Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The aspect of adequacy of forex reserves is always kept in mind while <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> intervenes in the forex market, says RBI governor. </li><li>The Indian rupee has depreciated by 7.4 % against the US dollar but performed better than other Asian peers. </li><li>Das said a stable exchange rate is a beacon of financial and overall macroeconomic stability and market confidence.</li></ul> The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) does not have any fixed dollar: rupee exchange rate and its market interventions are to curb excessive volatility, said Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>. He also said the aspect of adequacy of forex reserves is always kept in mind while RBI intervenes in the forex market. The umbrella continues to be strong. Announcing the Monetary Policy statement on <keyword id="15127776" type="General" weightage="50" keywordseo="friday-das" source="Orion">Friday Das</keyword> said during the current financial year (up to September 28), the US dollar has appreciated by 14.5 %against a basket of major currencies. This has caused turmoil in currency markets globally. The Indian rupee movement has been orderly as compared to the currencies of most other nations, Das said. He said the Indian rupee has depreciated by 7.4 % against the US dollar during the same period - faring much better than several reserve currencies as well as many of its emerging market economies and Asian peers. Das said a stable exchange rate is a beacon of financial and overall macroeconomic stability and market confidence. Citing the divergent views on the exchange rate of the rupee and the adequacy of our forex reserves Das said the rupee is a freely floating currency and its exchange rate is market determined. "Second, the RBI does not have any fixed exchange rate in mind. It intervenes in the market to curb excessive volatility and anchor expectations. The overarching focus is on maintaining macroeconomic stability and market confidence," he said. According to him, RBI's actions helped in engendering investor confidence as reflected in the return of capital inflows since July. "Over the medium term, the primacy of price stability embedded in our flexible inflation targeting (<keyword id="19671" type="General" weightage="50" keywordseo="fit" source="Orion">FIT</keyword>) framework provides the anchor for exchange rate stability," he remarked. The RBI's interventions in the forex market are based on continuous assessment of the prevailing and evolving situation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-is-how-much-your-emi-will-go-up-after-the-recent-repo-rate-hike/articleshow/94552904.cms">Here is how much your EMI will go up after the recent repo rate hike</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/presidential-commission-recommends-stamping-of-h-1b-visas-inside-us/articleshow/94551768.cms">Presidential commission recommends stamping of H-1B visas inside US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-50-bps-taking-it-to-a-three-year-high-of-5-9-das-says-inflation-at-alarmingly-high-levels/articleshow/94550429.cms">RBI hikes repo rate by 50 bps, taking it to a three-year high of 5.9% – Das says inflation at ‘alarmingly high levels’ across jurisdictions</a>

RBI does not have fixed dollar:rupee exchange rate: Shaktikanta Das

Mumbai, Nov 22 () The RBI on Friday expanded the scope of Special Non-Resident Rupee Accounts by permitting non-residents to open such accounts for rupee denominated overseas borrowings, trade credit and trade invoicing for popularising cross-border transactions in the domestic currency.
 Any person resident outside India, having a business interest in India, can open a non-interest bearing Special Non-Resident Rupee Account (SNRR account) with a bank for bona fide transactions in rupees.
 In a circular, the RBI said it has been decided to expand the scope of SNRR Account by permitting persons resident outside India to open such accounts for external commercial borrowings (ECBs), trade credits, and trade invoicing in Indian rupee.
 Further, restriction on the tenure of SNRR account, which is currently seven years, has also been removed.
 The Reserve Bank of India (RBI) said it has been taking steps for "popularising the cross-border transactions in Indian rupee".
 Meanwhile, the RBI has also modified norms regarding re-export of unsold rough diamonds from special notified zone of Customs without export declaration form (EDF) formality
 "For the lot/ lots cleared at the center/s...Bill of Entry shall be filed by the buyer," the circular said.
 Banks may permit such import payments after being satisfied with the bona-fides of the transaction, it added. NKD CS ABM
ABM

RBI expands scope of SNRR account to popularise rupee in cross-border transactions

