At the interbank foreign exchange, the rupee opened sharply up at 79.55 against the US dollar, then gained further momentum to quote 79.39 in early deals, registering a gain of 30 paise.
As much as 86% of Indian imports are invoiced in dollars. Therefore, when the rupee depreciates against the US dollar, imports become costlier in rupee terms.
With US sanctions destroying the unified monetary system, new bilateral arrangements will emerge. A few neighbouring countries seem interested in India’s initiative.
As per the official, fall in rupee was due to the tightening of interest rate by the Federal Reserve, causing flow of dollars to the US from other countries.
The value of a currency has the potent power to trigger national pride or dismay. 1991, 1997, 2002, 2008, and 2013 are all milestones of local dismay and global doubts.
The accused, Sudhir Kushwaha, was wanted by the National Investigation Agency (NIA) in connection with several FICN-related cases.
India’s current account deficit hit a record high of $23.5 billion in May on account of higher commodity prices.
The rupee 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 number of counterfeit notes of Rs 2,000 denomination detected in the system was 13,604 pieces during 2021-22, up 54.6 per cent from the preceding financial year.
He also said that it is important for India to expand exports significantly and encourage investments to increase foreign exchange inflows into the country.
City-based magnate & currency collector Rezwan Razack, who recently hosted RBI governor Shaktikanta Das, at his museum on Brunton Road, tells CE about the experience
Latest data from the Reserve Bank of India (RBI) shows that total cash in circulation was worth Rs 29.84 lakh crore at the week ending third December.
At the interbank foreign exchange, the rupee opened on a weak note at 75, then fell further to 75.15, registering a decline of 36 paise from its last close.
The rupee weakened by 8 paise to 66.83 against the dollar in opening trade today at the Interbank Foreign Exchange market largely on month-end demand for the US currency.
Here’s a list of the major decisions announced in the past ten days by the Government and the Reserve Bank of India.
When it's serious, a pinch of humour helps it go down better. Here's how quick-witted netizens reacted to the news of the discontinuation of Rs 500 and Rs 1,000 notes