" from "floating" for period between December 2022 to October 2023. India's Executive Director at IMF K V Subramanian and Senior Advisors Sanjay Kumar Hansda and Anand Singh questioned the selection period adopted by the Fund for analysis and also reclassification of the country's exchange rate regime.
The NBFCs, which filed for ECB in January with the Reserve of India (RBI), include REC (over $500 million), Tata Motors Finance ($200 million), L&T Finance Holdings ($125 million), and Shriram Finance ($750 million), according to the RBI data. A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
The Indian rupee dropped by 58 paise to a lifetime low of Rs 52.73 per US dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers amid sustained foreign capital outflows from the equity market.
It moved in a range of 59.80 and 59.99 per dollar during the morning deals.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
The rupee's gains came even as most emerging Asian currencies eased as the yuan fell beyond 6.20 to the dollar for the first time since April last year amid market speculation that the central bank will keep the currency weak as economic growth slows.
Rupee ends flat against dollar ahead of Fed policy outcome.
If the rupee continues to gain against the dollar, India's competitive strength in world trade will weaken, and many people will lose jobs.
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