archiveIndian rupee

India's foreign exchange reserves slumped in the week that ended on February 28, as per the latest RBI data. In the week under consideration, the foreign exchange reserves declined by $1.781 billion to $638.698 billion. Forex reserves had slumped for about four months, recently hitting an 11-month low. Then followed the latest rollercoaster movement, with gains some weeks and declines the next. Forex reserves started falling after touching an all-time high of $704.89 billion in September. They are now about 10 percent lower from their peak. The decline in reserves...

External Affairs Minister S Jaishankar, during his visit to the UK, addressed global economic concerns including the US dollar’s role, BRICS' position on de-dollarisation, and the internationalisation of the Indian rupee. He dismissed speculation that India aims to replace the US dollar, stating the dollar remains essential for global stability. Jaishankar clarified that BRICS lacks a unified stance on de-dollarisation. While rejecting de-dollarisation, he highlighted India's efforts to expand the global use of the rupee, establishing mechanisms with countries facing hard currency shortages. Jaishankar also underlined India's positive relations with...

MUMBAI: The Indian rupee is likely to inch up on Monday, tracking an uptick in regional peers to kick off a week where the focus will be on news flow on U.S. tariffs and economic data. The 1-month non-deliverable forward indicated that the rupee will open at 87.40-87.42 to the U.S. dollar compared with 87.4950 in the previous session. The Indian currency dropped 1% in February, logging its fifth straight monthly loss. March is considered seasonally favourable for the rupee and the Indian currency may be able to pause its...