Indian rupee Current Affairs, GK & News

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 (Export/ Import) Invoicing, in domestic currency. The step is taken to popularise cross-border transactions in ..

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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 markets (or NDF markets). This is aimed at incentivizing non-residents to hedge in the onshore ..

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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 (nominal GDP 2019 estimates). It needs to add 2.02 trillion more to its economic size ..

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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 at 68.86 against the US dollar following a robust response to RBI’s maiden rupee-dollar swap ..

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RBI signs a $75 billion Bilateral Swap Arrangement (BSA) with Japan’s central Bank

The Reserve Bank of India (RBI) and Bank of Japan (BOJ) have signed a Bilateral Swap Arrangement (BSA) for $75 billion that will help in bringing greater stability in foreign exchange and capital markets in the country. The pact will enables both countries to swap their local currencies (i.e., either Japanese yen or Indian rupee) ..

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