The plan would enable direct convertibility between the rupee and yuan and will help cut transaction and hedging costs, the people said, asking not to be identified citing rules. The proposal would allow Indian exports of pharmaceuticals, oilseeds and sugar to China to be settled in rupee, while keeping out trade in high volume products such as electronics, they said.
Currencies
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Yen Exerts Safe-Haven Pulling Power Amid Brexit, Italian Budget Worries
The Japanese yen, a safe haven in uncertain times, firmed against the dollar on Tuesday, as the euro and sterling suffered due to doubts over Italy’s budget spending and over British Prime Minister Theresa May’s future with Brexit talks stalled.
Orderly Rupee Depreciation To Increase Competitiveness, Says World Bank Official
An orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in capital market, according to a top World Bank official, who described it as a “positive development” if done in the right way.
Goldman Can’t Rule Out U.S. Naming China a Currency Manipulator
Though China doesn’t meet the three official criteria, the Treasury Department could still accuse the Asian nation if it found that China was manipulating the yuan for trade purposes, Goldman notes. While not the bank’s base case, given that currency matters have played a “central role” in the U.S.-China trade standoff, a formal declaration isn’t unfathomable.
Rupee Crashes to New Record Closing Low of 74.06 Against US Dollar
Rupee Crashes to New Record Closing Low — The rupee today touched a life-time low of 74.23 (intra-day) after the Reserve Bank of India (RBI) unexpectedly kept the policy rate unchanged.
The Value of $1 in Indian Rupee (₹) History – Gold Silver Reports
As we can see, there has been a clear upward trend in the Dollar value, set against INR. The question becomes why. Why is the value of Indian Rupee continuously depreciating, reaching its lowest ever?
Reasons For The Rupee’s Fall – Gold Silver Reports
Reasons for the rupee’s fall
Global crude oil prices have been on a steady ascent, straining India’s finances. In October, brent crude oil prices breached the $85-per-barrel level for the first time in over four years. There are concerns that the $100-level may not be too far.