MUMBAI: The foreign exchange reserves continued to fall for the fifth consecutive week to an over two-month low of $682.13 billion for the week ending November 1, dropping by $2.7 billion as the central bank continued to defend the unit which has been under continuous assault by the dollar. Since the peak it climbed in the week to September 27, …
The rupee dropped by 18 paise to an over 16-month low of 75.78 on Friday amid consistent foreign fund outflows and growing concerns about inflation. At the interbank foreign exchange market, the rupee opened lower at 75.65 a dollar and later tanked to the day's low of 75.85 in line with a lacklustre trend in equity markets. The U.S. consumer …
The Union Budget 2020 introduced a tax collected at source on forex transactions. A 5% TCS will be applicable on all remittances above ₹7 lakh under RBI’s Liberalized Remittance Scheme. For instance, if you remit ₹10 lakh in a financial year, TCS will apply to the excessive ₹3 lakh at a rate of 5%, and thus will incur a tax …
Wholesale commodity markets, including metal and bullion, will also remain shut All major financial markets including BSE, National Stock Exchange, currency and debt markets will remain closed today on account of Eid ul Fitr, a public holiday. “Rising tensions between the US and China around Hong Kong, trade policy and who is responsible for the 2020 economic dislocation is threatening …
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