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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...

Mumbai: Reserve Bank on Monday said India's bilateral trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism. Asian Clearing Union (ACU) is a payment arrangement whereby the participants settle payments for intra-regional transactions among the participating central banks on a net multilateral basis. The participants include central banks and the monetary authorities of Bangladesh, Belarus, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka. A Memorandum of Understanding (MoU) has been signed between RBI and Maldives Monetary Authority in November...

New Delhi , March 16 (ANI): India's foreign exchange reserves had their highest weekly gains in over three years in the week ending March 7. Reserve Bank of India data showed that in the week under consideration, foreign exchange reserves rose by USD 15.267 billion to USD 653.966 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 USD 704.89 billion in...

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...