Page 4 - Currency

Experts blame grey market, IMF as Pakistani rupee goes into free fall

Tresmark CEO Faisal Mamsa said, "The interim government trying to overstep its perceived capacity, which is sending a conflicting message to markets

Expansion of Brics, use of national currency among key agendas of summit

Development dimension and issues that are so crucial and critical for the Global South, will be part of the discussion in the BRICS Summit, scheduled on August 22-24 said Dammu Ravi, BRICS Sherpa

Rupee slips to 10-month low on dollar strength, RBI likely capped losses

The rupee ended at 82.9500 to the U.S. currency compared with a previous close of 82.8450

Global currency markets stabalises after yen hits lowest level since Nov

The dollar hit a one-month high against a basket of other major currencies as investors sought a safe haven on concerns about China's economy, but then eased

World Bank mulling local currency lending in countries like India: Official

The World Bank is mulling local currency lending in countries like India to help borrowers save on costs, a senior official said on Friday. "How do we do local currency lending for a country like India is also something we are trying to think of at a price which is advantageous to this country," Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, said. Speaking at the event on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) as part of India's G-20 presidency, Kant said the Indian government has a "huge advantage" in local currency borrowing as compared to the World Bank, even though the Washington DC-based multilateral bank is rated AAA. In some countries like the ones in Africa, which do not possess market infrastructure from where the bank can borrow, the bank may not adopt the local currency lending strategy, Kant said. At the event, Chief Economic Advisor to the Government of India V Anantha Nageswaran said

Rupee rises by 5 paise to 82.80 against US dollar ahead of MPC announcement

The rupee appreciated by 5 paise to 82.80 against the US dollar in early trade on Thursday ahead of the Reserve Bank of India's monetary policy decision. However, weak domestic equities and elevated crude prices weighed on the local unit, said analysts. Investors were trading cautiously ahead of the Reserve Bank's rate-setting panel MPC's monetary policy decision. The MPC meeting started its three-day review meeting on Tuesday. At the interbank foreign exchange, the domestic unit opened stronger at 82.81 against the dollar and touched 82.80, registering a gain of 5 paise over its previous close. On Wednesday, the rupee appreciated 6 paise to settle at 82.85 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.02 per cent to 102.47. Global oil benchmark Brent crude was trading 0.14 per cent lower at USD 87.43 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 211.55 points

Rupee falls 31 paise to 82.23 against the US dollar in early trade

The rupee plunged 31 paise to 82.23 against the US dollar in early trade on Friday amid massive outflow of foreign funds and subdued equity markets. Elevated level of crude prices nearing USD 84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected GDP numbers from the US, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.30, then touched a high of 82.19 against the American currency. It later traded at 82.23, registering a fall of 31 paise over its previous close. On Thursday, the rupee had settled at 81.92 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.02 per cent to 101.76. Brent crude futures, the global oil benchmark, was trading 0.40 per cent lower at USD 83.90 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 227.44 points or 0.34 per cent

Rupee rises as Asian currencies appreciate, foreign inflows continue

The rupee opened at 81.71 per US dollar, tracking the rise in Asian currencies. The yuan fell to CNY 7.13, compared to 7.21 on Monday at the close of the Indian foreign exchange market

Rupee rises 6 paise to 82.02 against dollar due to steady foreign inflows

The rupee gained 6 paise to 82.02 against the US dollar in early trade on Thursday supported by steady foreign fund inflows. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.05, then touched a high of 82.02 against the American currency, registering a rise of 6 paise over its last close. On Wednesday, the rupee had settled at 82.08 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said, adding that the strength in crude oil prices remains a concern for the local unit, as a sharp surge in prices could limit its gains. Participants in the rupee and dollar markets are eagerly awaiting cues from the upcoming Federal Reserve rate decision next week, traders said. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 100.06. Brent crude futures, the global oi

India and Indonesia plan local currency trade, fast payments links

The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams

Limits of local currency trade

Internationalisation of the rupee may prove counterproductive without the necessary building blocks

Decoded: What is internationalisation of rupee? How will it benefit India?

What does the internationalisation of the Indian rupee mean and how will it make India a competitor of the US dollar? Decoded here

Rupee depreciates 7 paise to 82.08 against US dollar amid strong demand

The rupee depreciated 7 paise to 82.08 against the US dollar in early trade on Wednesday, weighed down by strength of the American currency in the overseas market amid an increased demand for the dollar from importers. Sustained foreign fund inflows supported the local unit and contained the fall. At the interbank foreign exchange, the domestic unit opened at 82.05, then fell to 82.08, registering a decline of 7 paise over its last close. On Tuesday, the rupee had settled at 82.01 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 103.12. Brent crude futures, the global oil benchmark, fell 0.59 per cent to USD 75.80 per barrel. "Rupee has been ranged in the past few days with dips to the USD getting bought by RBI/oil companies. In-flows continue to be showing strong momentum as FPIs continue to be in a strong buying mode in respect of equities and debt," said Anil Kumar Bhansali, Head of Treasury a

Dollar steady before US Fed minutes, yen hovers below intervention zone

The dollar index - which measures the currency against a basket of six major peers, including the euro and yen - was little changed at 103.02, after tracking between 103.75 and 102.75 since early June

Rupee climbs to 81.96 against US dollar after gains in domestic equities

The rupee recovered 8 paise to 81.96 against the US dollar in the early trade on Tuesday after gains in domestic equities and a weak greenback in overseas markets. The domestic currency opened higher at 82.02 against the dollar at the interbank foreign exchange market. It moved in a tight range of 81.95 to 82.02 in the early trade. The rupee traded at 81.96 against the US dollar at 9.45 am, registering a gain of 8 paise over the previous close of 82.04. The dollar index, which gauges the greenback's strength against a basket of six currencies, traded lower by 0.07 per cent at 102.63. Crude oil price benchmark Brent crude was up 0.44 per cent at USD 74.51 per barrel. "... 81.75-55 level appears more possible now, and we will switch to upside view if above 82.1 only," Anand James, Chief Market Strategist at Geojit Financial Services, said. In the domestic equity market, the 30-share BSE Sensex rebounded 187.41 points or 0.30 per cent to 63,157.41 points while the broader Nifty adv

Rupee likely to strengthen to 80-per-dollar in 2024: BofA India treasurer

The rupee is up nearly 1% against the dollar so far this year against depreciation in most other Asian currencies

Rupee dips tracking Asia FX, eyes US Fed chief testimony this week

BENGALURU (Reuters) - MUMBAI, June 19 (Reuters) - The Indian rupee ended little changed against the dollar on Monday, shrugging off weak regional cues as traders sought further clarity on the outlook for interest rates in the U.S.

Biggest fund manager in India expects rupee to end its five-year slide

The currency will probably strengthen to 80 per dollar by the end of the year, according to Namrata Mittal, chief economist at SBI Mutual Fund

Dollar down on soft inflation data as traders price in Fed rate hike skip

The dollar index - which measures the performance of the U.S. currency against six others - dipped 0.2% to 103.14, after touching its lowest since May 22 overnight at 103.04

Rupee hits one-month high against dollar on corporate dollar inflows

Indian rupee hit a one-month high against the U.S. currency on Wednesday led by likely corporate dollar inflows, five traders said