Currencies

External Affairs Minister S. Jaishankar with Minister of Foreign Affairs of Maldives Abdulla Khaleel during a meeting, in New Delhi, on January 3, 2025. | Photo Credit: PTI Even as the Maldives attempts to stabilise its economy amid challenges of high public debt and a widening fiscal deficit, India has rolled over a $50 million-treasury bill to support the neighbouring island nation. In a statement on Monday (May 12, 2025), the High Commission of India in capital Malé said following a request from the Government of Maldives, the State Bank...

Rupee pared most of its initial gains to end 3 paise higher at 85.33 (provisional) against the US dollar on Tuesday, supported by rising risk appetite amid easing trade tensions. However, gains were capped by the impact of rising crude oil prices, a strong US dollar, and profit booking in domestic equities, traders said. At the interbank foreign exchange market, the rupee opened at 84.70 and fluctuated between an intra-day high of 84.62 and a low of 85.48 against the greenback. It ultimately closed the session at 85.33 (provisional), marking...

Traders rewarded the US dollar with gains against major Asian currencies after trade tensions between Beijing and Washington thawed – but the greenback could soon be singing the blues again as analysts expect the relief rally to be short-lived.The US dollar index – which measures the greenback’s value against a basket of six major currencies: the euro, yen, pound, Canadian dollar, krona, and franc – jumped more than 1 per cent across Monday (May 12) afternoon before stabilising at around 101.6 as at early evening on Tuesday.The US shaved its...

The sharp depreciation of the US dollar over the past three months poses a growing challenge for Indian IT companies, particularly those with a high concentration of USD-denominated revenues. The USD has depreciated sharply over the past three months, approximately 4 per cent against the INR and even more significantly against the EUR (7.6 per cent) and GBP (9.9 per cent). This sharp INR appreciation can negatively impact profitability, especially for mid-tier firms with high offshore exposure and limited currency hedging. Per an analysis report by Kotak Institutional Equities, the...

The BIS revealed data from the second quarter of 2024 showing roughly $600 billion in cross-border cryptocurrency transactions. The BIS attributed many of these transactions to speculative investment, primarily pushed by Bitcoin and Ether. Stablecoins such as USDt and USDC also played a significant role in facilitating payments.The has pointed out that the influx of cryptocurrencies across borders is no longer strictly investment-motivated, but is practically driven by use cases, such as remittances and cross-border transactions within nations where inflation rates run high. The report continued to state that geographical barriers...

Rupee appreciated by 74 paise to 84.62 against the US dollar in early trade on Tuesday, buoyed by easing geopolitical tensions and optimism from the US-China tariff truce. Forex dealers attributed the rally to renewed foreign investor confidence in Indian assets, following positive developments on both regional and global fronts. “The easing of cross-border tension between India and Pakistan, along with the recent US-China trade deal, has improved market sentiment,” a dealer noted. On Saturday, India and Pakistan agreed to cease all hostilities across land, air and sea borders with...

Mumbai: The Indian rupee opened 75 paise stronger at 84.65 against the US dollar on Tuesday, following its previous close at 85.38 a dollar. The trading range for the day was expected to be between 84.50 and 85.25, according to analysts. The dollar maintained its gains following a significant trade pact between the US and China. The US will reduce tariffs on Chinese goods from 145 per cent to 30 per cent for 90 days, while China said it will cut tariffs on US goods from 125 per cent to...

The Indian rupee opened sharply higher at 84.62 per US dollar on Tuesday (May 13), strengthening by 75 paise from Friday’s (May 9's) close of 85.37. The forex market was shut on Monday (May 12) due to Buddha Purnima.The sharp rebound comes after India and Pakistan agreed to a ceasefire over the weekend, easing geopolitical tensions that had rattled investors. Indian equity markets responded with a powerful rally on Monday (May 12), with benchmark indices rising nearly 4%, marking their best day in four years. The global backdrop also turned...

Gold prices remained broadly unchanged in India on Tuesday, according to data compiled by FXStreet. The price for Gold stood at 8,839.07 Indian Rupees (INR) per gram, broadly stable compared with the INR 8,830.46 it cost on Monday. The price for Gold was broadly steady at INR 103,099.20 per tola from INR 102,996.80 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,839.07 10 Grams 88,391.52 Tola 103,099.20 Troy Ounce 274,926.00   Daily digest market movers: Gold prices pressured by high US Treasury yields US Treasury...

John Matthai told the House that he had informed Ceylon and Pakistan about the devaluation of the Indian rupee but had received no response from the latter. Matthai released an announcement in the press on 19 September, a Monday, about the devaluation and the concurrence was received from the IMF by the finance ministry on the same day. However, since Monday to Wednesday were all bank holidays, the new rate became effective only on 22 September 1949.Matthai said that while he appreciated the difficulties faced by the British government, he...