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Tuesday, March 26, 2024
TopicIndian Rupee

Topic: Indian Rupee

Business deals, maritime corridors, govt securities — how India’s helping Russia use its surplus rupees

Imbalance in Russia-India trade & US sanctions have meant Russia is accumulating rupees it can’t use. At stake could be a significant part of India’s imports from Russia.

Indian rupee can become global reserve currency. But Modi govt must bring reforms for that

India must offer the rest of the world sizable amounts of safe, readily available, and convertible assets that could be used as collateral in financial markets.

India wants rupee to go global, but low appetite for the currency & rise of Chinese Yuan obstacles

Moreover, India’s tight capital controls, management of the rupee and, importantly, a smaller share of global exports run counter to aspirations of making it an international currency.

India is using Chinese yuan to pay for 10% of its Russian oil imports, rest in rupee and dirham

Russia is okay with delays in payments, but has asked Indian oil marketing firms to pay some amount in yuan — a currency it can use more easily.

‘Brotherhood’ on US trip & countering the ‘triad’

The best cartoons of the day, chosen by the editors at ThePrint.

Russia’s Sberbank launches Indian rupee accounts for individuals to reduce dependence on dollar

The move comes after the bank, along with few others in Russia, has already allowed deposits in Chinese Yuan and UAE dirhams.

Soviet Midas touch drove Indian economy during Cold War. India rekindling rupee-rouble affair

India is an outlier for engaging with Russian economy, which has brought back talk of reviving an old Cold War relic: the rupee-rouble trade. But the rupee is in trouble in Russia.

RBI likely buying dollars via state-run banks to absorb inflows, say traders

A trader at a private sector bank said the long weekend inflows and the dollar offers from foreign banks are 'once again running into a resolute' RBI.

Supply of cheap oil from Russia could be at risk as India searches for payment options

Ever since sanctions were imposed on Russia, India hasn’t been able to use US dollar to pay for oil. It is said to be looking at using dirhams & rupee, both of which have limitations.

India’s foreign exchange reserves rise to $578 billion, highest in over eight months

India's forex reserves rose for a second week, increasing by $5.98 billion & stood at its highest since early July, according to RBI's statistical supplement. The rupee ended at 82.16 Friday.

On Camera

Mamata Shankar stuck in Dark Ages. Gen Z showing India there’s no one way to wear a saree

In an interview with Anandabazar Patrika Shankar waxed eloquent about her many objections to the pallu not covering the bosom area of Gen Z women. She called them ‘women of the street’.

Why Tamil Nadu’s women make up nearly half of India’s female factory workforce

With an educated & skilled workforce, Tamil Nadu has a burgeoning industrial sector which has scored massive investments in automobiles, electronics, and even footwear.

Taiwan reports Chinese military activity around the island

Taiwan has detected a total of 301 Chinese military aircraft and 165 Chinese naval vessels so far in 2024.

For BJP, Kejriwal is an idea whose time has come to be destroyed

The ‘idea’ Kejriwal's politics grew around was a no-holds-barred fight against corruption. That is the reason Modi govt has now tarred him and his entire party with the same paint.