INR=X - USD/INR

CCY - CCY Delayed Price. Currency in INR
68.8500
0.0000 (0.0000%)
At close: 10:08PM BST
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Previous Close68.85
OpenN/A
Bid68.85
Day's Range68.85 - 68.85
52 Week Range68.2023 - 74.9000
Ask68.9
  • PNB says detects 38-billion rupee fraud
    Reuters13 days ago

    PNB says detects 38-billion rupee fraud

    The Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of 38.05 billion Indian rupees ($556 million) in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). The fraud, "alleging diversion of funds from the banking system" was being reported to the RBI on the basis of the findings of forensic audit and the federal police filing a first information report, the PNB said in a statement to stock exchanges. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks," PNB said, adding that it had already made provisions of 19.32 billion rupees in Bhushan's account.

  • India's PNB says detects 38 billion rupee fraud
    Reuters14 days ago

    India's PNB says detects 38 billion rupee fraud

    India's state-run Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of 38.05 billion Indian rupees ($556 million) in Bhushan Power & Steel Ltd's account to the country's central bank. The fraud, "alleging diversion of funds from the banking system" was being reported to the Reserve Bank of India (RBI) on the basis of the findings of forensic audit and the federal police filing a first information report, the PNB said in a statement to stock exchanges. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks," PNB said, adding that it had already made provisions of 19.32 billion rupees in Bhushan's account.

  • Pakistan rupee reaches record low, sliding more than 3% slide in a day
    Reuters24 days ago

    Pakistan rupee reaches record low, sliding more than 3% slide in a day

    Pakistan's rupee dropped to another record low on Wednesday, sliding more than 3% in a day, the central bank said. The rupee closed at 161.94 against the dollar in the interbank market, continuing a slide since Pakistan signed an agreement with the International Monetary Fund last month for a $6 billion loan. In the open market it was selling at 162.50 on Wednesday, money exchange dealers said.

  • Reuters24 days ago

    REFILE-Pakistan rupee reaches record low, sliding more than 3% in a day

    Pakistan's rupee dropped to another record low on Wednesday, sliding more than 3% in a day, the central bank said. The rupee closed at 161.94 against the dollar in the interbank market, continuing a slide since Pakistan signed an agreement with the International Monetary Fund last month for a $6 billion loan. In the open market it was selling at 162.50 on Wednesday, money exchange dealers said.

  • An Anomaly in Rupee Forwards Has Traders Search for RBI Hand
    Bloomberg26 days ago

    An Anomaly in Rupee Forwards Has Traders Search for RBI Hand

    (Bloomberg) -- An anomaly in India’s currency forwards market is piquing the curiosity of traders.The 12-month implied yields on rupee forwards, which reflect interest-rate differentials between India and the U.S., surged to near a two-year high this month even after the Reserve Bank of India cut interest rates for a third time this year.A few theories have sprung up to explain the move.One version argues the advance may be related to tax payments impacting currency liquidity. While forward pricing typically represents the interest-rate differential between two countries, they are also influenced by demand and supply for the currencies.As companies pay taxes, it drains cash from India’s financial system, leading to a mismatch in the foreign-exchange market, which then pushes up the forward premiums, according to Madhavi Arora, an economist at Edelweiss Securities Ltd.Kotak Securities Ltd. points to the hand of RBI.There is speculation that the RBI has been intervening heavily in the spot market to buy dollars to curb rupee appreciation, and then doing what is commonly known as a sell-buy swap in the forwards market to offset the liquidity impact, according to Anindya Banerjee, a currency strategist at Kotak.Under the arrangement, the RBI buys dollars in the spot market to inject rupee. To offset the inflows of the Indian currency, it goes to the forwards market and sells these greenbacks, for say a three-month period, to banks. Through the process, it takes back the rupee liquidity now and will get its dollars in return after three months.In order to do that, the central bank probably offered a bit more premium to the banks, hence driving up the 12-month implied yield on the forwards, traders said.The RBI’s official stance is that it doesn’t target an exchange-rate level but intervenes to contain volatility. The central bank doesn’t comment on its day-to-day foreign exchange operations.As the implied yields on the forwards get higher though, there is more incentive for carry traders to be short the dollar and long the rupee, Banerjee wrote in a note. If RBI intervention ends up doing that, then it could be a self-defeating move, he wrote.The 12-month implied yield on the forwards rose 51 basis points in June to 4.50%. The benchmark 10-year Indian bond yields, though, has fallen 22 basis points over the same period.(Updates prices in last paragraph.)To contact the reporter on this story: Subhadip Sircar in Mumbai at ssircar3@bloomberg.netTo contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net, Anto Antony, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • New Pakistan central bank boss dismisses free floating rupee idea
    Reuterslast month

