|Day's range||71.099 - 71.313|
|52-week range||64.6300 - 74.9000|
The central bank's board announced it after a post-budget meeting with Finance Minister Arun Jaitley and other ministry officials in New Delhi. This was on top of 500 billion rupees paid to the government in August 2018, including 100 billion rupees interim dividend paid in March 2018. Prime Minister Narendra Modi's government has been pushing the RBI for more money ahead of what is expected to be a tight national election due by May to fund a widening fiscal deficit.
Investing.com -- The euro slid to a new two-week low against the dollar in early trading in Europe Thursday as traders braced for more gloomy headlines about the economic outlook.
The Indian rupee is set to underperform against the dollar again this year, weighed down by uncertainty ahead of a national election in May, but is unlikely to retest life-time lows, a Reuters poll showed. After reversing some of the deep losses in the final few months of 2018, the Indian rupee has lost about 3 percent so far this year, including nearly 1 percent since the government delivered a populist interim budget on Friday and inflamed concerns about the nation's fiscal deficit. While that outlook for the rupee, the worst-performing major Asian currency this year, was slightly better compared to the previous poll, it is largely driven by expectations the dollar's dominance has diminished.
NEW DELHI (Reuters) - India's April-December fiscal deficit narrowed to 7.01 trillion rupees ($97.80 billion), or 112.4 percent of the budgeted target for the current fiscal year, government data showed on Monday.
* Most currencies see muted trading * Indian rupee slides to weakest in 7 weeks * Malaysian ringgit slightly stronger (Adds details on Indian rupee, context, updates prices) By Ambar Warrick Feb. 4 (Reuters) ...
NEW DELHI (Reuters) - India plans to borrow 7.04 trillion Indian rupees ($99.01 billion) during the year ending March 2020, traders said citing news agencies on Friday.
Pakistan has approved the launch of a 200 billion rupee ($1.44 billion) Islamic Sukuk to help pay off arrears building up in its troubled power sector, state-run Radio Pakistan said on its website on Tuesday. The approval came from the Economic Coordination Committee, chaired by Finance Minister Asad Umar. "The bond will be issued through the consortium of Islamic banks," Radio Pakistan said.
The Reserve Bank of India relaxed offshore borrowing rules for companies and financial institutions on Wednesday, a move that is likely to boost the rupee exchange rate. Indian borrowers can now raise funds from offshore markets for at least three years without any ceiling on the amount. In addition, the RBI is also allowing manufacturing companies to raise up to $50 million from overseas lenders for one year compared to the previous minimum maturity rule of three years.
India's soymeal sales to Iran are set to spike as the oil producer uses the rupees it receives for its crude exports to cover its animal feed demand amid U.S. sanctions that have crimped the country's ability to import necessities. Iran has agreed to sell crude oil to India, the world's third-largest oil consumer, in exchange for rupees after sanctions imposed by the United States blocked its access to the global financial system.
Indian rupee weakened sharply on Tuesday on "chunky outflows" with no intervention seen by the Reserve Bank of India, traders said. "There have been chunky outflows for the last two days. "There is no intent visible from the RBI to defend any particular level," he added on any intervention noticed by the central bank through state banks to stem the sharp fall in the rupee.
NEW DELHI/MUMBAI (Reuters) - India is likely to overshoot its fertiliser subsidy bill for this financial year by 300 billion rupees (£3.3 billion), three sources with direct knowledge of the matter said, and the government could tap state banks to fund the extra spending. Prime Minister Narendra Modi's government budgeted 700.8 billion rupees for fertiliser subsidies for the 2018/19 year ending March 31, but the sources said nearly half of the money was used to settle dues from the previous year. A rise in fertiliser prices overseas and a fall in the rupee currency also made imported fertilisers more expensive, lifting the total subsidy requirement for the year to 1 trillion rupees, the highest ever, the sources said.
India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil. India, the world's third biggest oil importer, wants to continue buying oil from Iran as it offers free shipping and an extended credit period, while Iran will use the rupee funds to mostly pay for imports from India.
Plans to issue a state-backed cryptocurrency in India have stalled, months after the country’s central bank gave indications that it was considering the idea. According to The Hindu Business Line, the government is no longer interested in the state-backed digital rupee. Citing a source, the report by the publication indicated that the idea of a
(Adds text, updates prices) By Aby Jose Koilparambil Jan 8 (Reuters) - Most Asian currencies inched down on Tuesday as the dollar steadied after three sessions of losses, helped by positive signals about ...
Rice export prices in India eased from a four-month high this week due to a depreciation of the rupee and sluggish demand, while Thai traders expect prices to drop over the coming weeks as supplies start to arrive from the new season crop amid flat demand. India's 5 percent broken parboiled variety was quoted around $376-$383 per tonne this week, compared with $378-$384 last week. Export prices in India shot up in the second half of last month after the central state of Chhattisgarh, a leading rice producer, raised the minimum paddy buying price.
India's Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases. Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook.
Sri Lanka's central bank is expected to leave its key interest rates steady on Friday, a Reuters poll showed, despite heavy pressure on the rupee from a political crisis that triggered foreign outflows from stocks and government bonds. President Maithripala Sirisena was forced to reinstate Ranil Wickremesinghe as prime minister 51 days after sacking him, as his preferred PM, pro-China former president Mahinda Rajapaksa, failed to secure a parliamentary majority. An uneasy truce between Wickremesinghe and Sirisena could undermine economic policies, analysts say.
The Indian rupee touched a near three-week high against the dollar on Tuesday on lower crude prices and expectations of fewer U.S. rate hikes in 2019 as markets counted down to a crucial Federal Reserve meeting. "There is no demand for dollars because of expectations of lesser number of Fed rate hikes," said a senior dealer at a state-run bank. The Fed will announce its rate decision after its two-day meeting ends on Wednesday.
Dec 14 (Reuters) - The Indian government had 106.05 billion rupees ($1.48 billion) outstanding loans with the central bank under ways and means advances in the week ended Dec. 7, according to the Reserve Bank of India's weekly statistical supplement released on Friday.
MUMBAI (Reuters) - India's bonds rose on Thursday after inflation eased sharply in November, bolstering expectations of a rate cut sooner than expected, while the rupee also strengthened as global trade tensions eased.
Indian stocks and bonds rallied on Wednesday after the government moved quickly to calm markets and appoint a new central bank governor whose predecessor quit after a months-long tussle over policy. The rupee weakened slightly, however, in response to a sharp rise in global crude oil prices which threatens to aggravate India's current account deficit. The appointment of ex-finance ministry official Shaktikanta Das on Tuesday as the new Reserve Bank of India governor came just a day after Urjit Patel resigned from the post following clashes with the government, which wants more economy boosting measures ahead of a general election.
In this article, we’ll see how analysts are rating Infosys (INFY). A weaker Indian rupee has been a tailwind for Indian technology companies (INDA) (EPI) such as Infosys, as they get most of their revenues from overseas. Infosys has received “strong buy” ratings from 12 analysts, while 24 have given it “buy” ratings.
Hopes that the Indian Rupee would continue its rebound from all-time lows throughout 2018 on the back of sustained weakness in Oil prices have been rocked by news
* Rupee slumps as much as 1.6 pct, then pares losses * Indonesian rupiah is the day's 2nd biggest loser * Yuan up on hopes for progress in U.S.-China trade talks (Adds text, updates prices) By Niyati Shetty ...
LONDON (Reuters) - Rupee forwards posted their biggest daily slump in more than five years on Monday, after Reserve Bank of India Governor, Urjit Patel, resigned for "personal reasons".