Currencies

MUMBAI: The Indian rupee jumped to its highest level in over three weeks on Tuesday, boosted by likely dollar inflows and persistent weakness in the greenback, which teetered near a five-month low against major peer currencies. The rupee rose to a peak of 86.54 against the US dollar, its highest since February 21, before closing at 86.57, up over 0.2% on the day. At least three large foreign banks sold dollars, helping lift the rupee, a trader at a mid-sized private bank said. Bids by state-run banks, however, kept a...

MUMBAI: The Indian rupee (INR) jumped to its highest level in over three weeks on Tuesday, boosted by likely US Dollar (USD) inflows and persistent weakness in the greenback, which teetered near a five-month low against major peer currencies. The rupee rose to a peak of 86.54 against the US dollar, its highest since February 21, before closing at 86.57, up over 0.2% on the day. At least three large foreign banks sold dollars, helping lift the rupee, a trader at a mid-sized private bank said. Bids by state-run banks,...

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies -- the Indian Rupee (INR) and the Mauritian Rupee (MUR) -- for cross-border transactions. The MoU, which aims to promote the use of INR and MUR in bilateral trade, covers all current account transactions and permissible capital account transactions as agreed upon by both the countries, according to an RBI statement. “This framework would enable exporters and importers to invoice...

Key NotesRipple seeks an entry into the custody sector, filing a trademark application for "Ripple Custody".Ripple is also eyeing integration of downloadable software for custody and management of crypto.Speculations of the fintech firm debuting its very own XRP Wallet have also sparked in the space. Ripple Labs XRP $2.26 24h volatility: 3.1% Market cap: $131.43 B Vol. 24h: $3.50 B has filed a trademark application for “Ripple Custody,” which could translate to the company entering the custody industry. The Ripple trademark outlines custodial services for storing and managing digital currencies,...

In a significant move towards enhancing economic ties, India and Mauritius announced an agreement to enable trade using local currencies. A Memorandum of Understanding (MoU) was struck between the two nations' central banks to promote trade in the Indian Rupee (INR) and the Mauritian Rupee (MUR).The MoU, formalized on March 12, 2025, in the presence of Prime Minister Narendra Modi and his Mauritian counterpart Navinchandra Ramgoolam, will establish the INR-MUR Local Currency Settlement (LCS) System. This system aims to minimize dependence on hard currencies in cross-border transactions, as confirmed...

Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said in a statement on Tuesday. "The MoU documents were exchanged in Port Louis, Mauritius in the presence of the Prime Minister of India Narendra Modi and Prime Minister of Mauritius Navinchandra Ramgoolam, on...

Reserve Bank of India and Bank of Mauritius sign MoU to promote the use of Indian Rupee and Mauritian Rupee for cross-border transactions, aiming to optimize costs and settlement time.Mumbai, Mar 18 (PTI) Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said...

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have inked a groundbreaking agreement to establish a framework fostering the use of the Indian Rupee and the Mauritian Rupee in cross-border transactions.The Memorandum of Understanding (MoU), signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, was exchanged in a ceremony attended by Indian Prime Minister Narendra Modi and Mauritian Prime Minister Navinchandra Ramgoolam in Port Louis on March 12, 2025.The MoU aims to facilitate invoicing and payment in domestic...

SPUTNIKThe Pan-African Payment and Settlement System is a centralized payment system for African trade in goods and services. It was launched in January 2022 by the African Union and the African Export-Import Bank. The use of foreign currencies such as the US dollar in intra-African trade costs the continent about $5 billion annually, Dr. Melaku Geboye Desta, Coordinator of the African Trade Policy Centre (ATPC), made the statement citing Afreximbank data while speaking to Sputnik Africa on the sidelines of the 57th session of the ECA Conference of African Ministers of Finance, Planning and Economic Development in...

On November 5, 2024, the day the US voted for its next president, the euro, which is the common currency of 20 countries (out of 27) in the European Union, was equal to 1.0933 US dollars. This “exchange rate” between the top two currencies of the world — roughly 60% of all foreign exchange is held in US dollars and around 20% is held in euros — saw a sharp change between that day when Donald Trump won the election and the day he took the oath of office, January...