Former Reserve Bank of India Deputy Governor SS Mundra is not optimistic about the success of the central bank digital currency (CBDC) or electronic form of rupee, despite the central bank’s efforts to popularise it. “If we talk about CBDC vis-a-vis UPI (united payments interface), usage of UPI is already prevalent and I don’t see … Read more
A gauge showing the Indian rupee’s value against its key trading partners rose to the highest in more than six years in July, even as the currency hit a new lifetime low against the dollar. The index measuring the rupee’s value against a weighted basket of the country’s 40 trading partners, adjusted for inflation, rose … Read more
The Indian rupee closed stronger on Monday, aided by a rally in Asian currencies that helped the local unit touch its highest in two weeks. The rupee closed at 83.87 against the U.S. dollar, up from its close at 83.94 on Friday. The currency hit 83.85 during the session, its highest since Aug. 6. The … Read more
The Indian rupee weakened to yet another all-time on Wednesday, hurt by the continued unwinding of carry trades and on dollar demand from local importers. The rupee fell to its record low of 83.9725 to the dollar before closing at 83.9550, its weakest closing level ever. The currency has hit record lows for four straight … Read more
New Delhi: The Centre on Friday extended the interest equalisation scheme on pre- and post-shipment rupee export credit by two months for the micro, small and medium enterprises (MSMEs). The scheme, which seeks to promote outbound shipments by providing interest benefits to exporters, was to end on June 30. It has now been extended to … Read more
The Indian rupee weakened to a record low versus the US dollar Thursday as broad gains in the American currency globally and corporate outflows hurt the local unit, traders said. The Indian currency shed 0.2% against the dollar to settle at 83.6525/$1, a new closing low, LSEG data showed. During trade, the rupee weakened to … Read more
Almost two years after the Reserve Bank of India announced new steps for rupee-settled global trades, Russian banking major Sberbank said it has seen an uptick in volumes for rupee-rouble payments for Moscow’s imports, with the lender focusing on drawing more foreign clients to the domestic market. “Sberbank offers its corporate clients a convenient way … Read more
Mumbai: Unhedged currency-risk exposure of overseas funds has roiled India’s relatively calm sovereign bond market, hitherto in a one-way bull run ahead of favourable global index recasts, as the usually steady rupee abruptly slid to record lows on both onshore and offshore platforms Friday amid an evident risk-off sentiment worldwide. Foreign portfolio investors, having splurged … Read more
Mumbai: The rupee Wednesday closed at its strongest level versus the US dollar in six months as disappointing American economic data caused the greenback to weaken globally while overseas investors deployed funds in local capital markets. The domestic currency settled at 82.83 per US dollar on Wednesday, its strongest closing level since September 4, 2023, … Read more
Nifty ended with weekly gains of 0.75% with leadership taken by banks, auto and metals. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-shortened week are likely to impact them. Commenting on the day’s trade, Rupak De, Senior Technical Analyst at LKP Securities said that … Read more
