Page 2 - Currency

Rupee recovers 3 paise to 83.58 against US dollar during early trade

The rupee recovered from previous day's steep fall and traded 3 paise higher at 83.58 against the US dollar in early trade on Friday on the back of sustained inflow of foreign capital and strong domestic equity market sentiment. Forex traders said the local unit found support from retreating American currency and easing crude oil prices overseas. At the interbank foreign exchange, the local unit opened at 83.60 and gained further to 83.58 against the greenback, registering a rise of 3 paise from its previous close. On Thursday, the rupee had plunged 17 paise to hit its over two-month low level of 83.61 against the dollar. The domestic currency recorded its previous lowest closing level of 83.61 on April 16 this year. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's sharp decline was "partly triggered by significant block deals worth Rs 23,000 crore" a day earlier when Vodafone Idea also sold its 18 per cent stake in Indus Towers for Rs 15,300 crore.

Brics calls for enhanced use of local currencies in trade between members

At the meeting, the ministers recognised the need for a comprehensive reform of the global financial architecture

Statsguru: RBI's earnings from foreign currency assets rise significantly

Foreign currency asset earnings, which were more than twice the earnings from domestic sources, were the primary reason behind the boost in overall income in 2023-24

Check mid-market exchange rate in global currency when sending money abroad

Ensure the money transfer provider is a licensed entity

Banknotes bearing portrait of King Charles III rolls out across UK

People have been queuing Wednesday outside the Bank of England's headquarters in London and at post offices around the UK to get their hands on the first UK banknotes featuring the portrait of King Charles III. The portrait of the king will appear on all four banknotes issued by the Bank of England 5, 10, 20 and 50 pounds with no other alterations to the existing designs. The notes will coexist alongside those featuring his late mother, Queen Elizabeth II, whom he succeeded as monarch on her death in September 2022. The rollout of coins and stamps bearing the image of Charles have already been rolled out. People may not notice the new notes immediately in their change or withdrawals from ATMs, not least because so many transactions are now done cashless. Though cash payments have declined over the years, they remain particularly important for lower income households and those who get welfare benefits at their local Post Office. In 2023, legislation was passed as part of to protec

RBI says 97.76% of Rs 2,000 currency notes returned to banking system

The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024, the Reserve Bank said in a statement. "Thus, 97.76 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said. The Rs 2000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 banknotes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for

India, Nigeria agree to early conclusion of local currency settlement

India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries. According to the department of commerce, a seven-member delegation from India led by Additional Secretary in the commerce ministry Amardeep Singh Bhatia visited Abuja, Nigeria for the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30. It was held after a gap of five years. Both sides have identified several focus areas to enhance bilateral trade and mutually beneficial investments. The sectors include crude oil, natural gas, pharmaceuticals, unified payments interface (UPI), local currency settlement system, power and renewable energy, agriculture and food processing, education, transport, railway, aviation, and MSMEs development. "Both sides agreed to the early conclusion of a local currency settlement system agreement to further strengthen bilateral economic ties," the department has said on ..

Zimbabwe launches new currency ZiG in attempt to resolve money crisis

Out with the Zimbabwe dollar, in with the ZiG. Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people. The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins. It's the southern African country's latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency. Since it was launched electronically on April 5, the ZiG short for Zimbabwe Gold and backed by the country's gold reserves appears to be heading down the same path of mistrust, with some government departments refusing to accept it. The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion ...

Rupee, reserves: Calibrated approach taken by RBI in managing exchange rate

The RBI stepped up its intervention in the foreign exchange market in 2022, resulting in a sharp fall in foreign exchange reserves

RBI defers implementing rules on exchange-traded forex derivatives to May 3

RBI said the regulatory framework for participation in ETCDs involving the Indian rupee (INR) is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999

Dollar is more than a currency

Despite predictions of a tough year, the greenback is overpowering challengers. There's more to this supremacy than mere interest rates

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong

Record inflows keep bond, currency market steady

Facility to exchange, deposit Rs 2,000 notes not available on Apr 1: RBI

The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. "The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due to operations associated with the annual closing of accounts," it said. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. Nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system at the close of business on February 29, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank

RBI to limit sharp swings in rupee after slip to record low, say traders

Persistent intervention by the RBI in the foreign exchange market over the past several months had dampened exchange rate volatility

Rupee ends higher on dollar inflows, likely RBI intervention caps rise

"The rupee has broken a key support level of 82.80 given robust inflows, solid fundamentals and a weakening dollar," said Amit Pabari, managing director at forex advisory firm CR Forex

Rupee appreciates 9 paise to 82.74 against US dollar in early trade

The rupee stayed firm and rose 9 paise to 82.74 against the US dollar in early trade on Thursday on the back of a weak American currency overseas and sustained inflow of foreign funds in the domestic capital markets. The local currency also found support from positive equity markets, however, volatile crude oil prices capped its rally, forex traders said. At the interbank foreign exchange, the domestic currency opened at 82.82 and gained further to trade at 82.74 against the greenback, climbing 9 paise from its previous close. On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined by 0.07 per cent to 103.24. The low level of dollar index was attributed to the US payroll data released on Wednesday, which showed lower-than-expected job growth in February. Also, the indication of dovish monetary policy moves by Federal Reserve chairman Jerome Powell

Nearly 97.62% of Rs 2,000 currency returned to the banking system: RBI

The Reserve Bank of India (RBI) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from any post office to any of the RBI

India decides to study the proposal for Brics currency, minus China

For India, a currency common with China is a big anathema, primarily because of the adversarial position Beijing has pursued politically and economically with India, which has only hardened

FM Sitharaman launches 3 souvenir coins based on Ram temple theme

Finance Minister Nirmala Sitharaman on Thursday released three souvenir coins, including the one based on the theme of Ram Lalla and Ram Janmabhoomi Temple, Ayodhya. At the 19th foundation ceremony of state-owned Security Printing & Minting Corporation of India (SPMCIL), Sitharaman also released bi-metallic clad souvenir coin on Enlightenment of Lord Buddha (Limited Edition - Buddha & Stupa images are oxidised with Matte finish) and another on Greater one-horned Rhino (part of Endangered Animals of India series). Sitharaman lauded the efforts of SPMCIL for coming up with commemorative stamps and coins on Panchatantra theme which India has gifted during IMF-World Bank bilateral meetings. "The themes with which off late you are coming up with whether it's commemorative stamps or coins shows that you want to keep abreast of the developments around the world, environment concerns, concerns for divyang and also making it attractive enough to become items worthy of being gifted," ...

Rupee rises 5 paise to close at 83 against dollar on positive mkt sentiment

The rupee appreciated 5 paise to close at 83.03 (provisional) against the US dollar on Wednesday, tracking positive domestic equities. Forex traders said strength of the American currency in the overseas market and elevated crude oil prices weighed on the local unit and restricted a sharp uptick. At the interbank foreign exchange, the local unit opened at 83.11 against the greenback. It hit an intra-day high of 83.02 and a low of 83.12. It finally settled at 83.03 (provisional) against the dollar, higher by 5 paise from its previous close of 83.08. "We expect the rupee to trade with a slight negative bias on strong US dollar and risk aversion in global markets. Rising crude oil prices may also put pressure on the rupee," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Choudhary added that any bounce back in domestic markets may support the rupee at lower levels. "Traders may remain cautious ahead of India's trade balance and US retail sales data. USD-INR spot pri