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The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> opened on a flat note against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, weighed down by a negative trend in <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> and the 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 <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> underperformed among the <keyword id="20302519" type="General" weightage="20" keywordseo="Asian-currencies" source="keywords">Asian currencies</keyword> amid higher imported commodity prices and foreign fund outflows amid worries about <keyword id="43816" type="General" weightage="20" keywordseo="election-results" source="Orion">election results</keyword>. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit moved in a narrow range. It opened at 83.50 against the American currency and touched 83.49 in the initial trade. On Thursday, the rupee had settled at 83.50 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.61, higher by 0.15 per cent. Brent crude futures, the global oil benchmark, rose 0.26 per cent to USD 83.49 per barrel. "Indian rupee was again sold off despite gains in other Asian currencies on Thursday and closed at RBI-controlled level of 83.50," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Bhansali further noted that the rupee is likely to trade in a narrow range of 83.45 to 83.55 during the day. On the domestic equity market, the 30-share BSE Sensex was trading 196.15 points, or 0.27 per cent lower at 73,467.57 points. The broader NSE Nifty was down 44.00 points, or 0.2 per cent, to 22,359.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 776.49 crore, according to exchange data.

Rupee opens on flat note against US dollar in early trade; Underperformance partly due to election worries

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> declined 7 paise to close at 83.35 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday as a strengthening American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> overseas and a selloff in domestic equities weighed on the local unit. Besides, rising crude prices in the international <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> and risk-averse sentiment dragged the local unit down, forex traders said. At the interbank foreign exchange market, the local unit opened strong at 83.30 and moved in the range of 83.30-83.36 during the session. The local currency finally settled at 83.35 (provisional) against the dollar, registering a fall of 7 paise from its previous close. In the previous session, the rupee closed at 83.28 against the US dollar. "<keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> declined slightly on weak domestic markets and a surge in crude oil prices. We expect the rupee to trade slightly weak on renewed geopolitical tensions in the Middle East and weakness in domestic equities. "Rising crude oil prices and FII outflows may further put pressure on the rupee. However, any intervention by the RBI may support the rupee at lower levels. We expect USDINR to trade in the range of 83.10-83.60," Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said. Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 89.35 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.05 per cent to 105.49. On the domestic equity market front, Sensex slumped 609.28 points, or 0.82 per cent, to settle at 73,730.16, and Nifty declined 150.40 points, or 0.67 per cent, to close at 22,419.95. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,823.33 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

Rupee falls 7 paise to settle at 83.35 against US dollar

<keyword id="4625572" type="General" weightage="20" keywordseo="indian-renewable-energy-development-agency" source="Orion">Indian Renewable Energy Development Agency</keyword> Ltd (<keyword id="391336" type="General" weightage="100" keywordseo="ireda" source="Orion">IREDA</keyword>) has opened an office in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword> at Gandhinagar which will specialise in providing debt options denominated in <keyword id="90766" type="General" weightage="20" keywordseo="foreign-currencies" source="Orion">foreign currencies</keyword> to facilitate natural hedging and significantly reduce the financing costs for green hydrogen and renewable energy manufacturing projects, the Ministry of New and Renewable Energy said on Thursday. The strategic initiative which would contribute to the country's journey towards a greener future was highlighted by IREDA chairman and managing director (CMD) Pradip Kumar Das at a panel discussion on 'Future Growth Opportunities for Long Duration <keyword id="1609428" type="General" weightage="20" keywordseo="energy-storage" source="Orion">Energy Storage</keyword>', held at the World Future Energy Summit 2024 in Abu Dhabi on Wednesday. The IREDA CMD emphasised the critical role that energy storage will play in achieving the <keyword id="13194051" type="General" weightage="20" keywordseo="national-green-hydrogen" source="Orion">National Green Hydrogen</keyword> Mission's ambitious target of producing over 5 million metric tons of hydrogen per annum by 2030. The CMD emphasised the need to enhance research and development efforts to reduce cost and improve the performance of energy storage solutions. It was necessary to implement policies that strengthen the supply chain network, and providing competitive and tailored financial solutions will encourage investment in energy storage projects, he added. India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs 3.5 lakh crore.