<ul><li>The Indian rupee had been volatile for almost a year now and hit several fresh all-time lows as the US dollar strengthened against major global currencies.</li><li>The rupee weakness, according to Moody's, may slow in what it earlier expected India to be one of emerging Asia's best-performing economies.</li><li>Further currency weakness could put the region's central banks in a bind, said Moody's.</li></ul>New Delhi [India], March 23 (ANI): The risk of weakness in currencies in the emerging economies in Asia is worrisome, and more so the risk is greater in India with a new bout of rupee weakness, which could force the Reserve Bank of India to "press harder on the brakes", according to Moody's Analytics. The rupee weakness, according to Moody's, may slow in what it earlier expected India to be one of emerging Asia's best-performing economies. The Indian rupee had been volatile for almost a year now and hit several fresh all-time lows as the US dollar strengthened against major global currencies. In October 2022, the rupee breached the 83 mark for the first time in its history. The rupee is currently hovering above 82 per US dollar. Depleting forex reserves faced with the high cost of imported goods, and the ongoing monetary policy tightening by the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> triggered the currency's depreciation. Investors tend to move towards stable markets, such as the US, for better and stable returns amid any tight monetary policy. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee. "The risk of currency weakness in emerging Asia is especially worrisome given its status as the cradle of the EM (emerging market) recovery. Our outlook calls for economies in emerging Asia to handily outperform the rest of the EM cohort as China's rebound gains momentum and as pent-up demand, still on hold from the Delta wave in India and Southeast Asia, props up consumer spending," Moody's said in a report. "But further currency weakness could put the region's central banks in a bind," it said. About India's inflation, the report said it was no longer rising, but higher food prices were a key concern. "Although the (RBI February monetary policy) meeting's minutes showed only one member concerned with the Fed's pace of tightening, this could quickly change when the bank meets in April, especially if faster Fed tightening and market jitters cause the rupee to weaken further," the report said. The Monetary Policy Committee (MPC) of the RBI in the February meeting decided to raise the repo rate, at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent. The rate hiking spree started in May last year to check inflation. Since May last year, the RBI has increased the short-term lending rate (repo rate) by 250 basis points, to contain inflation, driven mainly by external factors, especially global supply chain disruptions following the Russia-Ukraine war outbreak. Retail inflation in India fell marginally but remained above RBI's 6 per cent upper tolerance band for the second straight month in February 2023, with the Consumer Price Index pegged at 6.44 per cent. In January, the retail inflation was 6.52 per cent. India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022. Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row. (ANI)

Greater risk of rupee weakness; RBI could press hard on brakes: Moody's

Mumbai, The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices. Forex traders said the Indian rupee witnessed modest gains on Monday on positive domestic equities. However, rising US dollars and recovery in crude oil prices capped sharp gains. At the interbank foreign exchange, the domestic unit opened at 82.58 and finally settled for the day at 82.63 against the American currency. During the day, the rupee witnessed an intra-day high of 82.52 and a low of 82.65 against the greenback. On Friday, the rupee declined by 8 paise to settle at 82.64 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent higher at 104.07. The US dollar gained on somewhat hawkish comments from the Fed Chair <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> at the Jackson Hole Symposium, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Brent crude futures, the global oil benchmark, rose 0.04 per cent to USD 84.51 per barrel. "We expect the rupee to trade with a slight negative bias on the strong dollar and recovery in crude oil prices. Selling pressure from FIIs may also weigh on rupee," Choudhary said. However, a positive tone in domestic markets and a rise in risk appetite may support the domestic currency at lower levels. "Any intervention by the RBI may also support rupee. Investors may remain cautious ahead of jobs data from US and India's manufacturing PMI and GDP data later this week. USDINR spot price is expected to trade in a range of Rs 82.30 to Rs 83," Choudhary added. On the domestic equity market front, the BSE Sensex closed 110.09 points or 0.17 per cent higher at 64,996.60. The broader NSE Nifty advanced 40.25 points or 0.21 per cent to 19,306.05. Foreign Institutional Investors (FIIs) were net sellers in capital markets on Friday as they offloaded shares worth Rs 4,638.21 crore, according to exchange data. Meanwhile, India's foreign exchange reserves dropped by USD 7.273 billion to USD 594.888 billion in the week ended August 18, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) said on Friday. In the previous week, the overall reserves had risen by USD 708 million to USD 602.161 billion.

