Top 10 Highest Valued Currencies In The World: US Dollar, Pound, Euro Don’t Top List! What’s The Value of INR? Check List
Top 10 Highest Valued Currencies In The World: Did you know that the US dollar, said to be the most widely traded currency in the world and one that is popularly used as a reserve currency, is not the world’s highest valued currency. In fact, with a single US dollar, you can buy just 0.31 units of the world’s highest valued currency - the Kuwaiti Dinar! In fact, even the Euro doesn’t feature in the top 5 ranks! So which are the top 10 highest valued currencies and what is the Indian rupee’s value viz. the US dollar? The strength of a currency is based on several factors such as economic stability, demand and supply dynamics in the forex markets, inflation rates, policies etc. Let’s take a look: Key Points
Times Of IndiaRBI defers implementing FX derivatives rules to May 3
RBI had tightened rules on currency derivatives with the aim of curbing speculative trading. This would offer some short-term relief as market participants feared that the implementation of the new rules could dent trading volumes significantly in the segment. Key Points
Economic Timescurrency market calm before Powell speech, bitcoin picks up again
By Brigid Riley TOKYO (Reuters) -The U.S. dollar was largely steady on Wednesday, as traders avoided making big bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well Key Points
ThePrintHard cash refuses to fold as poll fever pushes demand up
This fiscal year has thrown up unusual trends as currency leakage — measured through the increase in currency in circulation — plunged for five months starting May due to the return of the Rs 2,000 banknotes to the financial system. Since October, however, the trend has reversed sharply enough for the pace of currency leakage to match that of the previous year. Key Points
Economic TimesPakistan to introduce new currency notes to combat counterfeit menace
Pakistan's central bank will introduce new currency notes with enhanced security features to combat counterfeit currencies. The transition will be gradual to avoid disruption and public panic. Key Points
mint
Indian companies took on larger forex risk in 2023 counting on RBI support
India's total imports and exports between January and November 2023 declined 8% and 5%, respectively, from a year earlier. December data has not been released. Key Points
Economic TimesDollar eases against euro as Fed rate cut outlook weighs
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The U.S. dollar eased against the euro on Monday, extending last week's fall, as the U.S. currency remains under pressure from the Federal Reserve last week Key Points
ThePrintCFOs See Ongoing Pain From Foreign Exchange Oscillations
The U.S. dollar’s jolt higher this year caught companies by surprise. Now the currency is retracing some of that gain as Treasury rates slip. Key Points
mintConditions not ripe to make INR a hard currency: GTRI
India should become a middle-income country and then push to make the INR (rupee) a hard currency, according to think tank GTRI. The process involves several factors, including economic stability, strong fiscal and monetary policies, political stability, and the presence of a reliable and stable store of value. The US Dollar is the most dominant hard currency, used in a significant majority of international transactions and as a benchmark currency for most commodities. Key Points
Economic TimesChina ramps up campaign to boost fragile economy, currency
The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the Peoples Bank of China said Friday. The move came hours after authorities announced fresh stimulus for the beleaguered property sector and unveiled plans to expand tax breaks for child and parental care and education. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/XBWLEKZZSVNRVCIZ5BIX5YGC7I.jpg)
Rupee drops, at risk of slipping below key level on risk aversion
The Indian rupee declined on Wednesday on risk aversion fuelled by the U.S. credit rating downgrade, putting the currency at risk of slipping below a key level. Key Points
ReutersCustoms makes 'biggest ever' seizure of foreign currency worth over Rs 10 crore at Delhi airport
Customs officials on Friday made a biggest ever seizure of foreign currency, worth over Rs 10 crore, from three Tajikistan nationals at the international airport here, according to an official statement. The accused were intercepted by the officials when they were proceeding to board a flight to Istanbul. Key Points
Economic TimesModi’s push to take Indian rupee global gets off to a slow start
India's efforts to boost the international role of the rupee through cross-border payments and encouraging its use in trade settlements have so far been largely unsuccessful, with local currency trade volumes totalling only around $120m since the project began, as opposed to the country's total goods trade of $1.2tn last year. Experts have identified India's capital controls, chronic current account deficit, and a relatively small share of global exports as some of the challenges to overcome to make the Rupee more successful internationally. Key Points
Economic TimesAlmost 40% of surrendered Rs 2,000 return back in other denominations
Around 40% of the total Rs 1.8 lakh crore worth of Rs. 2,000 denomination currency has returned to the market in the form of Rs. 500, Rs 200, Rs 100 currency notes, while the remaining is staying put in the banking system. The currency with the public fell by Rs 83,242 crore during the fortnight ended June 02. The central bank's move to withdraw the Rs 2,000 currency note has added to the surplus liquidity in the system, which is estimated at close to Rs 1 lakh crore, according to analysts. Key Points
Economic TimesPakistan PM Sharif hopes to strike IMF deal as 'all conditions met' despite economic hardship
