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The Indian rupee fell 13 paise to close at an all-time low of 88.81 against the US dollar on Tuesday, pressured by weak domestic equities and a firm dollar amid global risk-off sentiment, according to market sources.Forex traders said foreign fund outflows amid risk-averse global conditions further dented investor sentiment. However, a drop in crude…
The rupee strengthened by 7 paise to close at 88.72 against the US dollar on Friday, buoyed by positive domestic market trends and a broad decline in crude oil prices, PTI reported. Forex traders said the central bank’s intervention also provided support, although a firm US dollar capped sharper gains.The rupee opened at 88.80 and…
US Secretary of Treasury Scott Bessent The US directly purchased Argentine pesos on Thursday and finalised a $20 billion currency swap framework with Argentina’s central bank, said treasury secretary Scott Bessent. The move is intended to provide assistance amid the Latin American country’s economic turmoil. In a social media post on X, Bessent wrote, “US…
Union finance minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system in GIFT city on Tuesday, at the sixth Global Fintech Fest in Mumbai. With this, the GIFT IFSC has joined a select group of international financial centres that can settle foreign currency transactions locally.At the event, the FM also highlighted that India…
India’s foreign exchange reserves declined by $2.334 billion to $700.236 billion in the week ended September 26, according to data released by the Reserve Bank of India (RBI) on Friday. In the previous week, the reserves had dipped by $396 million to $702.57 billion.The fall was primarily due to a drop in foreign currency assets…
South Korea and the United States have reached a preliminary agreement on security, as both countries continue to negotiate trade and tariff issues, according to Yonhap news agency.In an interview published on Thursday, South Korean foreign minister Cho Hyun said that the US is currently reviewing a currency swap deal, a key demand from Seoul…
MUMBAI: In a case of double jeopardy, a special court recently discharged a 39-year-old man in a fake currency case in the city after he was already convicted and sentenced to life imprisonment for the same offence in Lucknow. The judge ruled that a second trial against the accused, Girjesh Yadav, for the same set…
Internationalising of Rupee: The Reserve Bank on Wednesday announced a series of measure to boost the Indian Rupee’s role in global trade, promoting its use for cross-border settlements and reducing dependence on the US dollar.RBI Governor Sanjay Malhotra, highlighted India’s steady progress in promoting the rupee for international transactions and unveiled three measures in this…
Iran’s rial tumbled to an all-time low of 1,074,000 against the US dollar on Wednesday, just ahead of Iranian President Masoud Pezeshkian’s scheduled address at the United Nations, AP reported.The sharp decline follows Supreme Leader Ayatollah Ali Khamenei’s rejection of direct talks with the United States over Iran’s nuclear programme, limiting the scope for diplomacy…
The rupee depreciated 45 paise to settle at a fresh all-time low of 88.73 against the US dollar on Tuesday, weighed down by sustained foreign fund outflows and concerns over the steep hike in the US H-1B visa fee, which exporters fear will hit India’s IT services sector.Forex traders said the local currency extended losses…
