Forex: India’s foreign exchange (forex) reserves saw a substantial uptick, surging by $6.396 billion to reach $642.492 billion for the week ending March 15, as per the most recent data released by the Reserve Bank of India (RBI). This follows a notable increase in the previous reporting week, where the overall reserves had climbed by…
Bank of China eyes de-dollarization move The Bank of China office in Zambia is pushing for increased yuan transactions between the country and its neighbors. China’s only bank in Zambia, the state-owned company serves as a clearinghouse as well. In terms of assets, it is the fourth-biggest bank globally. As reported by Bloomberg, the bank’s…
rupee drops 4 paise to 83.41 In early trade on Tuesday, the rupee fell 4 paise to trade at 83.41 against the US dollar, amid increased importer demand for the US dollar. The local currency saw an opening value of 83.38 per dollar, up from the closing value of 83.37. The dollar index, which measures…
Rupee: In early trade on Wednesday, the Indian rupee appreciated 5 paise to 83.28 versus the US dollar as foreign funds poured into local shares while the US currency declined. The local currency saw an increase in opening value from its previous close of 83.33 to 83.31 per dollar. The dollar index, which compares the…
Forex dealers reported that despite widespread dollar weakness against its major crosses due to possible importer-related buying, the rupee hit new record lows on Monday. In early trade on Tuesday, the rupee bounced back from its record lows and gained 6 paise to 83.32 against the US dollar, tracking the US dollar’s depreciation in foreign…
Currency: The Indian rupee was trading flat against the US dollar in early trade on Monday, despite a downward trend in domestic equities and continued dollar demand from importers. The local currency opened three paise higher at 83.24 per dollar, up from the previous close of 83.27. The dollar index, which measures the strength of…
US dollar & Rupee: Due to the strong greenback in international markets, the Indian rupee fell 2 paise to 83.25 against the US dollar on Friday. Comparing the local unit to its previous close, it opened flat at 83.23 per dollar. The dollar index, which measures the strength of the US dollar relative to a…
The rupee was then expected to rise nearly 1% to 82.50/$ in six months and around 1.5% to 82.00/$ in a year. According to a Reuters poll of currency strategists, the Indian rupee will trade near record lows against the US dollar in the coming months, and the Reserve Bank of India will likely intervene…
People can obtain a Triple Lock Receptacle (TLR) form from the RBI by depositing two thousand rupees in their bank account. For credit in their bank accounts, people can mail their Rs 2,000 banknotes to designated Reserve Bank regional offices via insured mail. For those who are unable to visit the Reserve Bank’s regional offices,…
Currency News: As of 11:08 a.m. IST, the rupee was slightly weaker than it was in the previous session, trading at 83.27 against the US dollar. As traders predicted, the Reserve Bank of India’s defense of the rupee will eventually become unsustainable, and the currency is likely to break out of rangebound trade. Despite ongoing…