IREDA's GIFT City branch to give special foreign currency loans for green projects

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> turned flat at 83.73 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword>, the Indian currency found support due to softening <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.13. Brent crude -- the global oil benchmark -- rose by 0.79 per cent to USD 80.15 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex plunged 614.96 points or 0.75 per cent to 81,252.59 in morning trade, while the broader Nifty declined 194.80 points or 0.78 per cent to 24,816.10. Foreign institutional investors were net buyers in the capital markets on Thursday and bought shares worth Rs 2,089.28 crore, according to exchange data. A monthly survey released on Thursday showed India's manufacturing sector growth eased slightly to 58.1 in July from 58.3 in June on softer increases in new orders and output, while cost pressures and demand strength led to the steepest increase in selling prices since October 2013. The government's GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, driven by domestic transactions in goods and services, according to official data released on Thursday. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Rupee turns flat at 83.73 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, as the American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> retreated from its elevated level. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said foreign fund inflows and possible intervention by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly, Pabari added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.29, lower by 0.10 per cent. Brent crude futures, the global oil benchmark, rose 0.69 per cent to USD 83.20 per barrel. On the macroeconomic front, India's forex reserves jumped by USD 9.699 billion to an all-time high of USD 666.854 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by USD 5.158 billion to USD 657.155 billion, surpassing the previous high of USD 655.817 billion for the week ended June 7. "This increase (in forex reserves) suggests that the RBI is actively preventing the Rupee from strengthening, even in the face of significant inflows into the equity and debt markets," Pabari said. In the domestic equity market, the 30-share BSE Sensex was trading 264.92 points, or 0.33 per cent lower at 80,339.73 points. The broader NSE Nifty was down 88.10 points, or 0.36 per cent, to 24,442.80 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> and Bank <keyword id="19909773" type="General" weightage="20" keywordseo="indonesia" source="keywords">Indonesia</keyword> (BI) on Thursday signed a Memorandum of Understanding to promote use of local currencies for bilateral transactions. The MoU was signed here for establishing a framework to promote the use of local currencies viz., the <keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> (INR) and the Indonesian Rupiah (IDR) for cross-border transactions, <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said in a statement. This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. "Use of local currencies would optimise costs and settlement time for transactions," RBI said. The MoU was signed by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> and Bank Indonesia Governor <keyword id="20862647" type="General" weightage="20" keywordseo="perry-warjiyo" source="keywords">Perry Warjiyo</keyword>. "The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> and Indonesia, aims to promote the use of INR and IDR bilaterally," RBI said. The central bank further said the collaboration marks a key milestone in strengthening bilateral cooperation between RBI and BI. Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Indonesia as well as deepen financial integration and strengthen the long historical, cultural and economic relations between India and Indonesia, it added.

RBI, Bank Indonesia sign pact to promote use of local currencies for bilateral trade

