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India’s foreign exchange reserves provide a crucial cushion against geopolitical turmoil, inflation, and currency pressure, says RBI member. | Photo Credit: iStockphoto India’s $700 billion in foreign exchange reserves gives the economy a crucial cushion against rising geopolitical turmoil, a member of India’s rate-setting panel said, as hostilities in the Middle East continue to deepen. Ram Singh, an external member of the monetary policy committee with the Reserve Bank of India, said in an interview with the Economic Times newspaper that he expects the country’s foreign-exchange buffer to help blunt the...

Home NewsWhy is so much money suddenly coming to India from THESE countries, and who is sending it? There has been an increase in AED-INR transactions since June 19. Officials at currency exchange houses say NRIs are no longer waiting for further depreciation. Image for representational purposes New Delhi: Due to the depreciation of the Indian rupee, the Indians living in the Gulf countries like the United Arab Emirates (UAE) and Saudi Arabia have increased remittances back to India. It is important to note that the rupee has weakened against...

India's foreign exchange reserves have surged, showing a notable increase of USD 2.294 billion, bringing the total to USD 698.950 billion as of the week ending June 13, according to official figures from the Reserve Bank of India.During the recent monetary policy meeting, RBI Governor Sanjay Malhotra assured that this significant forex reserve is sufficient to cover 11 months of imports and approximately 96% of India's external debt. The reserves are approaching the all-time high mark of USD 704.89 billion recorded in September 2024.RBI data highlights that the foreign...

Rupee saw a modest gain in early trade on Tuesday, rising 11 paise to settle at 85.93 against the US dollar. This happened even as domestic markets opened weak, global crude prices surged, and the dollar strengthened—factors that usually drag the rupee down. At the interbank foreign exchange market, the local currency opened at 85.96 against the dollar and gained further to 85.93, marking an 11 paise rise from Monday’s close of 86.04. RBI Intervention seen as key support level Experts say the Reserve Bank of India (RBI) is likely...

By Dharamraj Dhutia and Nimesh Vora MUMBAI, June 16 (Reuters) - The direction of Indian government bonds and rupee this week will hinge on how the Israel-Iran conflict unfolds and its impact on crude oil prices, while the extent to which the central bank steps in to manage currency volatility will be crucial. Crude prices had soared on Friday following Israel's attack on Iran. On Monday, Brent crude jumped at open before pulling back. Brent, which climbed past $78 at open on Monday, was last at $74.78. The Israel-Iran conflict...

Rupee appreciated by 6 paise to 85.51 against the US dollar in early trade on Wednesday, supported by strong foreign institutional investor (FII) inflows and a dip in global crude oil prices. According to forex traders, the rupee is expected to trade within a range of 85.40 to 90 during the day, with mid-month demand anticipated for oil, defence, and government-related payments. Also Read:Currency Market News: Rupee gains 4 paise to close at 85.62 vs dollar amid strong FII inflows At the interbank foreign exchange market, the rupee opened at...

The rupee rose 8 paise to 85.58 against the US dollar in early trade on Tuesday (June 10) amid a positive opening in the domestic equity markets and robust foreign capital inflows.However, rising global crude oil prices and a strengthening US dollar against overseas currencies capped sharp gains in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 85.62 against the greenback before rising further to 85.58, higher by 8 paise against its previous close. The local unit appreciated 2 paise to close...

The Reserve Bank of India (RBI) wants Indian banks to give loans to foreigners in rupees .The RBI has approached the Centre asking for permission to do so.The central bank’s move is the latest step towards the internationalisation of the rupee.But what happened? Why is the RBI making this move?Let’s take a closer lookWhat happened?The RBI wants to allow domestic banks to make loans to overseas borrowers in Indian currency.This would be a historic first for the nation.The central bank has already asked the government to allow domestic banks to...

The Indian rupee opened stronger at 85.05 per US dollar on Monday (May 26), extending gains from Friday (May 23) amid broad weakness in the dollar and firm domestic equities.The currency began the session at 85.02 and briefly touched 84.85 in early trade, supported by the dollar’s slide and a rally in Asian currencies, especially the Chinese yuan which hit a seven-month high.What’s driving the rupee? The dollar index slipped 0.34% to 98.67, weighed down by global fiscal concerns and softer US trade rhetoric.Asian currencies gained across the board. The...

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...