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The rupee fell 7 paise to trade at 84.47 against the US dollar in early trade on Thursday weighed down by a muted trend in domestic equities and strength of the American currency in the overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the latest <keyword id="20064878" type="General" weightage="20" keywordseo="Federal-Open-Market-Committee" source="keywords">Federal Open Market Committee</keyword> (FOMC) minutes reveal a significant shift in the Federal Reserve's outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index. At the interbank foreign exchange, the rupee opened at 84.45 and moved in a tight range and touched 84.47 against the greenback, registering a fall of 7 paise over its previous close. On Wednesday, the rupee depreciated by 11 paise to close at 84.40 against the US dollar. "The 84.50 level remains a strong support for the USD/INR pair. <keyword id="23456490" type="General" weightage="20" keywordseo="RBI-interventions" source="keywords">RBI interventions</keyword>, coupled with anticipated capital inflows -- such as Godrej Properties' Rs 4,000 crore QIP and Univest's USD 16 million capital raise -- are expected to support the rupee further," CR Forex Advisors MD Amit Pabari said. Pabari further added that the USD/INR pair is likely to encounter resistance near the 84.50 mark, with expectations of trading within the 83.80 to 84.50 range, showing a slight downward bias. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.14 per cent at 106.22. Brent crude, the global oil benchmark, fell 0.18 per cent to USD 72.70 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex rose 68.21 points or 0.09 per cent to 80,302.29 in morning trade, while Nifty was up 34.20 points or 0.14 per cent to 24,309.10 points. Foreign Institutional Investors (FIIs) infused Rs 7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self"></a> <a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self">Honda Activa e and QC1 electric scooters unveiled in India, to go on sale in 2025</a><a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank">India’s PC market reaches new high with 4.49 million shipments in Q3 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a>

Rupee falls 7 paise to 84.47 against US dollar in early trade

The rupee depreciated 9 paise to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Monday amid rising <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> and outflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword>. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the <keyword id="19976503" type="General" weightage="20" keywordseo="dollar-index" source="keywords">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, advanced 0.52 per cent to USD 85.44 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced 136.09 points, or 0.17 per cent, to 79,168.82. The broader NSE Nifty rose 41.75 points, or 0.17 per cent, to 24,052.35. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 23.09 crore, according to exchange data. India's forex reserves jumped by USD 816 million to USD 653.711 billion in the week ended June 21, the RBI said on Friday. In the previous week, the overall reserves had dropped by USD 2.922 billion to USD 652.895 billion. The eight key infrastructure sectors' growth rose by 6.3 per cent in May on healthy expansion in the production of coal, natural gas, and electricity, though the growth rate was lower than in April, according to official data released on Friday. The central government's fiscal deficit was at 3 per cent of the annual estimates at May-end 2024-25, the first two months of the financial year during which model code of conduct was in place due to Lok Sabha elections. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-review/articleshow/111385109.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-review/articleshow/111385109.cms" target="_blank">Vivo V30e review – mid-range smartphone with a large battery and sleek design</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a>

