Central banks have been turning away from dollar, shifting to gold. Stalemate on debt ceiling in US could push countries like Japan, China to use their own currencies for foreign trade.
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.
This comes as the greenback was supported by Treasury yields trading at multi-year highs, keeping markets on high alert for any signs of an intervention from Japanese authorities.
These reserves have declined to $110 billion from a peak of $642 billion in September last year, largely due to the fall in the value of holdings in dollars & other currencies.
Mumbai: The Indian rupee could drop to 84-85 to the dollar by March due to rising crude oil prices, high trade deficit and depleting foreign exchange reserves,...
The rupee went from less than 82.60 to above 82.40 in the space of less than ten minutes Monday. It hit a record low of 82.6825, before easing to last trade at 82.38.
RBI has ensured that $9 billion has been made available at overseas branches of some Indian banks for the country's three state-run refiners to tap, according to sources.
With US Fed hiking rates, RBI might be pushed to increase its own rates to slow simultaneous fall of rupee & India's forex reserves. But this could also hurt economic growth.
For all its obvious blemishes, capitalism alone holds out the most creative and dynamic force that any civilization has ever discovered, wrote BP Godrej in 1980.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
This is the first major attack on central security forces since last November, when a CRPF jawan was killed and four were injured in an ambush in Jiribam on Manipur-Assam border.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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