Curb on imports soon to bring rupee to 68-70 level, says DEA secretary; terms 12% slide in currency 'temporary phenomenon'
6 years, 3 months ago

Curb on imports soon to bring rupee to 68-70 level, says DEA secretary; terms 12% slide in currency 'temporary phenomenon'

Firstpost  

The fall in rupee has shot up oil import bill for the world’s fastest-growing oil user by 76 percent to $10.2 billion in July. New Delhi: The government will “very soon” implement the second set of measures including a curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 percent slide in the currency as a temporary phenomenon. The government, Garg said, is concerned about the rupee’s slump and its adverse impact on the Current Account Deficit. Garg said the appropriate level for the rupee is 68-70 per dollar, with 72 being the reasonable outer limit for depreciation.

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History of this topic

Budget could levy higher import duties to contain dollar demand, stem rupee slide: EY’s Srivastava
8 hours, 9 minutes ago

Budget could levy higher import duties to contain dollar demand, stem rupee slide: EY’s Srivastava

Live Mint  

New Delhi, Jan 15 The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value …

Gold googly bamboozles import data
6 days, 19 hours ago

Gold googly bamboozles import data

The Hindu  

In what may constitute the steepest revision in India’s trade data in recent times, the Centre has revised India’s import bill for November 2024 by almost six billion dollars to $63.86 billion from the record tally of $70 billion reported as quick estimates by the Commerce Ministry last month, led by a sharp $5 billion downward revision in gold imports. …

Rupee falls 9 paise to hit record low of 85.83 against U.S. dollar in early trade
Trending News
1 week ago

Rupee falls 9 paise to hit record low of 85.83 against U.S. dollar in early trade

The Hindu  

The rupee depreciated 9 paise to hit its record low of 85.83 against the U.S. dollar in early trade on Wednesday as strengthening American currency and higher crude oil prices continued to play spoilsports even as the government lowered the country's economic growth projection. According to analysts, subdued domestic equity markets also weighed on the Indian currency even as better …

Indian Rupee Decline: Rupee falls 12 paise to all-time low of 85.06 against US dollar in early trade
3 weeks, 6 days ago

Indian Rupee Decline: Rupee falls 12 paise to all-time low of 85.06 against US dollar in early trade

The Hindu  

The rupee dropped 12 paise to an all-time low of 85.06 against the US dollar in early trade on Thursday, as a hawkish tilt from the US Federal Reserve sparked a broad dollar rally. Forex traders said the US Federal Reserve has adjusted its projections for 2025, signalling a more cautious monetary policy stance, pressuring emerging market currencies, including the …

Rupee plunges to all-time low, reaches Rs 85 against US dollar
Trending News
3 weeks, 6 days ago

Rupee plunges to all-time low, reaches Rs 85 against US dollar

India Today  

Rupee fell to an all-time low against the US dollar on Thursday, breaching the Rs 85 mark for the first time. This decline comes after the US Federal Reserve cut key interest rates by 25 bps and signalled fewer rate cuts in 2025, putting additional strain on the currency, which has already been under pressure due to weak capital inflows …

Rupee falls 1 paisa against US dollar in early trade
4 weeks ago

Rupee falls 1 paisa against US dollar in early trade

The Hindu  

The rupee dropped 1 paisa to 84.92 against the US dollar in early trade on Wednesday and hovered around its all-time low level, as traders await more cues from the US FED on the interest rate front. Equity benchmark indices Sensex and Nifty slumped over 1 per cent on Tuesday, weighed down by an across-the-board selloff amid cautious investors' approach …

Indian Rupee Decline: Rupee falls 1 paisa to all-time low of 84.92 against U.S. dollar
4 weeks, 1 day ago

Indian Rupee Decline: Rupee falls 1 paisa to all-time low of 84.92 against U.S. dollar

The Hindu  

The rupee dropped 1 paisa to hit a new lifetime low of 84.92 against the U.S. dollar in early trade on Tuesday, weighed down by foreign fund outflows and a muted trend in domestic equities. “The Indian rupee is expected to open at its lowest after a record number in respect of imports and a record trade deficit for November …

Record trade deficit adds to rupee’s challenges, may open to all-time low
4 weeks, 1 day ago

Record trade deficit adds to rupee’s challenges, may open to all-time low

Live Mint  

By Nimesh Vora MUMBAI, Dec 17 - The Indian rupee may slip to an all-time low on Tuesday with the currency, already under pressure from slowing growth, choppy equity flows and a dollar rally, will have to contend with an unexpected widening in trade deficit to a record high. The jump in gold imports and weak exports pushed India's merchandise …