Rupee falls 9 paise to 83.43 against US dollar in early trade

A central bank digital currency (CBDC) can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet, said industry stakeholders. The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya <keyword id="3655832" type="General" weightage="80" keywordseo="vaidhyanathan" source="Orion">Vaidhyanathan</keyword>, CEO of BCT Digital, said that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>'s commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments. "The initiative has started in the low volume, high-value wholesale (interbank) segment from where learnings would be used to roll out reliable, built-to-scale retail payments," said Vaidhyanathan. The pilot announcement involves nine banks, including the SBI, the Bank of Baroda, the HDFC Bank, the Yes Bank, the Kotak Mahindra Bank, and the ICICI Bank, settling secondary market transactions in government securities, thereby reducing settlement risk and transaction costs. "A successful pilot and by extension, a full rollout of the digital rupee is expected to boost the reach of payment and financial needs of a wider category of users while ensuring transparency and low operational cost, and in this regard, it is encouraging to witness the RBI's support for innovation in creating a world-class, future-ready digital ecosystem," Vaidhyanathan stressed. India has one of the most technologically-evolved currencies in the world, and the e-rupee will put it in the forefront of true digital payments and improve financial inclusion. "The popularity of a digital rupee backed by the RBI will help bring legitimacy to other private digital currency like crypto. While we wait for clarity on how it is implemented, it is a positive step towards the acceptance of digital currency," said <keyword id="219963" type="General" weightage="80" keywordseo="prashant-kumar" source="Orion">Prashant Kumar</keyword>, Founder and CEO at weTrade. According to Arjun Khazanchi, Co-Founder and Chief Legal and Strategy Officer at Rooba.Finance, the CBDC is an ambitious project where the government has been silently working to disrupt the financial system which has traditionally been opaque, cash dependent, and highly-inefficient. "The first use case is going to be for the secondary market transactions in government securities. This move may even boost liquidity, remove inefficient and redundant processes while reducing transaction costs. This would also enable increased transparency between the participants," Khazanchi contended. Through this, the government expects to also be able to reduce settlement risk which is one of the biggest use cases for Blockchain in financial markets. There are some fears regarding the privacy and overt control that the government may possess over the CBDCs. "However, some commentary may be over exaggerated with intent being presumed. Retail CBDC is still far away and would require a lot of education and technical training before being imposed," said Khazanchi. The CBDCs could help preserve the role of public fiat in monetary policy, securing central banks' role in protecting financial stability in their markets. It provides a public, digital alternative to cash and private digital money. According to <keyword id="181738" type="General" weightage="80" keywordseo="manish-sharma" source="Orion">Manish Sharma</keyword>, Founding Partner of Centricity Wealth Tech, the CBDCs can play a key role in providing access to digital payments without the requirement of a bank account. "Public-private partnerships will be essential to the success of a CBDC launch, enabling central banks to leverage established infrastructure and client relationships. Such alliances will help central banks implement use cases aligned with end-user needs, complementing their gaps in capabilities and knowledge of consumption habits, particularly in a retail scenario," <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> said. By engaging commercial banks and other private stakeholders (technology enablers, merchants, users) in the launch process, central banks will also foster a broader sense of ownership, manage fears of displacement, and increase the probability of successful adoption. Mahesh Shukla, CEO and Founder, PayMe India, said the RBI is further looking forward to focus on other wholesale transactions and cross-border payment, which can be projected as steps to ease the ways of financing for the general public. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/niit-acquires-us-based-st-charles-consulting-group-for-23-4-million/articleshow/95320170.cms">NIIT acquires US-based St. Charles Consulting Group for $23.4 million</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-passenger-vehicles-from-november-7/articleshow/95319994.cms">Tata Motors to hike prices of passenger vehicles from November 7</a>

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 10 paise to 81.72 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency. Forex and equity markets were closed on Monday on account of 'Maharashtra Day'. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 102.03. Brent crude futures, the global oil benchmark, advanced 0.15 per cent to USD 79.43 per barrel. Forex traders said investors are waiting for cues from the paramount US FOMC meeting beginning later in the day. Market now awaits the Federal Open Market Committee (FOMC) outcome on May 3. Markets are wondering if it will be the last hike for the season or if a surprise still awaits. "A 25bps hike with a cautiously hawkish tone amid resilient economic data shall again pump the dollar above 103 levels," CR Forex Advisors MD Amit Pabari said. In the domestic equity market, the 30-share BSE Sensex advanced 336.5 points or 0.55 per cent to 61,448.94. The broader NSE Nifty rose 96.50 points or 0.53 per cent to 18,161.50. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 3,304.32 crore, according to exchange data. On the domestic macroeconomic front, record GST collections and a four-month high manufacturing PMI are aiding bullish sentiments. The GST collection in April rose by 12 per cent annually to over Rs 1.87 lakh crore, touching an all-time monthly high, the finance ministry data released on Monday said. Manufacturing activities in India accelerated further and touched a four-month high in April. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/godrej-consumer-has-to-double-raymonds-consumer-business-for-it-to-be-earnings-accretive-say-analysts/articleshow/99906464.cms">Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hit-jobs-heres-what-techies-make-in-consumer-goods-travel-and-e-commerce-sectors/articleshow/99904726.cms">Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors</a>