Sharif also expressed satisfaction that the current deficit in 10 months was reduced to USD 3.3 billion and hoped that the agriculture sector would boost. Dar has declared a 3.5 per cent GDP growth target for the next year. The government has spun into action to put brakes on the undesirable outflow of foreign currency from Pakistan and promote transparency in foreign currency transactions conducted by exchange companies. Key Points
Economic Times
RBI expects return of most ₹2,000 notes by September 30: Governor Das
RBI Governor Shaktikanta Das said that the impact of the withdrawal on the Indian economy will be ‘very very marginal’ as ₹2,000 currency notes made up for just 10.8% of the total currency in circulation. Key Points
mintUnion govt. has rectified its mistake after 7 years, says Chidambaram on withdrawal of ₹2000 currency
P. Chidambaram said he was happy that the BJP government has withdrawn the ₹2000 currency notes. Key Points
The Hindu10 tips about buying forex you should know before travelling abroad for vacation
After the novel coronavirus pandemic, many individuals are making plans to travel either in the country or in foreign places. However, if you are travelling abroad for the first time, then it is important to know certain things about buying forex. Read on to know 10 tips about buying foreign currency before travelling abroad. Key Points
Economic TimesFive tips to reduce charges associated with receiving payments from abroad
The process of receiving foreign currency payments can come with significant charges, which can eat into your earning and profits. Fortunately, there are several ways to minimize charges on cross-border foreign currency payments. Here are some expert tips to help you reduce the costs associated with receiving payments from abroad. Key Points
Economic TimesThe fallacy of crypto as an alternative to fiat currency
The notion of cryptocurrency offering a solution to currency debasement is misplaced. As its volatility has shown, it is neither a useful store of value nor a reliable medium of exchange. Key Points
mint
View: It's time to get real about the Rupee's global role
For sellers of Russias flagship Urals crude in the spot market, avoiding dollar clearance meant bypassing the Western banking system and sanctions. Yet, the plan hasnt really worked. Russias banks are reluctant to accumulate balances with lenders in India in a non-convertible currency that has lost half its value against the dollar over the past 15 years. Key Points
Economic TimesCentral Bank Digital currency can play important role in cross-border payment: RBI Guv
Reserve Bank Governor Shaktikanta Das believes that Central Bank Digital currency (CBDC) can be instrumental in facilitating cross-border payments. The RBI has conducted successful pilot projects on CBDC, leading to the conviction that it can be an effective mode for cross-border transactions. Das emphasized that while paper currency will continue to exist, CBDC will be the future currency worldwide. Key Points
Economic TimesTime to book profits in power stocks; India heading towards currency risk: Rohit Srivastava
“The RMI indicator that we use is giving sell signals on many of these key sectors so it is slightly difficult to take a bullish trade here. If at all, we will take one, we will possibly take a bearish trade and start with the index and, of course, the sectors which have moved up the most, then can give you a correction as well.” Key Points
Economic TimesCBDC big update: Soon use RBI’s Digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital currency (CBDC) can be used offline in its RBI monetary policy meeting. Key Points
Economic TimesWhat making the rupee globally acceptable will require on India's part
After fiercely protecting the rupee for years, New Delhi and RBI now want more and more people across the world to buy, sell and hold it. What has changed? Well, everything. Key Points
The Economic Times
Rupee falls 5 paise to close at 82.02 against U.S. dollar
On Thursday, the rupee settled at 81.97 against the dollar. Key Points
The HinduChina’s Weakening currency Is Becoming a Headache for Its Central Bank
A recent rate cut looks unlikely to turn the economy around. But it has put more pressure on the yuan. Key Points
mintRupee rises 11 paise to settle at 83.16 against US dollar
Mumbai, Dec 22 (PTI) Rising for the first time this week, the rupee appreciated by 11 paise to settle at 83.16 against the US dollar on Friday amid a weak American currency and positive equity market sentiment. Strengthening crude oil prices and forex outflows, however, restricted the rupee’s gains, forex traders said. Crude oil price […] Key Points
ThePrintRBI's Shaktikanta Das says US should rethink currency manipulator list
India's central bank governor, Shaktikanta Das, has called for a review of the US practice of putting emerging markets countries on a watchlist as potential currency manipulators. He argued that emerging markets face challenges dealing with the spillover effects of advanced economy policies and that there needs to be a balanced approach. Key Points
Economic TimesRupee falls 4 paise to close at 82.64 against U.S. dollar
The rupee depreciated 4 paise to close at 82.64 (provisional) against the U.S. dollar on May 29, tracking a strong American currency against major rivals overseas. Key Points
The Hindu
Rupee falls 15 paise to close at 82.09 against U.S. dollar
The rupee depreciated by 15 paise to close at 82.09 (provisional) against the U.S. dollar on Thursday, tracking a strong American currency and rising crude oil prices in overseas markets. Key Points
The HinduIndia's forex reserves rise $1.65 billion to $586.41 billion
India's forex reserves rose $1.65 billion to $586.41 billion for the week ended April 14, data shared by the Reserve Bank of India stated on Friday. India's foreign currency assets (FCA), the biggest component of the forex reserves, saw a rise of $2.20 billion to $516.63 billion. Key Points
Economic TimesWill the rupee emerge as a global currency?