India’s imports rises to 27%, touches to record high of almost $70 billion
4 weeks, 2 days ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

Rupee hits new low of 84.88 against USD
1 month ago

Rupee hits new low of 84.88 against USD

New Indian Express  

The rupee is expected to trade near 84.5 against the dollar by end December. A strong dollar continues to create a depreciating bias for currencies globally and is likely to sustain FPI outflows from Indian markets in the near term. As a result, the 10Y UST yield has surged by 71bps between October and November, while the dollar index has …

Rupee poised for some relief on softer dollar, portfolio flows
1 month, 3 weeks ago

Rupee poised for some relief on softer dollar, portfolio flows

Live Mint  

By Jaspreet Kalra MUMBAI, Nov 25 - The Indian rupee may log mild gains on Monday helped by a pullback in the U.S. dollar and portfolio inflows on account of the rebalancing of MSCI's global equity indexes. The dollar index rose to its highest level in two years on Friday but dipped 0.5% at Monday's market open to 106.9 after …

Rupee rises 2 paise to 83.64 against US dollar
3 months, 2 weeks ago

Rupee rises 2 paise to 83.64 against US dollar

The Hindu  

Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday amid softening crude oil prices and inflow of foreign funds. The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said. At the interbank foreign …

August’s record gold influx lifts import bill to all-time high
3 months, 4 weeks ago

August’s record gold influx lifts import bill to all-time high

The Hindu  

India’s goods exports shrank 9.32% to $34.71 billion in August, while the import bill expanded 3.3% to an all-time high of $64.36 billion, fuelled by a doubling in gold imports to a record $10.1 billion. On the surge in gold imports, the top trade official pointed to plausible factors such as the recent reduction in import duty from 15% to …

Rupee flat as oil firms' dollar bids offset impact of rise in Asia FX
3 months, 4 weeks ago

Rupee flat as oil firms' dollar bids offset impact of rise in Asia FX

Hindustan Times  

MUMBAI - The Indian rupee was little changed on Monday, wedged between oil companies' dollar demand and a rise in its Asian peers on the back of heightened odds of a 50 basis point U.S. rate cut later this week. Rupee flat as oil firms' dollar bids offset impact of rise in Asia FX The rupee was at 83.8925 against …

Rupee falls 4 paise to 83.55 against U.S. dollar in early trade
6 months ago

Rupee falls 4 paise to 83.55 against U.S. dollar in early trade

The Hindu  

The rupee depreciated 4 paise to 83.55 against the U.S. dollar in early trade on July 15, tracking the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, …

Rupee rises 8 paise to 83.49 against U.S. dollar in early trade
6 months, 2 weeks ago

Rupee rises 8 paise to 83.49 against U.S. dollar in early trade

The Hindu  

The rupee appreciated 8 paise to 83.49 against the U.S. dollar in early trade on June 27, as crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 4 weeks ago

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%

Live Mint  

India's crude oil import dropped 16 per cent in the fiscal year ended March 31 as lower international rates but the dependency on overseas suppliers rose to a new high, official data showed. {{^adFree}} {{/adFree}} But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and …

Rupee falls 6 paise to settle at 83.39 against U.S. dollar
9 months, 2 weeks ago

Rupee falls 6 paise to settle at 83.39 against U.S. dollar

The Hindu  

The rupee depreciated 6 paise to settle at 83.39 against the U.S. dollar on March 28 due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets. However, a firm trend in domestic equity markets and recent foreign fund inflows supported the domestic currency, forex traders said. Anuj Choudhary, Research Analyst, Sharekhan by …

Rupee declines by 20 paise to 83.33 against dollar in early trade
9 months, 3 weeks ago

Rupee declines by 20 paise to 83.33 against dollar in early trade

The Hindu  

The rupee declined 20 paise to 83.33 against the U.S. dollar on March 22 due to a stronger greenback in the global markets and dollar buying by importers. At the interbank foreign exchange market, the local unit opened lower at 83.28 against the previous close of 83.13 to a dollar. Meanwhile, the dollar index, which gauges the greenback's strength against …

Rupee falls four paise to settle at 82.90 against dollar on firm crude oil prices
9 months, 4 weeks ago

Rupee falls four paise to settle at 82.90 against dollar on firm crude oil prices

The Hindu  

“The Rupee declined by four paise to settle at 82.90 against the U.S. currency on March 18 on firm crude oil prices. However, the Rupee gave up early gains as the U.S. dollar and bond yields remained at higher levels ahead of the Federal Reserve's meeting this week. Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, said the Rupee depreciated …