Rupee rises 10 paise to 81.72 against US dollar

<ul><li><keyword id="64190" type="General" weightage="20" keywordseo="rbi-governor" source="Orion">RBI governor</keyword> <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> today reiterated that keeping the <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">Rupee</keyword> stable is his primary goal.</li><li>He underlined that the central bank is not targeting any particular level, and exports have echoed the same sentiments earlier.</li><li>Das also said “all options are on the table” as he seeks to maintain the Rupee’s stability.</li></ul>The decline of Rupee is not as worrying to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> governor Shaktikanta Das as controlling the high volatility and “bumpy movement” of the Indian currency against the US Dollar. Speaking at a banking event in India’s financial capital Mumbai, Das underlined that the Reserve Bank of India has a “zero tolerance” for high volatility in the value of Rupee. Das’ comments come at a time when the <a href="https://www.businessinsider.in/finance/news/rupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit/articleshow/92897064.cms">Rupee crossed the 80-mark</a> against the Dollar – something most experts predicted will happen by October. RBI’s efforts to keep the volatility low has been <a href="https://www.businessinsider.in/finance/news/rupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit/articleshow/92897064.cms">noted by experts</a>, too, who say the central bank has done a “good job” of it. “Indian Rupee has been a slight outperformer when compared against a basket of 26 top currencies, year-to-date. INR has depreciated 7.5% whereas median losses have been around 8.5%,” Anindya Banerjee, VP, currency &amp; interest rate derivatives at Kotak Securities told Business Insider India <cmsannotation type="cmsannotation" annotationid="Rupee at 80 is now a reality – but it has performed better against other top currencies" comment="subhead" text="Rupee at 80 is now a reality – but it has performed better against other top currencies"><keyword id="14461868" type="General" weightage="20" keywordseo="rupee-at-80" source="Orion">Rupee at 80</keyword> is now a reality – but it has performed better against other top currencies</cmsannotation> Several experts have already pointed this out, and Das reiterated the same thing at the event, crediting strong fundamentals for it. “The Indian Rupee is holding up well relative to both advanced and emerging market peers. This is because our underlying fundamentals are strong, resilient and intact,” he said. <div type="Article" hostid="261" msid="92657691" title="Inflation is making Indian companies borrow more – that's bad news when interest rates are high" mstype="2" mssubtype="0"></div> This is easily backed up by data. Amongst some of the top currencies of the world, only the Chinese Yuan and Russian Ruble have managed to perform better than the Rupee. In fact, the Ruble is an exception to the rule here – while other currencies have declined against the US Dollar, Ruble has gained over 24% this year already. <div type="image" title="Currencies vs USD Jan-July 2022." msid="93049216" hostid="261" sizebytes="19552" caption="&amp;lt;p&amp;gt;World&amp;#39;s major currencies against the US Dollar&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="RBI’s ‘Save the Rupee’ bill is at $40 billion and rising" comment="subhead" text="RBI’s ‘Save the Rupee’ bill is at $40 billion and rising">RBI’s ‘Save the Rupee’ bill is at $40 billion and rising</cmsannotation> RBI intervention in currency markets has helped the Rupee avoid a free fall against the US Dollar – so far, <a href="https://www.businessinsider.in/finance/news/rbis-efforts-to-save-rupee-has-made-a-big-dent-in-its-forex-reserves/articleshow/92654557.cms">RBI’s ‘Save the Rupee’ bill has cost the central bank over $40 billion, and there could be more in store</a>. “Our estimates indicate that there can be a further $40-50 billion drain in FY23E, and global stagflationary phases are typically followed by a phase of banking, currency and debt crisis in emerging markets (1980s-90s),” stated a report by JM Financial. <cmsannotation type="cmsannotation" annotationid="‘No particular level for rupee’" comment="subhead" text="‘No particular level for rupee’">‘No particular level for rupee’</cmsannotation> RBI is not targeting any particular level, and this has once again been reiterated by both experts as well as Das. “We have no particular level of rupee in mind but we would like to ensure orderly evolution,” Das said at the event. However, he added, “all options are on the table,” when asked if RBI will intervene further. <cmsannotation type="cmsannotation" annotationid="Why keeping Rupee volatility low is important for businesses and the common man" comment="subhead" text="Why keeping Rupee volatility low is important for businesses and the common man">Why keeping Rupee volatility low is important for businesses and the common man</cmsannotation> Controlling Rupee volatility is important for emerging markets like India, which run a trade deficit – that is, imports are higher than exports. While a declining Rupee benefits exporters, the fact that we have more imports means the downside is worse for the Indian economy. But beyond this, capital outflows from emerging markets like India to safer places like the US are another major concern. <a href="https://www.businessinsider.in/stock-market/news/fpi-selling-intensity-abates-in-july-as-global-macros-improve-commodity-prices-cool/articleshow/93003529.cms">Foreign portfolio investors have pulled out nearly $31 billion</a> (approx. ₹2.4 lakh crore) from the Indian markets so far, and it’s not clear if the tide has stemmed yet. This has Das concerned, too, who said, “Emerging market economies are particularly affected by capital outflows, currency depreciation and reserve drawdowns complicating macroeconomic management in these countries.” At this point, it’s anyone’s guess as to where the Rupee will be at the end of the year, and only a decisive stability in macro-economic factors will offer some respite. Until then, we will have to buckle up – RBI and Das already have. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilevers-resurgent-quarter-signals-demand-recovery-later-this-year/articleshow/93004051.cms">Hindustan Unilever’s resurgent quarter signals demand recovery later this year – brokerages bullish</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a href="https://www.businessinsider.in/finance/news/why-and-which-countries-would-want-to-trade-with-india-in-rupees/articleshow/92856587.cms">Decoded: How the rupee trade settlement is tied to India’s trade deficit and forex reserves</a>

