Finance News

As US dollar retreats, rupee rises 37 paise to 81.30 in early trade The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a ...

RBI may need to reload reserves as rupee falls further: HDFC economist MUMBAI (Reuters) – The Reserve Bank of India may need to find ways to replenish its foreign exchange reserves such as encouraging non-resident Indians to deposit more funds, as it looks to stabilise a depreciating rupee, HDFC Bank Chief Economist Abheek Barua said. The Indian ...

What are the implications of Rupee staying beyond 80? The Indian rupee sank to a new record low on Monday against the US dollar as the greenback’s unabated strength wreaked havoc on financial markets across the globe amid fears over more aggressive monetary tightening. The local unit weakened by 63 paise to end Monday at 81.63 per dollar, ...

Rupee loses 10% vs USD over a year, FX reserves fall to near 2-yr low The rupee has depreciated 9.7 per cent against the US dollar over a year and with the RBI stemming the rupee’s weakness through dollar sales, its reserves have dropped to their lowest levels since October, 2020. The fall in reserves has widespread implications, Bhaskar ...

FM Sitharaman to review credit, welfare schemes for SCs on Tuesday Finance Minister Nirmala Sitharaman will review performance of public sector banks (PSBs) and financial institutions in providing credit to people belonging to Scheduled Caste (SC) community, and progress made in other welfare schemes on Tuesday. The review of measures undertaken for the welfare of SCs in ...

UCO Bank, used by India for Iran payments, plans rupee trade with Russia India’s state-run UCO Bank will soon open open a special rupee account with Russia’s Gazprombank to facilitate growing trade between the two countries, a top official said. The bank has received the necessary approval from the regulator– the Reserve Bank of India — to ...

Rupee ends beyond 81 against dollar for the first time; lags EM peers The rupee witnessed a sharp 64-paise decline against the US dollar on Monday to hit a fresh low, as unabated strengthening of the greenback wreaked havoc on the financial markets across the globe. The local currency ended at 81.63 versus the dollar against the ...

Samsung forays into finance, launches credit card with Axis Bank and Visa South Korean electronics maker Samsung, in partnership with Axis Bank, launched Visa-powered Credit Card in India. The card will allow customers to avail of a 10 per cent cashback across all Samsung products and services throughout the year. It will be over and above the existing Samsung ...

Rupee closes at new low against US dollar amid risk-off mood The Indian rupee marked its record low close for a fourth straight session on Monday as the British pound’s weakness propped up the dollar index further in a risk averse environment. The partially convertible rupee slid 0.8% to 81.6225 per dollar, having touched a new low of 81.6526 during ...

South Korean assets turn Asia’s biggest losers on global recession angst Fears of a global recession are hitting South Korean assets hard from stocks to its currency as investors flee the export-reliant nation. The Kospi index tumbled 3% on Monday to its lowest close in more than two years, leading declines in Asia. The won, by far ...