Rupee falls 4 paise to 83.12 against U.S. dollar in early trade
11 months ago

Rupee falls 4 paise to 83.12 against U.S. dollar in early trade

The Hindu  

The rupee depreciated 4 paise to 83.12 against the U.S. dollar in early trade on Wednesday, tracking a negative trend in domestic equities. At the interbank foreign exchange, the rupee opened at 83.11 against the dollar and touched an early low of 83.12 and a high of 83.09 in initial trade. "The Indian rupee is expected to fall to 83.08 …

Rupee falls 3 paise to 85.78 against US dollar in early trade
1 year ago

Rupee falls 3 paise to 85.78 against US dollar in early trade

Live Mint  

Mumbai, The rupee depreciated 3 paise to 85.78 against the US dollar in early trade on Friday, weighed down by the strength of the American currency in the overseas market and a muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 85.77 then fell further to 85.78 against the American currency, registering a decline of …

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers
1 year, 1 month ago

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers

The Hindu  

Last month, India’s goods exports recorded only their second uptick this financial year, with a 6.2% rise. Merchandise imports grew a sharper 12.3% over last October and nearly 21% over September’s tally to hit an all-time high of $65.03 billion. The Finance Ministry’s monthly economic review asserted that merchandise exports “surprised on the upside” with the highest growth in 11 …

Markets climb in early trade amid strong domestic macroeconomic data, Rupee falls against dollar
1 year, 4 months ago

Markets climb in early trade amid strong domestic macroeconomic data, Rupee falls against dollar

India TV News  

Extending their rally for the third day running, equity benchmark indices climbed in early trade on Tuesday amid encouraging domestic macroeconomic data. GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season. Domestic passenger …

India's Campaign To Boost Rupee In Cross-Border Payments Gets Off To A Tepid Start: Report
1 year, 6 months ago

India's Campaign To Boost Rupee In Cross-Border Payments Gets Off To A Tepid Start: Report

ABP News  

In cross-border payments, India’s year-old campaign to boost the role of rupee has made little progress, citing people privy to the development news agency Bloomberg reported on Friday. The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters such as the …

Fresh data rejigs drag down 2022-23 export-import tally by $3 billion
1 year, 8 months ago

Fresh data rejigs drag down 2022-23 export-import tally by $3 billion

The Hindu  

India’s goods trade numbers for February and March 2023 have been revised by over $10 billion from initial estimates, and the overall export-import figures for last year have been scaled down by around $3 billion dollars each, with experts flagging petroleum shipments as the main driver for the extraordinarily high revisions of recent export data. The month’s import bill was …

Hedging by Indian exporters picks up on bets rupee bottoming out
2 years ago

Hedging by Indian exporters picks up on bets rupee bottoming out

Live Mint  

Dollar sales by Indian exporters to cover future foreign currency receivables have recovered from a dip in October, on expectations that the rupee has likely bottomed out. "Clearly, relative to October, there is more willingness from exporters to cover," said Dipti Chitale, senior vice president - risk management advisory, at Mecklai Financial. Exporters are seeing that the rupee is managing …

Rupee’s hitting record lows; Key reasons explained
2 years, 3 months ago

Rupee’s hitting record lows; Key reasons explained

Live Mint  

The Indian Rupee has been making headlines every day in recent weeks as it reaches new lows. On Tuesday, the Indian Rupee fell to a record low of 81.77 against the dollar Following the US Fed's rate hike last week, the rupee fell 2.25%. In 2013, the RBI sold a net of $14 billion in the June-to-September period after the …

Data | Why the rupee is under pressure — explained in seven charts
2 years, 5 months ago

Data | Why the rupee is under pressure — explained in seven charts

The Hindu  

Till recently, the rupee was recording fresh lows every other day. Deteriorating CAD A widening trade deficit causes the current account deficit to deteriorate which in turn adds pressure on the local currency. With slowing global economic growth and looming recession fears, a depreciating currency may not help spur exports which otherwise would have helped at least partly bridge the …

Rupee faces risk of further decline to 82 vs USD in near term: Experts
2 years, 5 months ago

Rupee faces risk of further decline to 82 vs USD in near term: Experts

Live Mint  

Indian rupee may further depreciate to 82 to a dollar in the near term due to widening of trade deficit and expected aggressive rate hike by the US Fed later this week to tame record high inflation, economists said. Economists are of the opinion that the rupee after touching a life-time low may settle around 78 to a dollar by …

Despite pressures, the Indian rupee’s remarkable resilience
2 years, 5 months ago