Zero tolerance for high volatility, says RBI guv Shaktikanta Das as Rupee stays above 80/$

The <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> on Tuesday said it will launch the first pilot for retail digital rupee (e₹-R) on December 1, 2022, in which four banks including <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> and ICICI Bank will initially participate. On November 1, the <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> launched the first pilot in the digital rupee - wholesale segment. Announcing the operationalisation of the Central Bank Digital Currency - Retail (e₹-R) Pilot, the RBI said the pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants. "The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued," it said. It would be distributed through banks and users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices. Transactions can be both Person to Person (P2P) and Person Merchant (P2M). The RBI further said the e₹-R would offer features of physical cash like trust, safety and settlement finality. "As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks," the central bank said. The pilot would initially cover four cities -- Mumbai, New Delhi, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-creditors-forego-rs-790-626-cr-under-insolvency-resolution-process-care-ratings/articleshow/95850593.cms">Financial creditors forego Rs 790.626 cr under insolvency resolution process: CARE Ratings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-81-60-against-us-dollar/articleshow/95850197.cms">Rupee gains 8 paise to 81.60 against US dollar</a>

RBI to launch pilot of retail digital rupee on Dec 1

<ul><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> has used the post-pandemic era of quantitative easing to shore up its forex reserves, but it looks like the better days are over for now.</li><li>Over the last six months, India’s forex reserves have fallen by over $40 billion, with the RBI intervening to prop up the falling Rupee.</li><li>Boiling crude oil prices, rising interest rates and foreign investor selloff have also contributed to the decline in India’s forex warchest.</li></ul>The Rupee fell by over 6% against the US dollar this year – but it’s no free fall. The RBI has been doing all what it takes to arrest its fall with an old but effective strategy — the dollar deluge. And it has cost the Indian central bank a pretty penny — the bill came up to $40 billion, according to data from the RBI website. Experts believe that RBI has done a good job of reducing the volatility. After touching record lows twice last week, Rupee settled at 78.94 as of July 4. “The RBI is not really targeting a level – targeting a level won’t work. They are trying to keep the rupee stable by keeping the volatility low. This is something that they have achieved remarkably well,” Anindya Banerjee, vice president, currency and interest rate derivatives at Kotak Securities told Business Insider India. Banerjee’s comments indicate that without RBI’s intervention, it could have fallen much further. As of now, <a href="https://www.businessinsider.in/finance/news/indonesias-rupiah-currency-performed-better-than-rupee-in-asia/articleshow/92650008.cms">Rupee’s fall is comparable</a> to that of China’s Renminbi, Malaysia’s Ringgit and Thai’s Baht — and a point to note that these countries have a current account surplus while India has a current account deficit. “It is important to note that India’s current account balance has been extremely contained between a surplus of around 1% and a deficit of 2% of GDP over the past nine years, while it has posted a balance of payment surplus almost every year in the past decade, except in FY19,” said a report by Motilal Oswal. And, on an average annual basis, INR weakened every year except FY18. The report says that the current movement of INR is an anomaly and predicts that it could touch 80 against the dollar and come back to 77 in the next financial year. As per JM’s estimates, Rupee could go as low as 82 this financial year. <cmsannotation type="cmsannotation" annotationid="The dollar hoarding and an endurance test" comment="subhead" text="The dollar hoarding and an endurance test">The dollar hoarding and an endurance test</cmsannotation> Anomaly or not, RBI has been preparing for an event such as this by building its reserves – especially last year. Over the course of 2021, RBI built one of the highest forex reserves in the world, crossing the $640 billion mark. For a country that barely escaped a default three decades ago, it’s an important achievement. RBI’s forex reserves were on track to touch the $700 billion mark, but an unexpected duo of geopolitical concerns and a boil in crude oil prices helped strengthen the US dollar against most of the currencies in the world. RBI shifted its stance from that of a hoarder to a spender. It has been actively intervening in the forex markets to keep the rupee stable – not too strong and not too weak, experts told Business Insider India. <cmsannotation type="cmsannotation" annotationid="But how much has this cost the Indian central bank?" comment="subhead" text="But how much has this cost the Indian central bank?">But how much has this cost the Indian central bank?