<ul class="summary-list"><li>The US dollar will remain dominant for years despite shifts in the global currency landscape, wrote UBS.</li><li>Sanctions against Russia for its invasion of Ukraine have intensified de-dollarization discussions in recent years.</li></ul>The world's currency regime is shifting, but the greenback will still rule for a while.The subject of moving away from king dollar has come under intense discussion in recent years, after Russia's invasion of Ukraine triggered sweeping sanctions to lock Moscow out of the US dollar-based global financial system.This week, Swiss bank UBS joined <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-usd-yuan-china-russia-brics-currency-2024-7">analysts pushing back</a> on the de-dollarization narrative, saying a US dollar-centric world will persist "for years to come."However, several currencies and commodities — particularly <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-china-allied-central-banks-hoard-gold-dollar-weaponization-record-2024-5">gold</a> — will play "critical roles" in the shifting world currency regime, Alejo Czerwonko, UBS' CIO of emerging markets in the Americas, wrote in a <a target="_blank" class="" href="https://www.ubs.com/global/en/wealth-management/who-we-serve/marketnews/article.1621092.html">Monday note.</a>The US dollar's strong dominance is mainly because it's very entrenched in the global financial system and <a target="_blank" class="" href="https://www.bis.org/statistics/rpfx22_fx.htm">extremely liquid.</a>"It also offers deep derivatives markets — forwards, swaps, options, etc. — giving market participants the ability to hedge exposure efficiently," UBS' Czerwonko added.There are no close competing currencies to the dollar.The greenback is used in about 50% of all global payments and 84% of trade finance contracts — far outpacing its closest competitor, the euro, which accounts for 23% of all global payments and just 6% of trade finance, according to <a target="_blank" class="" href="https://www.swift.com/our-solutions/compliance-and-shared-services/business-intelligence/renminbi/rmb-tracker/rmb-tracker-document-centre">SWIFT data.</a>The US currency still accounts for the lion's share of global foreign exchange reserves — 60% of the FX holdings of central banks, according to <a target="_blank" class="" href="https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update">International Monetary Fund data.</a>In comparison, the Chinese yuan accounts for less than 5% of global payments and trade finance, separately. It also accounts for just 2.3% of global reserves.Even though currency competitors are lagging behind the greenback, this doesn't mean the dollar has no other competitors.UBS and a separate Bloomberg Intelligence report released on Wednesday flagged gold as a standout among competitors chipping away at the dollar. The <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">spot gold price</a> is now trading at record highs around $2,500 an ounce thanks to strong demand.The amount of gold holdings in global reserves has doubled in just over five years, according to Bloomberg Intelligence analysis."As the yellow metal carries no credit or counter-party risk, some deem it as being better insulated from financial sanctions, particularly those from the emerging world," wrote UBS' Czerwonko.<h2 id="de1dbf77-2ca8-4c60-b8d2-23a39cf4dd5e">US political concerns influence the dollar, but there are issues for competing currencies</h2>Even though the dollar is unlikely to be dethroned anytime soon, there are fears about political risks in the US as election season begins.While the "US political atmosphere" and large fiscal deficit are experiencing <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-us-politics-economy-trade-fed-china-yuan-2024-6">serious issues</a> that investors are concerned about, UBS' Czerwonko thinks they aren't enough to topple the dollar from its perch as the world's reserve currency now."The situation in competing jurisdictions is also dire; in the land of the blind, the one-eyed man can remain king," wrote Czerwonko.After all, the US still ranks highly for market openness, regulatory quality and efficiency, and the rule of law. The AI technology revolution is also centered in the US, "cementing the country's reputation for innovation and acting like a magnet for foreign capital," he added.Nonetheless, foreign investors are watching the US electoral race "with angst," Czerwonko wrote.He also issued this warning: "Although shifts in the global currency order typically take place at a glacial pace, rising geopolitical tensions can trigger quicker adjustments."Similarly, Bloomberg Intelligence said said a Wednesday report that a potential second Trump term could hasten a global currency regime change."Any title toward isolationism in a Trump second term, such as altered US attitudes toward its role in NATO and international affairs would spur de-dollarization," wrote Bloomberg Intelligence analysts.The Chinese yuan is already the "confirmed rival to the dollar in emerging markets," per Bloomberg Intelligence. Other rivals include the Indian rupee and <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-us-politics-economy-trade-fed-china-yuan-2024-6">alternative initiatives</a> from groupings like BRICS.Any major changes are likely to be slow and far into the future."Global currency regimes are sticky," wrote Czerwonko. "Even as great economic powers rise and fall, their currencies' reserve status tends to survive well past the peak of their influence."

Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization 

Mumbai: The rupee fell sharply by 15 paise against the US dollar to 83.44 in early trade on Wednesday amid muted trends in the domestic equity markets. However, a decline in the dollar index and a marginal fall in the Brent crude index prevented further losses in the domestic unit, according to experts. At the interbank foreign exchange, the local unit opened at 84.38 -- down 9 paise from its previous close -- and then slid further to 84.44, registering a decline of 15 paise from its previous close. On Tuesday, the rupee pared its intra-day losses to settle flat at 84.29 against the US dollar. "The <keyword id="24182640" type="General" weightage="20" keywordseo="Indian-banking-liquidity" source="keywords">Indian banking liquidity</keyword> fell into deficit as industry players paid Rs 1.6-1.8 lakh crore as GST payment. This was after two months that liquidity has fallen into a deficit as the RBI also intervened into forex markets to defend the rupee weighing on liquidity conditions," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. "The rupee may be in the broad range of 84.00 to 84.50 in the near term as markets await a slew of data from the US this evening," Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.15 per cent to 106.84. Brent crude, the global oil benchmark, was marginally down 0.10 per cent to USD 72.74 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex was trading 46.69 points lower, or 0.06 per cent, at 79,957.57 points. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net buyers in the capital markets on Tuesday, purchasing shares worth Rs 1,157.70 crore, according to exchange data.

