The meeting held on June 24 was conducted by Consumer Affairs Department with edtech players and the self-regulatory body of the industry India Edtech Consortium (IEC).
RBI has allowed surplus rupee balance in vostro accounts to be used for payments for projects and investments.
Sajjid Chinoy, Chief India Economist at JPMorgan, Ananth Narayan, Professor at SPJIMR, Kaushik Das, Chief Economist at Deutsche Bank and Neeraj Gambhir, President and Head of Treasury and Markets at Axis Bank discussed the impact of the US CPI and resulting global flux on India.
The RBI announced five measures on July 6 to further liberalise foreign exchange. The measures are aimed at creating a more enabling environment to attract dollars through banking deposits, ECB, FPI
The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
The Reserve Bank of India (RBI) has allowed trade settlements between India and other countries, including Sri Lanka and Russia, in rupees.
It continues to widen the gap with its rivals in India thanks to its robust online presence, product innovations and upgrades, and winning the trust of customers
According to RBI data on external debt released, short-term debt on a residual maturity basis accounted for 44.1% of foreign exchange reserves at the end of March 2022
Law mandates the RBI to keep inflation at 4% which it forecasts to be 6.7% this fiscal. To get to target, it has to raise interest rates sharply which it is reluctant to as it aims for a durable economic recovery. For the currency to be stable it has to attract overseas funds with higher interest rates.
The Reserve Bank of India’s (RBI) decision to remove the interest cap on foreign currency deposits raised from non-residents while setting off a rate war among banks is unlikely to see the overwhelming inflows lenders saw nine years ago during the taper tantrum.
A day after the RBI announced measures to shore up forex reserves and arrest the local unit’s free fall, the rupee gained 0.16% to close at 79.18 Thursday. It was the fourth best performing Asian currency for the day. The one-month volatility index dropped 11 basis points.
RBI liberalises forex rules to help address dollar shortages, slow rupee fall. SPJIMR’s Ananth Narayan explains the impact of the measures.
RBI liberalises forex rules to help address dollar shortages, slow rupee fall. SPJIMR’s Ananth Narayan explains the impact of the measures.
Noting that the COVID-19 pandemic led to a sharp loss of output in 2020-21, it said the adverse impact on the overall economic activity was somewhat offset by a countercyclical fiscal policy which in turn was mirrored in higher government borrowings on the back of the fall in revenues and higher expenditures.
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About 43.1 percent or $267 billion worth of external debt of the $620.7 billion amounting to 44 percent of country’s foreign exchange reserves comes up for maturity this fiscal, according RBI’s latest data on India’s external debt as of Mrach’22.
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The rupee today hit a record low of 79 vs US dollar against previous close of 78.97. The US dollar has appreciated over 6% against the US dollar so far this year.