</cmsannotation> According to data from RBI, India’s forex reserves stood at nearly $634 billion at the end of 2021. Over the last six months, these reserves fell to $590 billion mark, registering a decrease of over $40 billion – accounting for nearly 7% of the reserves it had at the end of 2021. According to a JM Financial report, these reserves, along with well capitalized banks are potential counter-balancing buffers. But these strengths can be tested. “Our estimates indicate that there can be a further $40-50 billion drain in FY23E, and global stagflationary phases are typically followed by a phase of banking, currency and debt crisis in emerging markets (1980s-90s),” stated a report by JM Financial. <div type="Article" hostid="261" msid="92179370" title="Domestic investors brought in $3 for every $4 pulled out by foreign investors" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Challenging 2022 keeps RBI on its toes" comment="subhead" text="Challenging 2022 keeps RBI on its toes">Challenging 2022 keeps RBI on its toes</cmsannotation> RBI had to step in to save its currency as crude oil went up from $77 per barrel to over $111.1 as Russia-Ukraine war made India’s largest import, too expensive to bear. Here’s how things have fared over the first six months of 2022: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jun-22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Dec-21 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brent crude </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$111.1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$77.24 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">44% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">USD INR </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">78.96 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">74.51 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Nifty 50 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">17,354 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">15,780 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Forex reserves </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$633.6 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$593.3 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Boiling crude and fleeing FIIs" comment="subhead" text="Boiling crude and fleeing FIIs">Boiling crude and fleeing FIIs</cmsannotation> While India has secured a discount from Russia on its crude oil imports, it still accounts for a small part of India’s total crude oil imports. The gulf countries still have the lion’s share which is undiscounted. Adding to that, in the first six months of this year, <a href="https://www.businessinsider.in/stock-market/news/are-we-worse-off-than-we-were-in-2008-foreign-investors-seem-to-think-so/articleshow/92598800.cms">foreign investors</a> have pulled out over $36 billion — taking away their dollars with them. <div type="image" title="FII inflows_outflows January 2022 to June 2022." msid="92655927" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors have pulled out over &amp;#8377;2.8 lakh crore.&amp;lt;/p&amp;gt;"></div> In a conversation with Business Insider, Shrikant Chouhan, executive vice president of Kotak Securities explained that despite the 11% correction this year so far, Indian equity markets have performed considerably better than the US. What this means is that the US markets have corrected better, and therefore provide a better investment opportunity than markets like India. The strong dollar and a declining rupee have also likely figured in the investment rationale of foreign investors, who have so far decided to go with the US rather than India. Adding to the laundry list of growing economic problems, the government is also faring poorly on the fiscal deficit front, with the deficit touching 12% of the budgeted estimate in April and May 2022, as compared to 8% in the previous year. However, on a positive note, the growing deficit was primarily driven by capital expenditure towards railways, roadways, agriculture, and defence — all which will ensure GDP grows – an answer to most of India’s economic problems. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/indian-rupee-is-all-set-for-a-dark-winter-could-fall-to-81-a-dollar/articleshow/92036007.cms">Indian rupee is all set for a dark winter – could fall to ₹81 a dollar</a> <a href="https://www.businessinsider.in/stock-market/news/domestic-investors-brought-in-3-for-every-4-pulled-out-by-foreign-investors/articleshow/92179370.cms">Domestic investors brought in $3 for every $4 pulled out by foreign investors</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a>