Despite pressures, the Indian rupee’s remarkable resilience

The Hindu  

The Indian rupee has depreciated by around 7% against the U.S. dollar, since the start of the year, in response to various domestic and global factors. Specifically, a widening current account deficit, persistent risk-off sentiment as a result of geopolitical tensions, ‘a strengthening dollar index, and continuous sell-off by foreign portfolio investors have all put pressure on the rupee’. Elevated …

Rupee hits all-time low of 80 against US dollar in early trade
2 years, 5 months ago

Rupee hits all-time low of 80 against US dollar in early trade

India Today  

The Indian Rupee on Tuesday, July 19, sunk to a record low of 80 per US Dollar in early trade for the second day in a row, reported news agency ANI. The Union government on Monday admitted in Parliament that the value of the Indian rupee against the dollar has fallen by Rs 16.08 in the last eight years. Capital …

Costlier Oil Prices, Tight Financial Conditions, FPI Outflows Responsible For Rupee Fall: Sitharaman
2 years, 5 months ago

Costlier Oil Prices, Tight Financial Conditions, FPI Outflows Responsible For Rupee Fall: Sitharaman

News 18  

Finance Minister Nirmala Sitharaman on Monday said global factors, such as a surge in crude oil prices and tight financial conditions, along with foreign portfolio investment outflows, are responsible for the fall in the exchange rate of the Indian rupee against the US dollar. “Global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial …

Rupee's historic plunge: How is it impacting people | Explained
2 years, 6 months ago

Rupee's historic plunge: How is it impacting people | Explained

India TV News  

Rupee's historic plunge: The Indian rupee nearing 80 to a US dollar will make imports of items from crude oil to electronic goods, overseas education and foreign travel costlier while raising fears that the inflation situation could worsen. As per the latest data, the country's imports expanded by 57.55 per cent to USD 66.31 billion in June compared to the …

Rupee falls 7 paise to 79.33 against US dollar
2 years, 6 months ago

Rupee falls 7 paise to 79.33 against US dollar

India Today  

The rupee fell to 79.33 against the US dollar in early trade on Monday even as the Reserve Bank of India has announced measures to liberalise foreign exchange inflows. The rupee has shed around six per cent of its value against the US dollar since the beginning of this year. Amid high inflation and the current account deficit, the rupee …

Data | Making sense of Rupee’s record slump to 79 per dollar
2 years, 6 months ago

Data | Making sense of Rupee’s record slump to 79 per dollar

The Hindu  

On July 1, the rupee breached the 79 per dollar mark for the first time ever. In order to smoothen the rupee’s fall and curb excess volatility, the Reserve Bank of India has been selling dollars in the forex markets from its reserves from time to time. Chart 3 | Foreign exchange reserves Besides the FPI outflows, a widening trade …

Rupee vs Dollar: What is to be expected in coming months?
2 years, 6 months ago

Rupee vs Dollar: What is to be expected in coming months?

India Today  

The rupee has shed about six per cent of its value against the dollar since the beginning of this year and the worrying trend has become much more prominent in recent weeks. However, the question remains whether these moves will offer much needed immediate support to the floundering rupee as inflation pushes higher and the current account deficit threatens to …

A matter of import: On spectre of wider trade and current account deficits
2 years, 6 months ago

A matter of import: On spectre of wider trade and current account deficits

The Hindu  

India’s monthly merchandise trade deficit hit a fresh record of $25.6 billion in June as per preliminary estimates released by the Commerce and Industry Ministry on Monday. In June, the value of outbound shipments grew 16.8%, marginally slower than the 20.6% growth recorded in May, to about $38 billion — reflecting the third successive month of moderation. And although gold …

Indian rupee hits record low on CAD concerns
2 years, 6 months ago

Indian rupee hits record low on CAD concerns

The Hindu  

The Indian rupee hit a record low against the U.S. dollar on Tuesday as concerns of a wider current account deficit came to the forefront after the country's trade deficit hit an all-time high in June. Data late on Monday showed India's June trade deficit widened to a record high of $25.63 billion, following a rise in crude oil and …

Rupee hits record low of 79.04 against US dollar
2 years, 6 months ago

Rupee hits record low of 79.04 against US dollar

India Today  

The rupee hit a record low against the US dollar in early trade on Tuesday amid concerns of a widening trade deficit and a sell off of assets by foreign investors. India is trying to "address volatility" in the rupee that has tumbled to record lows against the dollar in recent weeks, a government official said on Monday, as per …

