The RBI governor said the depreciation of the Indian rupee is more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy.
At the interbank foreign exchange market, the local currency opened at 79.21 and finally ended at 79.32, down 17 paise over its previous close.
On Tuesday, the rupee rallied 53 paise, its best single-day gain in over 11 months, to close at an over one-month high of 78.53 against the US dollar.
At the interbank foreign exchange market, the local currency opened lower at 78.70 and fell further to settle at the day's low of 79.21.
Very ambitious to make it big in life, he did not show much interest in his grandfather’s and father’s ceramic tiles business.
The $1.152 billion decline was recorded in the forex reserves during the week when the Indian rupee breached the psychologically important 80 per dollar mark for the first time ever.
On Thursday, the ED issued separate notices to Praveen and Madhava Reddy, summoning them to appear before it on Monday and explain the allegations.
At the interbank foreign exchange, the rupee opened at 79.83 against the US dollar, then fell to 79.88 against the greenback, registering a decline of 10 paise over the last close.
Giving its rationale behind the spike in the number of searches by the ED, the govt said this showed its “commitment to preventing money laundering and improved systems for intelligence.
At the interbank foreign exchange, the rupee opened at 79.90 against the US dollar, then fell to 79.92 against the greenback, registering a decline of 7 paise over the last close.
The ED has found transactions of about Rs 900 crore of a few firms based in the British Virgin Islands who were dealing with BCCL.
At the interbank foreign exchange, the rupee opened at 79.29 against the American dollar. In initial trade, the local currency witnessed a high of 79.24 and a low of 79.31 against the US dollar.
The rupee had breached the psychologically significant level of 79 per dollar level for the first time ever on Wednesday and has also hit a series of lifetime lows this month.
The sentiment remains feeble for the rupee amid foreign fund outflows and fear of dollar shortages following quantitative tightening from the US Federal Reserve.
On domestic equity market front, the 30-share Sensex was trading 314.88 points or 0.59 per cent lower at 52,846.40, while the broader NSE Nifty declined 101.75 points or 0.64 per cent to 15,730.30.
At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close.
India's reserve position in the International Monetary Fund dropped by USD 17 million to USD4.968 billion during the week ended June 17, as per the RBI Weekly Statistical Supplement.
With the intention of attracting foreign currency in the hands of the public into the formal banking system, Minister of Finance Ranil Wickremesinghe issued the order under the Foreign Exchange Act.
At the interbank foreign exchange market, the local currency opened at 77.99 and finally settled at its all-time low of 78.17, down 13 paise over its previous close of 78.04.
Global oil benchmark Brent crude futures surged 0.54 per cent to USD 120.08 per barrel.