RBI’s ‘Save the Rupee’ bill has hit over $40 billion already and it could add another $40 billion this year

With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Rupee has behaved in an orderly manner, says RBI Governor

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s <keyword id="15391148" type="General" weightage="20" keywordseo="e-logistics" source="Orion">e-logistics</keyword> sector has become one of the largest and fastest growing logistics markets globally and is all set to reach the $9 billion industry, with a compound annual growth rate of 35 per cent, a report showed on Monday. The number of e-commerce logistics shipments is expected to grow by four times in the next five years. "Thanks to new-age tech-enabled players who have entered India's logistics arena, it is now easier for small- and medium-sized businesses to transport goods, and there is a drastic increase in the speed and efficiency in which parcels are delivered," says the report by Bengaluru-based <keyword id="13724596" type="General" weightage="50" keywordseo="redseer-strategy-consultants" source="Orion">Redseer Strategy Consultants</keyword>. Among such players, Delhivery is well positioned at the cross-section of the various logistics sector growth drivers including infrastructure, offline commerce, digital consumption, and adoption of technology and data sciences. The e-commerce logistics sphere has contributed to the overall growth of India's logistics sector and enabled the e-retail boom in India. The proliferation of smartphones and localisation of the internet in non-English languages is drawing in new consumers from non-metro locations into the internet economy and creating new demand for online commerce, thus paving the need for disruption in logistics. According to the report, the availability of multiple payment options such as <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>, no-cost <keyword id="6357050" type="General" weightage="50" keywordseo="emi" source="Orion">EMI</keyword>, BNPL (buy now, pay later) etc. are further driving the adoption of digital commerce by more consumers, thereby creating a need for e-commerce logistics. "Multiple segments in the India logistics market are addressable by full-stack-tech-enabled logistics service providers. There seems to be great headroom for growth as tech-enabled logistics players venture into adjacent segments such as hyperlocal delivery, express delivery, trucking, and more," the report mentioned. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-15-paise-to-82-32-against-us-dollar/articleshow/95193584.cms">Rupee gains 15 paise to 82.32 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-november-2022/slidelist/95194572.cms">Upcoming cars launching in India in November 2022</a>