Rupee ends flat as rising crude, strong dollar cap strong gains

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) will today launch the nation's first <keyword id="15195039" type="General" weightage="20" keywordseo="digital-rupee-pilot-project" source="Orion">digital rupee pilot project</keyword> for the <keyword id="3047329" type="General" weightage="20" keywordseo="wholesale-segment" source="Orion">wholesale segment</keyword>. In a statement, the central bank said that it will "soon commence pilot launches of <keyword id="10678165" type="General" weightage="20" keywordseo="digital-rupee" source="Orion">Digital Rupee</keyword> (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". RBI has selected nine banks for participation in the digital rupee's wholesale <keyword id="6644808" type="General" weightage="20" keywordseo="pilot-project" source="Orion">pilot project</keyword>. These are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal. CBDC is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms" style="">Rupee gains 8 paise to 82.73 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms" style="">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> stepped into avert a sharp fall in the <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> on Thursday when the rupee hit ₹72 mark.</li><li>It’s being speculated that the apex institution sold off dollars in the forex market to stablise the situation. </li><li>The past one month has seen the rupee depreciate by 2%.</li></ul>The rupee breached an all-time low on Thursday, hitting the Rs72 mark but managed to revert after <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>, the Reserve Bank of India (RBI), intervened. It’s speculated that the RBI sold off dollars in the forex market to hedge against, what would likely have been, a sharp fall in the rupee. The rupee has been slipping since the initiation of the US-China trade war, the Turkish Lira crisis and the imposition of sanctions on Iran by the United States. Following suite, the market has been reacting ever since. Oil prices have surged, gold is probably the biggest gainer since its been seen as a safe haven commodity, essential commodities are becoming more expensive and Indian companies are starting to worry about their loans. Many leading economists have <a href="https://www.business-standard.com/article/economy-policy/experts-divided-on-reserve-bank-of-india-s-intervention-strategy-118090100866_1.html">criticised</a> the lack of intervention by the RBI as the rupee hit new lows, week-on-week. During this month alone, the rupee has exhibited a fall of 2% coupling to over 12% for this year so far. <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, the Finance Minister of India, <a href="https://economictimes.indiatimes.com/markets/forex/devaluation-of-rupee-not-attributable-to-domestic-factors-arun-jaitley/articleshow/65691762.cms">stated</a> that an intervention was not required since the movement of the rupee was predominantly due to global forces and it was only weakening against the dollar, while strengthening against others. While the government may seem okay with gradual <keyword id="6365592" type="DEFINITION" weightage="20" keywordseo="Depreciation">depreciation</keyword>, the uncertainty of investors is growing. One of the primary is reasons of concern that while the rupee hit an all-time low on Thursday, oil prices were actually falling instead of increasing. The falling rupee creates challenges for importers and sectors of the economy that rely heavily on imports like mobile manufacturing and other consumer goods. That being said, the rupee isn’t the only currency showing losses.

