Tag: #INR

Indian rupees was worst performing asian currencies in 2022.

The Indian rupee ended 2022 as the worst-performing Asian currency with a fall of 10.14%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve’s aggressive monetary policy stance to tame inflation.

The rupee finished the year at 82.72 to the U.S. currency, down from 74.33 at the end of 2021, while the dollar index was headed for its biggest yearly gain since 2015.

A rise in oil prices brought on by the crisis between Russia and Ukraine also hurt the rupee and resulted in India’s current account deficit reaching an absolute record high in the third quarter of that year.

Market participants anticipate that the rupee will trade with an appreciation bias in 2023.finding comfort in declining commodity prices and holding out hope that foreign investors will continue to purchase Indian stocks.

Heading into 2023, market participants believe the rupee would trade with an appreciation bias, finding relief from easing commodity prices and hopeful of foreign investors continuing to buy Indian equities.

Indian rupees was worst performing asian currencies in 2022.

The Indian rupee ended 2022 as the worst-performing Asian currency with a fall of 10.14%, its biggest annual decline since 2013, as the dollar rocketed on the U.S. Federal Reserve’s aggressive monetary policy stance to tame inflation.

The rupee finished the year at 82.72 to the U.S. currency, down from 74.33 at the end of 2021, while the dollar index was headed for its biggest yearly gain since 2015.

A rise in oil prices brought on by the crisis between Russia and Ukraine also hurt the rupee and resulted in India’s current account deficit reaching an absolute record high in the third quarter of that year.

Market participants anticipate that the rupee will trade with an appreciation bias in 2023.finding comfort in declining commodity prices and holding out hope that foreign investors will continue to purchase Indian stocks.

Heading into 2023, market participants believe the rupee would trade with an appreciation bias, finding relief from easing commodity prices and hopeful of foreign investors continuing to buy Indian equities.

After Russia, Sri Lanka to use Indian rupee(INR) for internation trade.

India’s rupee trade settlement mechanism, which was set up by the Reserve Bank of India in July 2022, is attracting interest from more countries apart from Russia.

The mechanism is a means of using rupees instead of dollars and other big currencies for international transactions in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in the rupee.

Dollar-strapped Sri Lanka and sanctions-hit Russia will be the first countries to use the Indian rupee trade settlement mechanism.

Sri Lanka has agreed to use Indian rupee (INR) for international trade. It comes days after the Government of India said it is looking at ways to bring countries that are particularly short of dollars into the ambit of Indian rupee trade settlement mechanism. Central Bank of Sri Lanka (CBSL) said it is waiting for RBI’s (Reserve Bank of India) approval to designate Indian rupee as foreign currency of Sri Lanka.

Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, reported Reuters, quoting two sources and an official document. It has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war.

After Russia, Sri Lanka to use Indian rupee(INR) for internation trade.

India’s rupee trade settlement mechanism, which was set up by the Reserve Bank of India in July 2022, is attracting interest from more countries apart from Russia.

The mechanism is a means of using rupees instead of dollars and other big currencies for international transactions in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in the rupee.

Dollar-strapped Sri Lanka and sanctions-hit Russia will be the first countries to use the Indian rupee trade settlement mechanism.

Sri Lanka has agreed to use Indian rupee (INR) for international trade. It comes days after the Government of India said it is looking at ways to bring countries that are particularly short of dollars into the ambit of Indian rupee trade settlement mechanism. Central Bank of Sri Lanka (CBSL) said it is waiting for RBI’s (Reserve Bank of India) approval to designate Indian rupee as foreign currency of Sri Lanka.

Tajikistan, Cuba, Luxembourg and Sudan have begun talking to India about using the mechanism, reported Reuters, quoting two sources and an official document. It has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war.