    New Pakistan central bank boss dismisses free floating rupee idea

    Pakistan's new central bank governor Reza Baqir on Monday dismissed the idea of a free floating rupee as he outlined reforms aimed at ending instability in the South Asian economy. Baqir was last month appointed to lead the central bank in Pakistan, which has been hit by ballooning current and fiscal account deficits and repeated devaluations of the rupee. Pakistan's policy is a "market based exchange rate system" that follows supply and demand, but that will not be left completely to the market, Baqir said in his first press conference as State Bank of Pakistan (SBP) governor.

  • Did You Miss ioneer's (ASX:INR) Whopping 540% Share Price Gain?
    Simply Wall St.last month

    Did You Miss ioneer's (ASX:INR) Whopping 540% Share Price Gain?

    While ioneer Ltd (ASX:INR) shareholders are probably generally happy, the stock hasn't had particularly good run...

  • RBI imposes 20 million rupee fine on Kotak Mahindra Bank
    Reuterslast month

    RBI imposes 20 million rupee fine on Kotak Mahindra Bank

    The Reserve Bank of India (RBI) on Friday fined Kotak Mahindra Bank Ltd 20 million rupees ($288,525) for not furnishing details about the shareholdings of its majority stakeholders and its plans for complying with stake dilution norms. The RBI said it decided to impose a penalty after reviewing the bank's reply to a notice seeking an explanation about why it had not complied with regulatory norms. "RBI came to the conclusion that the bank had failed to comply with the directions issued by RBI and decided to impose monetary penalty on the bank," the Reserve Bank of India said in a statement.

  • Reuterslast month

    Sri Lanka stocks close little changed in thin trade; rupee edges up

    Sri Lankan shares ended almost flat in dull trade on Thursday, but posted their lowest close in nearly three weeks, while the rupee ended slightly firmer, market sources said. ** On Friday, the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. ** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing economic growth weighed on investor sentiment.

  • Nifty, Sensex end lower after RBI cuts rates
    Reuterslast month

    Nifty, Sensex end lower after RBI cuts rates

    Indian shares ended lower on Thursday, after the central bank cut its benchmark interest rate by 25 basis points, while also changing its policy stance to "accommodative," in a widely expected move. The broader NSE Nifty fell 1.48% to 11,843.75, while the benchmark BSE Sensex ended 1.38% lower at 39,529.72, as the Reserve Bank of India (RBI) lowered the repo rate to 5.75% and cut the reverse repo rate to 5.5%. "When the GDP numbers were out, the market did not react negatively and instead started looking toward the rate cut, so the rally has already happened," said Vidya Bala, Head of Mutual Fund Research at FundsIndia.com.

  • Indian rupee outlook worsens on trade war, growth risks: Reuters poll
    Reuterslast month

    Indian rupee outlook worsens on trade war, growth risks: Reuters poll

    The rupee will fall further against the U.S. dollar over the next 12 months than previously thought, hit by slowing growth momentum and an escalating global trade war that has recently threatened to engulf India, a Reuters poll found. The currency moved only marginally against the dollar in May despite a steep fall in oil prices, the country's major import, and a landslide victory for Prime Minister Narendra Modi's Bharatiya Janata Party, something previous polls had said would be the best outcome for the rupee. Last year, a deep sell-off in emerging markets and a widening domestic fiscal deficit, exacerbated by rising oil prices, pushed the rupee down nearly 9% and that weak trend is not expected to change over the coming year.

  • Reuters2 months ago

    Sri Lanka stocks extend falls to over 2-week low; rupee edges lower

    Sri Lankan shares fell for a third straight session on Tuesday and closed at their lowest in more than two weeks in dull trade, while the rupee ended slightly lower, market sources said. ** On Friday, the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. ** Traders said the Easter Sunday bombings and violence following the attacks, and worries over slowing economic growth weighed on investor sentiment.

  • Reuters2 months ago

    Sri Lanka stocks extend fall despite rate cut in thin trade; rupee steady

    Sri Lankan shares ended weaker on Monday, falling for the second straight session in dull trade as the market shrugged off a widely expected rate cut by the central bank while the rupee closed steady, market sources said. ** On Friday the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April. ** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickremeratne told Reuters last week.

