Foreign Exchange

Foreign Exchange News

Arun Jaitley remains non-committal on cutting excise duty as petrol and diesel prices hit fresh high
India

Arun Jaitley remains non-committal on cutting excise duty as petrol and diesel prices hit fresh high

Arun Jaitley defended criticism that he and External Affairs Minister Sushma Swaraj as Opposition leaders had mounted against the previous UPA government on the issue saying inflation during those times was in double-digits

Fall in rupee caused by global factors, Indian currency better off than others, says Arun Jaitley
Business

Fall in rupee caused by global factors, Indian currency better off than others, says Arun Jaitley

The rupee fell for the sixth straight session on Wednesday, closing at a low of 71.75 against the US dollar, but Arun Jaitley said the currency is better off than others.

Rupee slumps 26 paise to close at historic low of 71 for first time against US currency
Business

Rupee slumps 26 paise to close at historic low of 71 for first time against US currency

The rupee on Friday slumped by 26 paise breach the historic low of 71 level for the first time against the US currency due to firming crude oil prices and strong month-end demand from oil importers.

Rupee likely to appreciate thanks to relief rally in Asian markets, say experts
Business

Rupee likely to appreciate thanks to relief rally in Asian markets, say experts

The rupee, which has seen a severe battering of late, is expected to appreciate thanks to the relief rally seen in most Asian emerging markets as well as positive capital inflows, say experts.

Rupee to trade near record low over coming year hampered by high oil prices; trade tensions hurt emerging markets
Business

Rupee to trade near record low over coming year hampered by high oil prices; trade tensions hurt emerging markets

Rupee has lost over 7 percent this year, with worries over the US-China trade conflict pushing it to a new record low of 69.122 against the dollar in July, making it the worst performing Asian currency.

Rupee plunges 27 paise, hits 1-week low of 68.70 against US dollar amid global trade war concerns
Business

Rupee plunges 27 paise, hits 1-week low of 68.70 against US dollar amid global trade war concerns

The rupee had strengthened 24 paise against the US dollar in the last two trading sessions.

IndiGo profits decline: Cost control the only mantra airline should follow to stay ahead
Business

IndiGo profits decline: Cost control the only mantra airline should follow to stay ahead

High maintenance costs due to the NEO engine issue as well as a change in the airline’s earlier model for acquiring aircraft (from sale and leaseback to outright purchase) could be the two main reasons for a spike in costs for IndiGo.

RBI plans to set-up internal group to review timings of currency futures and foreign exchange markets
Business

RBI plans to set-up internal group to review timings of currency futures and foreign exchange markets

RBI has been receiving, from time to time, requests for extension of timings for currency futures and over-the-counter (OTC) foreign exchange markets

IndiGo Apr-Jun quarter net profit tanks 96.6% to Rs 27.8 cr on adverse impact of foreign exchange, high fuel prices
Business

IndiGo Apr-Jun quarter net profit tanks 96.6% to Rs 27.8 cr on adverse impact of foreign exchange, high fuel prices

IndiGo's sales from operations rose 13.2 percent to Rs 651.20 crore in the quarter, compared with Rs 575.29 crore in the year-ago period

Bond investors shun India, cite lack of reassurance from RBI amid hawkish US Fed and higher oil prices
Business

Bond investors shun India, cite lack of reassurance from RBI amid hawkish US Fed and higher oil prices

India has seen the largest bond outflows in Asia this year, and investors say the RBI’s laconic communication has added uncertainty in an already challenging environment

India earns Rs 18,000 cr per year from export of basmati rice, says agriculture minister Radha Mohan Singh
Business

India earns Rs 18,000 cr per year from export of basmati rice, says agriculture minister Radha Mohan Singh

India has earned more than Rs 18,000 crore foreign exchange per year from the export of basmati rice, especially from the variety 1121 developed by the country's top agri-institute ICAR, Agriculture Minister Radha Mohan Singh said on Monday

Paytm launches foreign exchange services in 20 international currencies
News & Analysis

Paytm launches foreign exchange services in 20 international currencies

Paytm customers can load up to $250,000 into the forex card and buy up to $3,000 as currency notes.

CBI seeks deputation of banking and tax experts to probe financial frauds, including the PNB scam
India

CBI seeks deputation of banking and tax experts to probe financial frauds, including the PNB scam

CBI which is probing the over Rs 13,000 crore PNB scam as well as other financial frauds, has sought deputation of banking and tax experts from other ministries with an offer of good monetary incentives

Exports seem to have good performance in June, says commerce minister Suresh Prabhu
Business

Exports seem to have good performance in June, says commerce minister Suresh Prabhu

Commerce Minister Suresh Prabhu on Monday said early data indicate that exports have registered a "good performance" in June despite volatility in global markets

Rupee will rebound in a year to erase losses against dollar, but path rife with pitfalls ahead of 2019 elections: Analysts
Business

Rupee will rebound in a year to erase losses against dollar, but path rife with pitfalls ahead of 2019 elections: Analysts

Rupee is forecast to rebound and gain slightly to 66.87 in a year from about 67.45 on Tuesday, according to the poll of about 30 foreign exchange analysts

Rising crude oil prices may stretch current account deficit to 2.5% of GDP in FY19, says SBI
Business

Rising crude oil prices may stretch current account deficit to 2.5% of GDP in FY19, says SBI

According to SBI Ecowrap, every $10/barrel increase in oil price results in additional import bill of $8 billion

Indian exchanges to stop licensing products to bourses abroad to rein in offshore trading
Business

Indian exchanges to stop licensing products to bourses abroad to rein in offshore trading

A move by Indian exchanges to stop licensing its products and data to bourses abroad will likely force foreign investors into a tough option: migrate their trading onshore to India, with its uncertain regulatory environment and higher taxes, or give up their exposure to a hot emerging market

South Korea uncovers illegal cryptocurrency foreign exchange trading worth nearly $600 million
News & Analysis

South Korea uncovers illegal cryptocurrency foreign exchange trading worth nearly $600 million

Illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes claimed the South Korea customs department.

Foreign exchange reserves jump by $1.2 bn to $401.94 bn on increase in foreign currency assets
Business

Foreign exchange reserves jump by $1.2 bn to $401.94 bn on increase in foreign currency assets

Foreign exchange reserves once again crossed $400 bn mark in previous week, after they rose $1.208 bn to $400.741 bn