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A proposed 5% US tax on remittances sent abroad by non-citizens is causing significant concern in India, as experts warn it could adversely affect Indian households and the rupee's value. Economic think tank Global Trade Research Initiative (GTRI) shared these concerns on Sunday.The tax forms part of 'The One Big Beautiful Bill,' introduced in the US House of Representatives, targeting money transfers by non-citizens, including green card holders and temporary visa workers. However, the levy exempts US citizens.India, receiving USD 120 billion in remittances in 2023-24, with 28% of...

News Desk18 May 2025, 09:01 AM ISTThe surge in reserves was driven largely by a notable rise in gold holdings, which jumped by $4.518 billion to $86.337 billion Representational imageMumbai: India’s foreign exchange reserves rose by $4.553 billion to stand at $690.617 billion in the week ending 9 May, according to the latest data released by the Reserve Bank of India (RBI). The increase marks a recovery following a brief decline, extending a broader trend of gains seen in recent months. The surge in reserves was driven largely by a...

India's foreign exchange reserves rose $4.5 billion to $690.62 billion for the week ended May 9, on sharp rise in gold reserves, latest datareleased by the Reserve Bank of India (RBI) showed.Foreign currency assets, a major component of the reserves, increased by $196 million to $581.37 billion. Expressed in dollar terms, theforeign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in theforeign exchange reserves. Gold reserves, which also constitute part of the forex reserves, increased by $4.5 billion to...

Indian Rupee rebounds in Friday’s Asian session. Lower crude oil prices underpin the INR, but persistent interbank USD demand and foreign fund outflows might cap its upside. Traders await the US housing data and the preliminary University of Michigan Consumer Sentiment Index report.The Indian Rupee (INR) recovers some lost ground, snapping the three-day losing streak on Friday. A fall in crude oil prices amid reports that the US and Iran are getting closer to a deal on the country’s nuclear program provides some support to the INR. It’s worth noting that India...

Gold prices fell in India on Friday, according to data compiled by FXStreet. The price for Gold stood at 8,842.47 Indian Rupees (INR) per gram, down compared with the INR 8,908.96 it cost on Thursday. The price for Gold decreased to INR 103,144.70 per tola from INR 103,911.70 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,842.47 10 Grams 88,424.86 Tola 103,144.70 Troy Ounce 275,022.80   Daily Digest Market Movers: Gold price bulls refrain from placing aggressive bets amid trade optimism The US and China...

Indian Rupee edges higher in Wednesday’s early European session.Trade deals made between US and China, and cessation of military hostilities between India and Pakistan, support the INR. Traders brace for the Fedspeak later on Wednesday.The Indian Rupee (INR) gathers strength on Wednesday on the back of the US-China trade agreement and a ceasefire agreement between India and Pakistan. Analysts said that any fresh developments on the geopolitical front are likely to significantly influence the INR’s trajectory in the near term. The renewed Foreign Portfolio Investors (FPI) inflows into debt instruments and...

Indian Rupee edges higher in Wednesday’s Asian session.Trade deals made between US and China, and cessation of military hostilities between India and Pakistan, support the INR. Traders brace for the Fedspeak later on Wednesday.The Indian Rupee (INR) gathers strength on Wednesday on the back of the US-China trade agreement and a ceasefire agreement between India and Pakistan. Analysts said that any fresh developments on the geopolitical front are likely to significantly influence the INR’s trajectory in the near term. The renewed Foreign Portfolio Investors (FPI) inflows into debt instruments and equities...

Indian Rupee edges higher in Wednesday’s Asian session.Trade deals made between US and China, and cessation of military hostilities between India and Pakistan, support the INR. Traders brace for the Fedspeak later on Wednesday.The Indian Rupee (INR) gathers strength on Wednesday on the back of the US-China trade agreement and a ceasefire agreement between India and Pakistan. Analysts said that any fresh developments on the geopolitical front are likely to significantly influence the INR’s trajectory in the near term. The renewed Foreign Portfolio Investors (FPI) inflows into debt instruments and equities...

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...

The rupee depreciated 30 paise to 85.88 against the US dollar in early trade on Friday, weighed down by intensifying geopolitical tensions between India and Pakistan.Forex traders said geopolitical tensions between India and Pakistan have sparked risk-off sentiment in the market leading to the rupee weakness. Besides, increased demand for the US dollar further dented investor sentiments. At the interbank foreign exchange, the domestic unit opened at 85.88 against the greenback, registering a fall of 30 paise over its previous close. On Thursday, the rupee saw its steepest single-day fall...