India e-logistics industry set to touch $9 bn with e-commerce boom

<ul><li>Over the years, India has changed from a cash-led economy to a smartphone-led payment economy, says SBI Ecowrap. </li><li>Lower currency in circulation results in less leakage of deposits and it will impact monetary transmission positively, it adds. </li><li>In FY16, the share of currency in circulation (CIC) in payment systems was at 88%. This has come down to 20% in FY22. </li></ul> For the first time since 2002 – that’s 20 years – currency in circulation has declined during the Diwali week, says a report by SBI Ecowrap. This is, however, barring a marginal decline seen in the same period in 2009 because of economic slowdown. “Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” the report said, calling it a remarkable development. This coincides with a record high in terms of value of UPI transactions in October 2022 – 7.3 billion transactions to the tune of ₹12.11 trillion – growing by 73% year-on-year <a href="https://www.business-standard.com/article/finance/upi-processes-over-7-bn-transactions-in-oct-record-high-since-inception-122110100569_1.html"> in volume terms</a>. Digital transactions turn faster, cheaper and easier Over the years, digital payments have become cheaper and easier and even brought those without bank accounts into the system. Moreover, the interoperable payment systems like UPI, wallets and prepaid payment instruments or PPIs have made the process simpler. As per the report, small retail payments done through UPI/e-wallets account for around 11-12% of the payment industry. Moreover, the share of cash in payment systems has reduced drastically in the last six years. In FY16, the share of currency in circulation (CIC) or cash transactions in payment systems was at 88% - this was prior to the launch of UPI in 2016. This share has come down to 20% in FY22. Moreso, it’s estimated to go down to 11.5% by FY27. Subsequently, the share of digital transactions that have been defined as IMPS, UPI and PPI by the report – have increased substantially. These transactions were at 11.26% in FY16 - and went up to 80.4% in FY22. It is expected to touch 88% in FY27. Clearly, digital transactions are taking the place that cash once held. “The success of the digital journey is primarily due to the relentless push by the Government to formalise and digitalise the economy. Over the years, the system has expanded rapidly with new innovations like QR code, NFC etc and has also seen the swift entry of big tech firms in this industry,” the report said. Less cash to print India has always been an economy with high cash in circulation. It comes next only to Japan and Hong Kong in terms of currency <a href="https://timesofindia.indiatimes.com/business/india-business/high-cash-in-circulation-aids-current-rbi-policy/articleshow/92641909.cms">in circulation (CIC) as a percentage </a>of GDP, which was at 14.2% in FY22, as per RBI data. As this percentage reduces and the economy is formalised, it can aid the banking system. “In simple terms, it implies that the RBI has to print less of currency given that UPI transactions impact currency in circulation with a lag. This is a win-win for both RBI and government, as it results in saving of seigniorage costs and also a less cash economy,” the report said. Currently, liquidity estimation of the country is impacted by a high amount of cash in the system, which is not easy to account for. Without a currency leakage, this estimation can now see a fundamental reorientation, the report says. “A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively,” the report said. CRR or cash reserve ratio is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the central bank. Apart from encouraging digital payments via UPI, the RBI is also currently working on piloting a Central Bank Digital Currency (CBDC) or the digital rupee. The RBI governor Shaktikanta Das said that it can transform the way the business is done. “It was indeed a landmark moment in the history of money, in the history of currency in our country. Going forward, it will be a landmark achievement so far as the functioning of the entire economy is concerned,” Das said on November 2.

Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> announced a 20 per cent salary hike for pilots from October onwards. This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing <keyword id="17506" type="General" weightage="50" keywordseo="tds" source="Orion">TDS</keyword> of all employees in the next two-three weeks. And, a significant portion of the PF will also be credited. According to an internal mail to all the pilots, senior VP, <keyword id="9138754" type="General" weightage="50" keywordseo="gurcharan-arora" source="Orion">Gurcharan Arora</keyword> said that the Spicejet has received the approval for a loan under the government's ECLGS scheme. "The first tranche of the payment has already been received and the second trancher is expected very soon. Our management is working to raise an additional 200 million dollars." The mail also talked about resumption of normalcy in the aviation sector and said that the airline is flying towards growth and sustainability. On Tuesday, in a temporary measure to rationalise cost, SpiceJet decided to place some pilots on leave without pay for a period of three months. The airline said that it will be inducting <keyword id="26842" type="General" weightage="50" keywordseo="max" source="Orion">MAX</keyword> aircraft shortly and these pilots will be back in service as the induction begins. During the <keyword id="9580222" type="General" weightage="50" keywordseo="lwp" source="Orion">LWP</keyword> period, pilots will remain eligible for all other employee benefits as applicable i.e. all opted insurance benefits and employee leave travel. SpiceJet airline had earlier reported a net loss of Rs 789 crore (Rs 420 crore, excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as the business was severely impacted by record high fuel prices and a depreciating <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-transmission-to-become-net-zero-by-2050/articleshow/94371480.cms">Adani Transmission to become net-zero by 2050</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-pune-girl-who-self-made-it-to-the-india-rich-list/articleshow/94368050.cms">The Pune girl who self-made it to the India rich list</a>

