Currency

India's foreign exchange reserves decline to 5-month low of $654.8 billion

The RBI is expected to have sold net dollars worth $61.1 billion to protect the domestic currency

Trump's trade adviser warns against China's attempt to manipulate currency

Peter Navarro, Trump's new senior counselor for trade and manufacturing, said White House would not interfere with the Treasury's review to see foreign trade partners are not manipulating currencies

Rupee stares at 85 against dollar amid GDP worries, hits fresh low of 84.70

Falls 21p to new low of 84.70; RBI has limited intervention room

Trump's threat of 100% customs duties on Brics nations unrealistic: GTRI

The warning of US President-elect Donald Trump to BRICS countries to impose 100 per cent customs duties if the BRICS group would replace the US dollar is unrealistic, and India should focus on developing a workable local currency trading system, think tank GTRI said on Sunday. BRICS, formed in 2009, is the only major international group of which the US is not a part. Its other members are South Africa, Iran, Egypt, Ethiopia, and the UAE. Over the past few years a few of its member countries, in particular Russia and China, are seeking an alternative to the US dollar or creating their own BRICS currency. India has so far not been part of the move. On Saturday, Trump warned BRICS nations against such a move. The Global Trade Research Initiative (GTRI) said that tariffs of this scale would harm the US consumers only as it would push prices on imports, disrupt global trade, and risk retaliation from key trading partners. "Trump's threat to impose 100 per cent tariffs on countries adopt

Donald Trump's tariff vow hits Mexican, Canadian currencies, yen firm

Dollar jumped more than 2.5 per cent against the peso to its highest since July 2022 in New York afternoon trade

CEA advises India Inc not to seek protective cover of weak currency

Chief Economic Advisor V Anantha Nageswaran on Thursday advised India Inc not to seek protective cover of weak currency as it is not a substitute for productivity and investment in research and development. A weak currency can be good for exporters, making their products relatively less expensive for buyers abroad. Nageswaran further said the reliance on weak currency should not be instrumental to boosting exports, "if anything, it should be part of the policy arsenal to be deployed contextually, but not as a substitute for productivity, investment in R&D and quality, but as a complement at best". Nageswaran further said the reliance on weak currency should not be the answer, if anything it should be part of the policy arsenal to be deployed contextually, but not as a substitute for productivity, investment in R&D and quality, but as a complement at best. "We should not be thinking about in terms of the transformation of competitiveness, which is to continuously expect the ...

BS Poll: Rupee may depreciate to 84.5 against US dollar by end of December

RBI is expected to be active in the currency market, which will cap the losses

Rupee near all-time low: 3 big reasons why rupee is falling?

Feasibility of expanding RTGS to settle transactions can be explored: Das

Divergence in global monetary policies can be expected to lead to volatility in capital flows and exchange rates, which may disrupt financial stability, says Das

NBFCs turning to alternative funding sources amid slower bank loans

This shift has been spurred by changes in banking regulations, making it more difficult for NBFCs, especially those with lower credit ratings, to secure bank funding

Dollar drifts, risk-sensitive currencies lifted by China optimism

Data on Thursday suggested the US labour market remained fairly healthy

India, Myanmar discuss ways for bilateral trade through local currencies

India and Myanmar on Saturday discussed ways to promote bilateral trade through their local currencies rupee and kyat. The issue was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Kan Zaw, Myanmar's Minister of Investment and Foreign Economic Relations, on the sidelines of the 12th East Asia Summit Economic Ministers' Meeting at Vientiane, Laos. "Discussed potential cooperation in areas like lentils, diesel, gasoline, electric vehicles, etc and ways to promote bilateral trade including through Rupee-Kyat currency mechanism, between our nations," Goyal said in a post on social media platform X. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24. India is looking at promoting trade in local currencies with various other countries including UAE, African nations and Russia. Local currency trading would reduce transaction costs by eliminating the need to convert currencies twice. In July 2022, the Reserve Bank of India introduced a

Central banks' digital currency momentum growing, shows new study

China too, which is running the world's largest pilot scheme, has seen use of its protype e-CNY nearly quadruple to 7 trillion yuan ($987 billion) of transactions according to officials

Stable currency fosters internationalisation, says Zarin Daruwala

The rupee was the third most stable Asian currency against the US dollar in the financial year 2023-2024 after the Hong Kong dollar and Singapore dollar, primarily due to timely intervention by RBI

Pak to experiment by redesigning currency notes made of polymer plastic

Pakistan's central bank will experiment with a new polymer plastic currency banknote later this year while redesigning all the existing banknotes for enhanced security and hologram features. State Bank of Pakistan Governor Jameel Ahmed told a Senate committee on banking and finance in Islamabad that all the existing paper currency notes are being redesigned with new security features by December this year. Ahmed said the newly redesigned banknotes in the denominations of Rs 10, 50, 100, 500, 1000 and 5000 would be issued in December. The old notes would remain in circulation for five years being eased out of the market by the central bank, a source close to the committee said. The State Bank governor also informed the Senate committee members that a new polymer plastic bank note would be issued in one denomination for the public and if it is received well, plastic currency would follow in other denominations. Presently around 40 countries use polymer plastic banknotes which are ha

New coins featuring King Charles III with British bees go into circulation

The first one pound coins featuring King Charles III with a design incorporating British bees have gone into circulation in the UK from Tuesday, with a total of 2.975 million coins making their way into tills via Post Offices and banks around the country. According to the Royal Mint, the tribute to British bees is one of eight new designs that will appear on the country's coins in one pence to two pound denominations. They feature animals such as the Hazel Dormouse, Puffin and the Atlantic Salmon as all species which are in active conservation programmes, reflecting the 75-year-old monarch's environmental concerns. The Royal Mint has made the circulating coinage of each of Britain's monarchs since Alfred the Great and it is an honour to reveal that King Charles III's one-pound coin is now in circulation, said Rebecca Morgan, Director of Commemorative Coin at the Royal Mint. We know there'll be a buzz of excitement amongst collectors and the public to get this special piece of histo

Rupee worst performer among Asian peers over August despite mild rise

Rupee is the worst performing currency in Asia so far this month, down 0.2 per cent against the dollar, while its peers have risen as high as 4 per cent

Rupee expected to decline further as policy shift comes into focus

The currency tested successive lows in recent days amid outflows from local stocks following a hike in equity taxes

Foreign currency account usage widens at GIFT City, boosts biz prospects

Latest changes, announced by RBI in a circular late allow Indian investors to use GIFT City as a route for more overseas spending and investments

Rupee falls 9 paise to 83.43 against US dollar during early trade

The rupee depreciated 9 paise to 83.43 against the US dollar in early trade on Monday amid rising crude oil prices and outflow of foreign capital. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, adva