India’s central bank finally intervenes as the rupee reaches a new all-time low

<ul class="summary-list"><li>India's pushing to internationalize the Indian rupee, according to a report from its central bank.</li><li>Countries globally are lining up alternative currencies for trade amid the de-dollarization discourse. </li></ul>It's not just <a href="https://markets.businessinsider.com/news/currencies/china-de-dollarization-dollar-dominance-global-central-banks-currency-yuan-2023-5">China</a> that's trying to internationalize its national currency. India's now at it too, as the Reserve Bank of India, or RBI, indicated in a <a href="https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RIDGINRD2D459218BDC46AB9253DE553B256AC1.PDF" target="_blank" rel="noopener">report made public on Wednesday.</a> The US dollar has been the world's <a href="https://crsreports.congress.gov/product/pdf/IF/IF11707" target="_blank" rel="noopener">reserve currency</a> since the Second World War, playing a crucial role in the world's trade and financial system.But sweeping sanctions against Russia that expelled the country from the US dollar-dominated global financial system spooked other countries so much that they are now <a href="https://www.businessinsider.com/dedollarization-usd-greenback-gold-yuan-euro-bitcoin-brics-alternate-2023-5#1-beijing-has-big-ambitions-for-the-chinese-yuan-2" target="_blank" rel="noopener">lining up backup currencies for trade.</a> "The internationalization of a currency is also closely interlinked with the nation's economic progress, especially its prominence in global trade," an RBI working group said in the report.Although RBI said the working group's recommendations do not reflect its official position, they come a year after <a href="https://www.indiatoday.in/business/story/india-goes-for-global-trade-payments-in-rupees-what-it-means-challenges-ahead-1974809-2022-07-12" target="_blank" rel="noopener">Prime Minister Narendra Modi's administration first started touting the greater use of the rupee globally.</a>In its Wednesday report, the RBI working group encouraged the opening of rupee-denominated accounts for non-residents in India and overseas. It also recommended the integration of Indian payment systems with those in other countries for cross-border transactions.While the macro geopolitical environment is spurring countries to seek alternative currencies to trade with, there's long been uneasiness over the dollar's outsized dominance in global trade and finance.In its report, the RBI highlighted the US needs to maintain its obligations and responsibility as the issuer of the reserve currency but, when forced to choose between its own interests and those of the rest of the world, the American government has in the past "not hesitated to protect its own interests."This is an issue because it contributes to an imbalance in the international monetary system, which is already skewed toward the US precisely because it is the issuer of the world's dominant reserve currency, per the report. "It, therefore, seems evident, that while the US dollar's 50-year-long dominance remains unchallenged for now, it has started to erode slowly, and the economic order will have to evolve to look beyond the US dollar in the future," the RBI working group added.Even though there's a global trend to de-dollarize, the greenback is still by still by far the world's most dominant reserve currency, accounting for almost 90% of global foreign currency transactions, according to a <a href="https://www.bis.org/statistics/rpfx22.htm" target="_blank" rel="noopener">2022 survey from the Bank of International Settlements,</a> whose members are central banks. India, for instance, has made little headway with its push to use more rupees for trade. Just 0.01% of India's trade in goods was settled in the rupee last year, <a href="https://www.bloomberg.com/news/articles/2023-07-07/modi-s-push-to-take-indian-rupee-global-gets-off-to-a-slow-start#xj4y7vzkg" target="_blank" rel="noopener">Bloomberg reported on Friday</a> citing people familiar with the matter.Even <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6" target="_blank" rel="noopener">Russia's having problems</a> in dealing with the rupee with India, which is now one of the biggest buyers of Russian energy. This alternative currency trade has left Moscow stuck with up to $1 billion worth of rupees each month in Indian banks which it has problems repatriating, according to <a href="https://www.bloomberg.com/news/articles/2023-06-01/russia-s-rupee-trap-is-adding-to-147-billion-hoard-stuck-abroad" target="_blank" rel="noopener nofollow">Bloomberg calculations</a> in June. The RBI did not immediately respond to a request for comment from Insider.

It's not just China &mdash; India is now pushing a de-dollarization narrative by touting the use of the rupee for trade

It's not just China —India's now pushing a de-dollarization narrative by touting the use of the rupee for trade

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>

You Searched For "rbi rupee" and got 9 results

RBI does not have fixed dollar:rupee exchange rate: Shaktikanta Das

IANS

RBI expands scope of SNRR account to popularise rupee in cross-border transactions

PTI

Greater risk of rupee weakness; RBI could press hard on brakes: Moody's

ANI

Rupee ends flat as rising crude, strong dollar cap strong gains

PTI

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

IANS

India’s central bank finally intervenes as the rupee reaches a new all-time low

Prabhjote Gill

It's not just China India is now pushing a de-dollarization narrative by touting the use of the rupee for trade

Huileng Tan

It's not just China —India's now pushing a de-dollarization narrative by touting the use of the rupee for trade

Huileng Tan

Rupee has behaved in an orderly manner, says RBI Governor

IANS

Popular Keywords

Buying Guides