Rupee Falling Streak: Experts Feel Indian Currency May Hit 80 Per Dollar In 9 Months
2 years, 6 months ago

Rupee Falling Streak: Experts Feel Indian Currency May Hit 80 Per Dollar In 9 Months

News 18  

As the Indian market has been witnessing continuous outflows of foreign investments, the rupee has hit its record lows multiple times in the past few months. Experts said the rupee will face challenges in the coming few months and could possibly touch 80 levels against the US dollar in the medium term. Rahul Kalantri, vice-president of Mehta Equities, “We expect …

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%
2 years, 6 months ago

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%

The Hindu  

In a bid to curb a surge in gold imports and check windfall profits being made by crude petroleum producers, the Government has raised the import duty on the yellow metal from 10.75% to 15% and levied fresh taxes on the export of petrol, fuel and ATF as well as the domestic sale of crude oil. As much as 107 …

Surge in oil imports widens trade deficit in April
2 years, 8 months ago

Surge in oil imports widens trade deficit in April

The Hindu  

A surge in crude oil imports swelled India’s goods imports bill in April to $60.3 billion, a 31% growth, official data showed. With merchandise exports expanding 30.7% to $40.19 billion, the trade deficit widened last month to $20.11 billion, from March’s $18.5 billion. Meanwhile, India’s crude oil imports hit a record high in April, surpassing 4.8 million barrels per day, …

Rupee recovers to 76.60 against U.S. dollar as crude falls, stocks rally
2 years, 8 months ago

Rupee recovers to 76.60 against U.S. dollar as crude falls, stocks rally

The Hindu  

Snapping its two-day losing streak, the rupee rose by 4 paise to 76.60 against the United States dollar on Tuesday, following a rebound in regional currencies and domestic equities. However, the appreciation bias in the local unit will be capped in the near-term amid fears about the economic impact of China's COVID-19 lockdowns and an aggressive pace of the U.S. …

India's oil import bill doubles to $119 billion in FY22
2 years, 8 months ago

India's oil import bill doubles to $119 billion in FY22

The Hindu  

India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine. According to PPAC, India imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year. India had spent $62.2 billion …

India's oil imports from US to rise by 11% amid criticism over Russia purchase
2 years, 9 months ago

India's oil imports from US to rise by 11% amid criticism over Russia purchase

Hindustan Times  

India's oil imports from the United States will rise by 11 per cent this year, officials told Reuters as the country looks to secure supplies from around the world, including heavily sanctioned Russia. AP/PTI India is also looking to Russia; Indian Oil Corp has ordered three million barrels and Hindustan Petroleum Corp has booked two million barrels, Reuters said. Oil …

India's economic challenges amid soaring crude oil price
2 years, 10 months ago

India's economic challenges amid soaring crude oil price

Business Standard  

The fallout of the Russia-Ukraine conflict might prove to be severe for India.The rupee is close to 77 a dollar. Despite the Reserve Bank’s attempts to manage this fall, the rupee has been Asia’s worst-performing currency in 2022.According to one financial daily, several brokerages, banks and treasury departments are fearing the rupee might plunge below 80 a dollar.Meanwhile, the crude …

Dealing with a weaker rupee
2 years, 10 months ago

Dealing with a weaker rupee

Hindustan Times  

The Indian rupee fell to an all-time low of 76.97 per US dollar on March 7. Countries have different levels of dependence on critical goods and sudden changes in prices of these goods can have a different impact on exchange rates. This means that when crude prices go up significantly, India’s import bill also goes up in a big way, …

Rupee plummets to close at 75.63 against dollar as Ukraine-Russia conflict shakes forex markets
2 years, 10 months ago

Rupee plummets to close at 75.63 against dollar as Ukraine-Russia conflict shakes forex markets

Firstpost  

Foreign exchange traders said sustained foreign fund outflows, heavy selling in domestic equities, and elevated crude oil prices weighed on investor sentiments Mumbai: The rupee tanked 102 paise to close at 75.63 against the US currency on Thursday as riskier assets took a hit after Russia launched military operations against Ukraine. Forex traders said sustained foreign fund outflows, heavy selling …

‘Want oil firms to synergise imports for better prices’ says Tarun Kapoor
3 years, 6 months ago

‘Want oil firms to synergise imports for better prices’ says Tarun Kapoor

Hindustan Times  

The Union government is holding parleys with state-run energy firms and private refiners to synergise imports of crude worth over $100 billion annually so that they can collectively bargain better prices from global oil producers at a time when auto fuel rates have soared over ₹100 per litre in several Indian cities. Benchmark Brent crude, which fell to $19.33 a …

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