This decision is based on the precedent in the case of Iran where DGFT last week allowed export proceeds realised even in Indian rupees to be made eligible for export benefits and incentives under India's foreign trade policy.
The Indian rupee recovered by four paise to 54.99 after touching all-time low of 55.07 against the American currency in the late morning trade due to mild selling of dollars by banks following following measures taken by RBI to curb the local currency's fall.
The depreciating Indian rupee creates new opportunities.
Near-term movements of INR will continue to be shaped by the capital flows situation, which in turn will be influenced by developments in Europe.
Forex dealers said a slew of measures like plunging stock markets, dollar gaining strength against its rivals in the overseas market weighed against the local currency which lost a whopping 81 paise against the Greenback on Monday.
Could plumb to 57 against the US dollar if macro dynamics continue to weaken.
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Economic Affairs Secretary Arvind Mayaram said India had brought its fiscal deficit down more sharply and quickly than any other country, but managing the current account deficit was more complicated because the government had less control of it.
The declines also tracked the Indian rupee, which fell to a record low as central bank measures to tighten capital outflows and curb gold imports were seen as unlikely to prop up the currency and could even spark further selling if they spook foreign investors.
The rupee touched a high and low of 65.91 agaisnt the greenback during the day.
A new series of coins will be unveiled soon carrying the Rupee symbol, Finance Minister Pranab Mukherjee announced in the Budget.
The rupee depreciated further by 7 paise to 65.12.
Inflation in onion continued to rule high at 42.22 per cent and in potato at 43.25 per cent.
Last week, the country's leading exchange, Zebpay, launched trading in Litecoin, which is the eighth-largest cryptocurrency, following rising demand from Indian investors.
Here's a summary of top financial events that affected your money directly in 2011.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
Economic affairs secretary S C Garg said that all macroeconomic parameters are performing well.
Like the American dollar and British pound sterling, the new symbol of Indian rupee will also be available in the computers by merely downloading a software provided free by the government.
The Indian rupee has fallen by almost 11 per cent since August 1, thanks to rising risk aversion.
The actor talks about the controversies of nasty comments and videos posted on the Internet.
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.
Wegelin, founded in 1741, is Switzerland's oldest bank.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
If you plan to send your child to the US five years from now and expect the rupee to depreciate five per cent every year, adding US funds to your portfolio might be a good idea, says Ashley Coutinho.
The Indian rupee is the world's most undervalued currency, finds The Economist's latest Big Mac Index.
In the Silicon Valley of India, one can use the cryptocurrency to pay for food, buy bus tickets, order stuff online, and even get a haircut.
We are still in love with the idea of a strong rupee, not realising how much it hurts our poor people and the farmers, says Sonali Ranade
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.
The depreciating Indian rupee (the currency touched a record low for the second day in a row and closed at 53.22/23 to the dollar on Tuesday) has brought the foreign fund-raising cost for India Inc on a par with the domestic borrowing cost.
A lower opening in the domestic equity market put pressure on the rupee.
Heavy dollar demand from some banks and importers, mainly oil refiners, weighed on the rupee's fortunes.
The rupee resumed lower at Rs 50.40/41 per dollar on the Interbank Foreign Exchange.
Last month saw DGCX record the highest volumes, as trades in futures contracts across the bourse crossed one million contracts.
The much awaited film directed by Upendra highlights the political lacuna in our country in the year 2030.
Airports have been asked to ensure that information relating to the use of Indian currency should be displayed at all the duty-free shops.
Indian rupee washed out initial losses against the greenback.
The Indian rupee was down by 44 paise at a fresh two-year low of Rs 48.25 per United States dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers on the back of dollar firmness in overseas market.
In line with Sensex, the broader indices also saw hefty losses. Large cap index tumbled 0.79 per cent, midcap 0.87 per cent and smallcap 0.57 per cent.
The local currency had gained five paise to close at 66.35 in Monday's trade.
Being one of the early commentators to flag economic slowdown and caution investors on corporate earnings, Gautam Chhaochharia, head of India research, UBS Securities, in an interview with Hamsini Karthik says the markets remain in an expensive zone despite the recent correction.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
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