Rupee falls 15 paise to 83.44 against US dollar in early trade

The Reserve Bank of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Thursday allowed the opening of rupee accounts outside India as part of its strategic action plan to internationalise the domestic <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword>. With emphasis on continuous synchronisation of the <keyword id="19940710" type="General" weightage="20" keywordseo="FEMA" source="keywords">FEMA</keyword> operating framework with the evolving macroeconomic environment, rationalisation of various guidelines will be of primary focus, the central bank said in its annual report. The RBI said it has finalised a strategic action plan for 2024-25 and envisaged liberalisation of external commercial borrowing (ECB) framework and 'Go-live' for phase I of software platform for ECBs and trade credits reporting and approval (SPECTRA) project. The RBI will permit opening of rupee (INR) accounts outside India by persons resident outside India (PROIs) as part of the 2024-25 agenda for internationalisation of the domestic currency. "INR lending by Indian banks to PROIs and enabling foreign direct investment (FDI) and portfolio investment through special accounts [special nonresident rupee (SNRR) and special rupee vostro account (SRVA)," the report said. Rationalisation of the Liberalised Remittance Scheme (LRS) and review of the IFSC regulations under FEMA also are part of the agenda for the current financial year. The RBI report further said rationalisation of regulations towards promoting the internationalisation of the INR was undertaken to enable the settlement of bilateral trade in local currencies. Going forward, it said the liquidity operations would continue to be in sync with the stance of the monetary policy, while the foreign exchange operations would be guided by the objective of ensuring orderly movements in the exchange rate of the rupee. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

RBI to allow opening of rupee account outside India

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> depreciated 5 <keyword id="20045456" type="General" weightage="20" keywordseo="paise" source="keywords">paise</keyword> to 83.43 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday amid a strong American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> overseas and withdrawal of foreign funds from domestic equity markets. However, positive sentiment in the domestic equity markets and retreating crude oil prices in international markets supported the Indian currency at lower level, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 83.39 against the greenback and then slipped further to 83.43, registering a loss of 5 paise compared to its previous closing level. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.05 per cent to 105.86. Analysts attributed the strengthening dollar to the positive global trends amid firm growth in the world's largest economy, which renewed hope for a reduction in the interest rate by the US Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.92 per cent to USD 88.68 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 271.80 points or 0.37 per cent higher at 74,001.96. The broader NSE Nifty advanced 72.45 points or 0.32 per cent to 22,492.40. Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,408.88 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a>

Rupee declines 5 paise to 83.43 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its all-time low level and witnessed a range-bound trade against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early hours on Thursday, as investors remained cautious ahead of the US Fed meeting outcome later this week. Forex traders said RBI interventions will keep the <keyword id="23844589" type="General" weightage="20" keywordseo="USD/INR-pair" source="keywords">USD/INR pair</keyword> between 83.80 and 84.35. Moreover, the US Federal Reserve monetary policy and officials' comments will be in focus to derive further momentum. At the interbank foreign exchange, the rupee opened at 84.26 against the greenback, registering a rise of 5 paise over its previous close. On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar. "The <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> fell to its lowest (level) on Wednesday and is expected to continue with its fall as the Reserve Bank of India (RBI) allows a weaker rupee with FPIs (<keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword>) continuing their selling mode in equities," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. RBI protected the rupee for some time but left the protection as pressure on buying dollars was immense after a rise in the dollar index and an increase in US yields, Bhansali added. Forex traders said the rupee was trading in a narrow range as persistent foreign fund outflows, a muted trend in domestic equities and the strength of the American currency in the overseas market, dented investor sentiments. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10 per cent lower at 104.98. Brent crude, the global oil benchmark, rose 0.79 per cent to USD 75.51 per barrel in futures trade. On the domestic equity market front, Sensex declined 429.83 points, or 0.53 per cent, to 79,948.30 points. The Nifty fell 143.25 points, or 0.59 per cent, to 24,340.80 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 4,445.59 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a><a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank">Swiggy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank"></a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Rupee rises 5 paise to 84.26 against US dollar in early trade