  • Reuters2 months ago

    Sri Lanka stocks fall despite rate cut; rupee steady

    Sri Lankan shares ended weaker on Friday, snapping three straight sessions of gains, as foreign investors sold risky assets and the market shrugged off a widely expected rate cut by the central bank. ** The rupee closed steady, market sources said. ** Before the markets opened on Friday, the central bank cut its key interest rates to support its faltering economy as overall business and consumer confidence slumped in the wake of last month's deadly bomb attacks.

  • Pakistan approves 20-billion rupee fund to support stock market
    Reuters2 months ago

    Pakistan approves 20-billion rupee fund to support stock market

    Pakistan on Thursday approved a 20-billion rupee ($134 million) fund to help boost its stock market after big losses over the past two years, the finance ministry said. Pakistan's stock market has been one of the world's worst performing over the past two years, with its benchmark 100-Share Index losing almost a third of its value since hitting an all-time high of 53,127 points in May 2017. The market has been hammered because of political instability and a weakening economy that has seen growth slump amid a blow-out of the fiscal and current account deficits, leading to a provisional agreement with the International Monetary Fund for a $6 billion bailout last month.

  • Reuters2 months ago

    Sri Lanka stocks gain on hope of rate cut; rupee weaker

    Sri Lankan shares rose for the third straight session on Thursday on hope of a rate cut by the central bank later this week, while the rupee closed weaker on mild importer dollar demand, market sources said. ** The central bank is widely expected to cut its key interest rates at a meeting on Friday, a Reuters poll showed, to support the economy after tourism and investment plummeted in the wake of Easter Sunday bombings. ** Traders said the Easter day bombings and aftermath violence, and worries over slowing economic growth weighed on investor sentiment.

  • Reuters2 months ago

    Sri Lanka stocks snap 2 days of falls; rupee edges lower

    Sri Lankan shares snapped two consecutive sessions of falls on Tuesday in high turnover, led by Hatton Plantations Plc, while the rupee closed slightly weaker. ** Traders said the Easter day bombings and aftermath violence, and worries over slowing economic growth weighed on investor sentiment. ** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the Easter Sunday bombings, junior finance minister Eran Wickremeratne told Reuters last week.

  • Reuters2 months ago

    Sri Lanka stocks slip in thin trade; rupee edges up

    Sri Lankan shares fell for the second straight session on Monday in thin trading volume amid worries over economic slowdown and lack of investor appetite for risky assets. ** Traders said the Easter day bombings and aftermath violence weighed on investor sentiment. ** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the Easter Sunday bombings, junior finance minister Eran Wickremeratne told Reuters on Tuesday.

  • Reuters2 months ago

    Sri Lanka stocks snap 5 days of gains in light trade; rupee steady

    Sri Lankan shares snapped five straight sessions of gains on Friday in low trade amid worries over economic slowdown and lack of investor appetite for risky assets. ** Traders said the Easter day bombings and aftermath violence weighed on investor sentiment. ** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the Easter Sunday bombings, junior finance minister Eran Wickremeratne told Reuters on Tuesday.

  • Reality bites after IMF tells Pakistan to leave rupee to market forces
    Reuters2 months ago

    Reality bites after IMF tells Pakistan to leave rupee to market forces

    Less than 10 months after coming to power in Pakistan with visions of creating a welfare system to lift millions out of poverty, economic crisis has forced Prime Minister Imran Khan into the hard realities of an IMF bail-out.     In the days since last week's agreement in principle with the International Monetary Fund for a $6 billion loan, the rupee currency dropped 5 percent against the dollar, and it has now lost a third of its value in the past year.    Financial crises have shaken the world's sixth-largest nation repeatedly over the years, threatening the stability of a nuclear-armed state plagued by Islamist militancy, and while the IMF programme may help stabilise the economy, it will bring more hardship.

  • Reuters2 months ago

    Rupee set for weekly gain after Modi's landslide election win

    The weaker oil prices helped currencies of major net importers of the commodity, such as India and Thailand, although moves in other parts of the region's emerging foreign exchange market were limited by concerns about the worsening Sino-U.S. trade war. In India, Modi's thumping win puts his Hindu nationalist party on course to increase its majority on a mandate of business-friendly policies and reinforces a global trend of right-wing populists sweeping to victory. The rupee gained as much as 0.4% to touch a session high of 69.74 against the dollar, en route to a weekly gain of about 0.7%.