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

<ul><li>R Shankar Raman, the CFO of the company said that they will vie to achieve 15% growth in revenues for FY23 as guided at the start of the year.</li><li>L&amp;T, which gets around 80% of its orders from the government, hopes that private sector capex will pick up this year.</li><li>It expects to complete the sale of eight road projects in its portfolio by the end of March.</li></ul>Infrastructure major Larsen and Toubro today reported a 45% growth in net profit to ₹1,702 crore in the first quarter of 2022-23 from ₹1,174 crore in the comparable quarter last year – in spite of it being a seasonally weak quarter. Its revenues too moved up by 22%, however, the company is not revising its revenue forecast for the year from 12-15% given earlier. “We are relieved,” said R Shankar Raman, the CFO of the company in an earnings concall on the first quarter performance, and also assured that they will try to shoot for the upper end of the band they guided, but refuse to go any further due to domestic and international events. “There could be monkeypox or any other Black Swan incident and we do not know what shape it will come in. There are too many moving pieces to be able to predict but if the commodity prices remain soft some of the effects of the macroeconomic situation might be reversed,” said Raman. As much as 37% of L&amp;T’s revenues came from international markets, however, they said they have hedged to the extent of 70% on their receivables. “We are hedged to the extent of 70% but I would like to believe that the rupee will be in a depreciating mode rather than appreciating. The markets that we export to may see some impact,” Raman said. The company did face execution headwinds during the quarter especially with its international orders like supply chain issues, procurement rescheduling due to high commodity costs, higher ancillary costs like power, freight, fuel and more. Its international business constitutes 37% of its total revenues. The company’s overall margins for the quarter stood at 18%, while its order inflows went up by 57% to ₹41,805 crore. While almost 80% of L&amp;T’s domestic orders are from the government, it expects private sector orders to pick up. These orders are expected to come from healthcare, data centers, e-commerce logistics and warehousing and even airport projects. “Depending on who throws their hat into the ring, L&amp;T might offer its engineering, procurement and construction capabilities,” said Raman. L&amp;T has been keen on exiting the infrastructure projects it owns. It expects to complete the sale of eight road projects in its portfolio by the end of March, the company said in the earnings concall. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35,853 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,334 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,702 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,174 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/unclaimed-deposits-after-10-years-will-be-transferred-to-education-and-awareness-fund-as-per-rbi/articleshow/93137699.cms">RBI wants depositors to act on unclaimed deposits</a>

I'd like to believe Rupee will be in a depreciating mode rather than appreciating, says L&T CFO

Despite economic uncertainties, the hiring activity among startups has significantly increased in April this year, while there has been a 6 per cent decline in e-recruitment for white-collar compared to the same period in 2022, a new report said on Tuesday. According to the report by foundit (previously <keyword id="17366670" type="General" weightage="20" keywordseo="monster-india-apac" source="Orion">Monster India &amp; APAC</keyword>), there has been a 4 per cent monthly dip, indicating cautious hiring sentiments among Indian recruiters. Although some sectors like <keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword> (+3 per cent), <keyword id="383675" type="General" weightage="20" keywordseo="travel-tourism" source="Orion">Travel &amp; Tourism</keyword> (+2 per cent), and Import/Export (+13 per cent) experienced a boost on a month-on-month (MOM) basis, other sectors, such as Logistics, Home appliances, and Oil and gas, saw a significant decline. "Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers. Remarkably, the Indian startup ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges," said Sekhar Garisa, CEO, foundit. Moreover, the report showed that the Retail (22 per cent), Travel &amp; Tourism (19 per cent) are among the top industries exhibiting positive growth year-on-year basis, while BFSI (-4 per cent) and BPO (-13 per cent) sectors continue to be apprehensive. The overall hiring demand among startups has noted a strong 19 per cent (year-on-year) growth this April 2023 compared to the previous year. In addition, while most cities showed an overall decline in hiring, startups in Bangalore, Mumbai and Delhi hosted maximum demand for professionals. However, in the first quarter (Q1) of 2023, Indian startups raised a total of $2.8 billion in funds, a massive 75 per cent decrease compared to the same period in the previous year ($11.9 billion), as rising inflation and interest rates continue to impact investments significantly amid a deepening funding winter. There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to a recent report by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-closes-at-61761-on-fag-end-volatility-after-crossing-62000-during-the-day/articleshow/100101148.cms">Sensex closes at 61,761 on fag-end volatility after crossing 62,000 during the day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-weighed-down-strong-greenback-falls-27-paise-to-close-at-82-05/usd/articleshow/100101208.cms">Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD</a>

You Searched For "e rupee" and got 14 results

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