<ul class="summary-list"><li>The US dollar is trading at a six-month high and is on course for its best run in a year.</li><li>Fading prospects of an imminent Fed pivot are driving the greenback higher.</li></ul>The dollar is on course for its best run in a year, pumped up by growing doubt in the US's ability to cut interest rates in the near term.The Bloomberg Dollar Spot Index has <a href="https://www.bloomberg.com/news/articles/2024-04-16/usd-dollar-heads-for-best-run-in-year-in-bet-on-fed-delaying-cuts?srnd=markets-vp" target="_blank" rel="noopener">advanced close to 2%</a> in just under a week, marking its biggest increase since February of last year. Separately, the <a href="https://markets.businessinsider.com/index/us-dollar-index">US dollar index</a> has reached a six-month high, similarly witnessing its <a href="https://www.reuters.com/markets/currencies/dollars-rally-supercharged-by-diverging-us-rate-outlook-2024-04-15/" target="_blank" rel="noopener">biggest weekly gain since September</a>.Such blowout performance has tempered <a href="https://think.ing.com/articles/fx-paring-back-the-dollar-pessimism/" target="_blank" rel="noopener">bearish dollar expectations</a> made in 2023, premised on the idea that monetary policy would turn dovish by June, easing greenback strength.While most agreed with this timing, a string of hot economic and inflation data has dampened this outlook, and markets are now pricing in a <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">September pivot</a> as more likely.Against this, other central banks have had more leeway in shifting down their policy, trimming the appeal of their currencies and cementing the dollar's lead in foreign exchange markets. Here are five emerging-market currencies that are showing vulnerability to the dollar's surge higher:China yuanAccording to <a href="https://www.bloomberg.com/news/articles/2024-04-16/why-the-dollar-is-causing-chaos-in-emerging-markets-quicktake?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a>, Asian tenders are suffering the deepest declines, given the region's exceptionally low interest rates.For instance, China's yuan has hit a five-month low, dropping 5% since the start of 2023. With its bottom still hard to determine, Chinese businesses have been hoarding dollars, expecting a further slide, <a href="https://www.reuters.com/markets/currencies/chinas-cycle-dollar-hoarding-weakening-yuan-gets-vicious-2024-04-16/" target="_blank" rel="noopener">Reuters</a> said. Other Asian currenciesThat's also pulled down currencies such as the South Korean won and Tawian's dollar, with both economies closely linked with Beijing. Both have fallen 6.49% and 6.06% year-to-date, respectively.The Japanese yen has followed this trend, sliding 8.45%. Now at its <a href="https://www.reuters.com/markets/currencies/japans-yen-falls-lowest-since-1990-dollaryen-up-06-2024-04-15/#:~:text=The%20decline%20in%20the%20yen,expected%20March%20retail%20sales%20data." target="_blank" rel="noopener">lowest since 1990</a>, the country's authorities have suggested intervening in its foreign exchange market to stem this slide, but have ruled out the use of rate hikes. The Indian rupee also hit a record low; this wasn't only driven by interest rate differences, but also due to the safe haven aspect of the dollar. That's after Middle Eastern geopolitical infighting <a href="https://www.reuters.com/markets/currencies/rupee-ends-record-closing-low-risk-off-broad-dollar-rally-2024-04-16/" target="_blank" rel="noopener">diminished appetite for volatile currencies like the rupee</a>, Reuters said.

You Searched For "indian currency" and got 12 results

Rupee opens on flat note against US dollar in early trade; Underperformance partly due to election worries

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Rupee turns flat at 83.73 against US dollar in early trade

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Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade

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RBI, Bank Indonesia sign pact to promote use of local currencies for bilateral trade

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Gold and some non-dollar currencies start to shine, but it's not all about de-dollarization

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Rupee falls 15 paise to 83.44 against US dollar in early trade

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RBI to allow opening of rupee account outside India

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Rupee declines 5 paise to 83.43 against US dollar in early trade

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Rupee rises 5 paise to 84.26 against US dollar in early trade

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These 5 global currencies have tumbled this year as delayed rate cuts have supercharged the dollar

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