The rupee was down 0.5% to the dollar and has been an underperformer among Asian peers. The offshore Chinese yuan was up 0.9%, leading Asian currencies higher.
While RBI move to allow export/import to be invoiced in Indian rupee will solve some problems, there is no guarantee it will circumvent payment issues with Iran or Russia.
What ‘strong currency’ policy framers ignore is that almost every nation with a successful long-term record of development has pursued a ‘weak currency’ policy to win export markets.
The currency declined 2.2% this quarter as global funds pulled Rs 30,000 crore of capital out of India's stock market, the most among regional markets where data is available.
Govts, markets and societies alike will have to adjust and transform. Central bank digital currency’s entry is the onset of real fintech disruption, writes Neha Baid.
The move was taken to counter money laundering, terror financing risks associated with large denomination. Banks can continue to re-circulate existing notes deposited with them.
Now that $10 billion in subscription is unlikely to come in October, masala bonds, or rupee debt sold overseas to global investors, could be the solution.
Years are quietly being stripped off my lifespan, and somehow that doesn’t ruin my day. But getting scolded for one careless word in an email? That can send me spiralling.
ThePrint had previously reported that India & Russia are talking about 5 more regiments of the S-400, but no contracts are to be signed during the Russian president's visit.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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