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RBI to fully absorb forex risks, inflows may see $50bn boost
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds. RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs. In addition, FCNR(B) deposits of three to five years will be exempt from the cash...
Japan finance minister repeats readiness to act on forex
Japan finance minister repeats readiness to act on forex TOKYO, June 5 : Japanese Finance Minister Satsuki Katayama said on Friday that the government is prepared to respond appropriately at any time as needed on foreign exchange, as the yen hovered around the key 160-per-dollar level. "On foreign exchange, we will respond appropriately at any time when necessary," Katayama said at a regular press conference. The Japanese yen fetched 160.015 per dollar, after hitting the critical...
Paris court convicts Worldpay in €35 million Forex fraud scheme
Paris court convicts Worldpay in €35 million Forex fraud scheme PARIS, June 9 : The Paris Criminal Court convicted global payments company Worldpay in a trading scam case on Tuesday, fining it €200,000 ($230,920), French media reported. The case centered on fraudulent online foreign exchange investment schemes between 2011 and 2014, in which savers were lured with promises of high returns before their money was diverted through accounts around the world.
How government aims to save billions in forex with ethanol blended petrol
The government aims to save billions in foreign exchange by promoting ethanol-blended petrol, which is made by mixing ethanol with petrol. Ethanol is a biofuel derived from various food crops and feed stocks, and the Ethanol Blended Petrol Programme has set a target to achieve E20 petrol sales.
RBI debunks report claiming it sold $12 billion worth of gold to protect forex reserves
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday dismissed report claiming that it may have sold gold worth about $12 billion to bolster foreign exchange reserves and support the rupee amid economic pressures linked to the ongoing US-Iran conflict. In a press release, RBI said, "The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold. The RBI emphasises that these reports are not correct.
Rupee rebounds 20 paise to 95.41 against US dollar
Rupee began Tuesday on a stronger note, rising 20 paise against the US dollar in early trade, supported by a easing oil prices and the US dollar index, after the pause in hostilities between the United States and Iran. According to forex traders, the domestic currency opened on a stronger footing after Israel and Iran agreed to de-escalate tensions and ease strikes. At the interbank foreign exchange market, the rupee opened at 95.47 against the US dollar and later touched 95.41, marking a...
Rupee begins week at 95.35 against US dollar amid Middle East chaos
Rupee began the week on a negative note, with market sentiment weighed down by a stronger dollar, rising crude oil prices and escalating geopolitical tensions. On Monday, the domestic currency opened at 95.35 against the US dollar in the interbank foreign exchange market, slipping 17 paise from its previous close of 95.18. The decline comes after rupee posted its strongest single-day gain in nearly two months on Friday, when it appreciated 56 paise following the Reserve Bank's measures aimed...
BJP counters Rahul's 'economic tsunami' warning amid Iran war: 'Stop selling panic'
NEW DELHI: Bharatiya Janata Party (BJP) on Thursday put up a strong counter against Rahul Gandhi's warning of an "economic tsunami" for India, dismissing it as "classic fear-mongering." The Lok Sabha leader of opposition had raised concerns over the escalating situation in the Middle East and its potential impact on India. Responding sharply, BJP IT cell chief Amit Malviya rejected Rahul's claims and argued that India is well-positioned to withstand any economic fallout from the Iran war.