The dollar index surged to multi-year high.
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
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 rupee fell back sharply against the pound sterling at 83.28 from Monday's close of 82.49 and also reacted downwards against the euro to 71.59 from 71.29.
The butchering of the Indian Rupee need not come in the way of your dream international vacation says Anita Rao Kashi.
The rupee fell to an all-time low of 61.21 per dollar, forcing the Reserve Bank of India to intervene to stabilise the currency.
In addition, persistent dollar demand from banks and importers and a weak opening in the equity market also put pressure on the Indian rupee.
The Indian rupee, which is partially convertible, will move toward fuller convertibility in a gradual and calibrated manner, Finance Minister P Chidambaram informed the Rajya Sabha on Tuesday.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
Donald Trump's Presidency of the United States will open new opportunities for India though certain sectors, especially pharma and IT, may face the heat if the incoming president decides to impose restrictions on imports and H1B visa regulations, experts said on Wednesday. Prime Minister Narendra Modi's friendly relationship with Trump will have a positive bearing on Indo-US relations but India may have to adapt its strategies to maintain cooperation in areas of mutual interest.
Asian stock, bond and currency markets took another big hit after a fresh spike in US interest rates re-ignited concerns about capital flows from the region and forced investors to pare back their Asian portfolios.
'International cricket is incomplete without Pakistan.'
According to police, a first information report (FIR) was registered under Sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union minister Nirmala Sitharaman, Enforcement Directorate officials, office-bearers of the Bharatiya Janata Party at state and national level, based on the order of a special court.
Leading index provider Standard & Poor's on Thursday announced the launch of currency indices - Indian Rupee index and Chinese Renminbi index. Global investors would get access to the currencies of the two emerging economic superpowers, it will also serve as a reliable and relative benchmark for currency performance. The indices will replicate the performance of the Chinese Renminbi & the Indian Rupee versus the US Dollar. The indices will also have an excess return version.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
Delhi-NCR and Mumbai are still the most preferred destinations for NRIs to buy property, say property brokers.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
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.
The Indian rupee today dipped to a two-year low of 46 against the US dollar following heavy demand from importers for the greenback.
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.
It was a protest which held a mirror to the government of a state taking pride in its commitment to democracy, gender equality and social indices.One person, who in his employed days had known governments and political parties at close quarters, told me that public perception of how the Kerala government handled the ASHA workers' strike had been terrible, reports Shyam G Menon.
Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.
Analysts expect the central bank to remain watchful of inflation.
The Rupee is 3.7 per cent undervalued on trade related basis.
The Pakistan Cricket Board is willing to make 'adjustments' in the schedule of the 2025 Champions Trophy, with matches involving India taking place in the UAE.
Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian ambassador to India Ali Chegeni. Chegeni said if both the countries resume rupee-rial trade, bilateral trade can touch $30 billion. Iran used to be India's second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
This is rupee's lowest since 62.32 on January 9.
The Sittwe deal is more significant than Chabahar in Iran, where India has rights to operate only two terminals and not the port itself.
The global brokerage firm further said that BoP would be INR-supportive.
Travel is about making memories, experiencing the unknown, and engaging in new experiences -- not worrying about fluctuating exchange rates or hidden expenditures. With a little planning and a proactive approach to handling your foreign exchange, you can reduce financial stress and enjoy your trip, suggests Pavan Kavad.
Dealers said the sharp recovery of the rupee was because of restrictions imposed by the RBI on forward trading in the local currency by foreign institutional investors and traders, besides the cap fixed on banks' exposure to the forex market.
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.
As the value of rupee vis-a-vis the dollar rises, the cost of travelling abroad comes down.
The dollar index was down by 0.16 per cent against its six major global rivals.
The rupee depreciated further by 7 paise to 65.12.
But gains in the rupee were kept in check as domestic shares faltered, ending a five-session gain.
The rupee resumed lower at Rs 50.40/41 per dollar on the Interbank Foreign Exchange.
Rupee ends at 61.89 against the dollar, falls for second straight day.
