Indian rupee
India-UAE Agreement on Use of Local Currencies for Cross-Border Transactions
India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) with the aim of establishing a framework for trade settlement in their respective national currencies and linking their fast payment systems. This development marks a significant ..
Month: Current Affairs - July, 2023
Category: International / World Current Affairs
Record Fall of Indian Rupee
On May 9th Indian Rupee fell to its all-time low against the US Dollar, closing at 77.50 per USD. Why did the value of the Indian Rupee fall? Due to rising inflation, US Federal Reserve increased the interest rate. This ..
Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs - 2024
RBI enhances scope of Special Non-Resident Rupee accounts
The Reserve Bank of India (RBI) has enhanced scope of ‘Special Non-resident Rupee’ (SNRR) by allowing persons residing outside India to open such accounts for purposes such as- (a) external commercial borrowing (ECB), (b) trade credit and and (c) Trade ..
Month: Current Affairs - November, 2019
Usha Thorat heads RBI task force on Offshore Rupee Markets
The RBI task force on Offshore Rupee Markets (ORM), headed by Usha Thorat, has suggested liberal currency market for offshore users. The panel recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore ..
How India can be a USD 5 trillion economy?
While Prime Minister Narendra Modi has promised to make India a USD 5 trillion economy by 2025, significant challenges still stand in way of India and its goal. For starters, the Indian economy has a size of USD 2.98 trillion ..
Rupee depreciates by 12 paise to 68.98 against US Dollar
The rupee is depreciated by 12 paise to 68.98 against the US dollar in early trade today on increased demand for the US currency from importers and rising crude prices. Yesterday, the rupee had appreciated by 10 paise to end ..