An RBI-appointed panel has presented a roadmap to increase the use of the rupee for cross-border transactions. Members of the Asian Clearing Union are also looking to settle trade in local currencies to reduce dependence on the dollar. So what are the benefits for India? Key Points
mintDollar gains on euro with Fed's Waller hawkish on rates
By Karen Brettell and Alun John NEW YORK (Reuters) - The dollar gained on the euro on Thursday after a U.S. Federal Reserve policy maker said he wasn't in a hurry to cut rates, while traders also Key Points
ThePrintRupee rises 5 paise to 83.19 against US dollar in early trade
India Business News: The Indian rupee appreciated 5 paise to 83.19 against the US dollar supported by positive domestic equities and foreign fund inflows. However, the Ind Key Points
Times Of India
India's forex reserves post steepest weekly decline in over 6 months
India's foreign exchange reserves (INFXR=ECI) declined to a near two-month low of $594.89 billion as of Aug. 18 and posted their steepest weekly fall in more than six months, data from the country's central bank showed on Friday. Key Points
ReutersMercadoLibre's Q2 profit doubles on higher sales volume, user growth
South American e-commerce giant MercadoLibre (MELI.O) reported on Wednesday a 113% rise in its second-quarter net income from a year earlier to $261.9 million, amid higher sales volume and an increase in users. Key Points
ReutersIndia providing credit line to Egypt - Bloomberg News
India has offered Egypt an undisclosed credit line to support the country's economy as it seeks to stabilise its finances in the wake of the furore around Russia's invasion of Ukraine last year. Inflation and a scarcity of foreign currency have forced a series of currency devaluations in the northeast African nation, which has also brought a rise in financial pressure. Key Points
Economic TimesIndian bond yields seen lower after RBI’s currency move to aid liquidity, debt buy
The 10-year benchmark 7.26% 2033 bond yield is expected to be in the 6.95% to 7.01% range after closing at 7.0106% in the previous session. Key Points
FinancialexpressRupee opens flat at 82.35 against US dollar
The dollar paused for breath in a rally that took it to fresh six-week high of $1.08105 per euro overnight. Key Points
mint
Rupee rises 10 paise to 82.21 against U.S. dollar on FII inflows
The rupee appreciated by 10 paise to 82.21 against the U.S. dollar on May 16, 2023, as the American currency retreated from its elevated levels. Key Points
The HinduRupee falls 10 paise to close at 81.84 against US dollar
On Wednesday, the rupee closed at 81.74 against the US currency. Key Points
FinancialexpressTime ripe for ‘de-dollarisation’? Not yet, say central bank officials in new international survey
Several countries are calling for trade to be carried out in currencies besides the US dollar. But a survey of central bank currency managers shows the shift will be a slow affair. Key Points
ThePrintWithdrawal of Rs 2000 to have favourable impact on deposits, interest rates: SBI study
The SBI's research report 'Ecowrap' expects that almost the entire amount of Rs 3.6 lakh crore in the form of Rs 2000 will come back to the banking system (the report assumes 10-15 per cent of the total Rs 2000 notes are in currency chests). Key Points
Financialexpress