In a dramatic turnaround, the rupee staged its strongest comeback in nearly two years. <o:p></o:p>The currency gained about 1.5 per cent from its all-time low hit on Monday. <o:p></o:p>This comes despite a deep crash in Indian stocks, which extended to Wednesday.<o:p></o:p>
The significant rise in the rupee was propelled by the Reserve Bank of India's aggressive intervention. <o:p></o:p>Reports show the central bank sold about 5 billion dollars via state-owned banks to stabilise the currency. <o:p></o:p>The RBI's action was a direct reaction to the currency's recent turmoil.<o:p></o:p>
The rupee crashed to reach a record low of 87.95 versus the US dollar on Monday, sending shockwaves through the market. <o:p></o:p>The RBI's action triggered a sharp reversal, creating a domino effect that boosted the currency's recovery. <o:p></o:p>However, the RBI burning through its forex reserves to support the rupee is raising some concerns.<o:p></o:p>
While India's forex reserves are still healthy at about 631 billion dollars, the 10-month worth of import cover has fallen over 70 billion dollars since a record high of around 705 billion dollars in September last year. <o:p></o:p>India's forex war chest is well above the average of about 300 billion dollars between 1998 and 2025.<o:p></o:p>
<h2 class="MsoNormal">Rupee recovers amid stock market chaos<o:p></o:p></h2>
Still, the risks are of more foreign outflows amid an escalating trade war hurting the country's import cover. <o:p></o:p>What is also worrying is the deep sell-off in Indian stocks, with benchmark stock indices extending their massive losses for the sixth straight session.<o:p></o:p>
The Sensex crashed over 700 points to fall below the 76,000 points mark. <o:p></o:p>The broader Nifty index also was in the red. <o:p></o:p>The selloff has already erased over 9 trillion rupees in investor wealth. <o:p></o:p>This was prompted by the withdrawal of foreign institutional investors and increasing global tensions.<o:p></o:p>
The decision by US President Donald Trump to impose a 25 per cent tax on steel and aluminium imports, together with threats of retaliatory tariffs, caused significant disruption in global markets. <o:p></o:p>The turmoil in Indian stocks comes despite a pullback in global markets.<o:p></o:p>
Asian and European stocks showed glimpses of a reversal to gains, suggesting traders are starting to feel numb on the trade war headlines. <o:p></o:p>Wall Street futures, though, pointed to a mixed open, similar to Tuesday's close.
<o:p></o:p>The comments from Federal Reserve's Chief Jerome Powell that the central bank is in no rush to cut rates weigh on sentiment. <o:p></o:p>Fed chief's remarks also showed inflation concerns from the ongoing trade war. So, ahead of key US inflation data, investors remained on the sidelines.<o:p></o:p>
(With the inputs from the agencies)<o:p></o:p>

Business & Economy: In a dramatic turnaround, the rupee staged its strongest comeback in nearly two years. The currency gained about 1.5 per cent from its all-time low hit on Monday.

In a dramatic turnaround, the rupee staged its strongest comeback in nearly two years. The currency gained about 1.5 per cent from its all-time low hit on Monday. This comes despite a deep crash in Indian stocks, which extended to Wednesday. The significant rise in the rupee was propelled by the Reserve Bank of India's aggressive intervention. Reports show the central bank sold about 5 billion dollars via state-owned banks to stabilise the currency. The RBI's action was a direct reaction to the currency's recent turmoil. The rupee crashed to reach a record low of 87.95 versus the US dollar on Monday, sending shockwaves through the market. The RBI's action triggered a sharp reversal, creating a domino effect that boosted the currency's recovery. However, the RBI burning through its forex reserves to support the rupee is raising some concerns. While India's forex reserves are still healthy at about 631 billion dollars, the 10-month worth of import cover has fallen over 70 billion dollars since a record high of around 705 billion dollars in September last year. India's forex war chest is well above the average of about 300 billion dollars between 1998 and 2025. Rupee recovers amid stock market chaos Still, the risks are of more foreign outflows amid an escalating trade war hurting the country's import cover. What is also worrying is the deep sell-off in Indian stocks, with benchmark stock indices extending their massive losses for the sixth straight session. The Sensex crashed over 700 points to fall below the 76,000 points mark. The broader Nifty index also was in the red. The selloff has already erased over 9 trillion rupees in investor wealth. This was prompted by the withdrawal of foreign institutional investors and increasing global tensions. The decision by US President Donald Trump to impose a 25 per cent tax on steel and aluminium imports, together with threats of retaliatory tariffs, caused significant disruption in global markets. The turmoil in Indian stocks comes despite a pullback in global markets. Asian and European stocks showed glimpses of a reversal to gains, suggesting traders are starting to feel numb on the trade war headlines. Wall Street futures, though, pointed to a mixed open, similar to Tuesday's close. The comments from Federal Reserve's Chief Jerome Powell that the central bank is in no rush to cut rates weigh on sentiment. Fed chief's remarks also showed inflation concerns from the ongoing trade war. So, ahead of key US inflation data, investors remained on the sidelines. (With the inputs from the agencies)

Rupee stages epic comeback despite stocks crash

The Indian rupee is set to become more volatile as the Reserve Bank of India’s new governor loosens control over the partially convertible currency as a rampant US dollar exerts relentless downward pressure, a Reuters poll found.

Rupee set for volatile ride as RBI eases control

The Rupee Has Steadily Declined To Several Record Lows Repeatedly In Recent Weeks,... Continuing Its Significant Decline This Year.// This Comes Even As The International Monetary Fund Called The Indian Economy "A Shining Star"... And Bets On The Country's Growth Story Have Risen.//

Indian Rupee Hits New Lows This Week

The rupee fell 5 paise to an all-time low of 84.37 against the US dollar in early trade on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.

Forex traders said the US Federal Reserve’s recent decision to cut interest rates signals a shift in the global financial landscape. Moreover, with Donald Trump’s tax and trade policies influencing global markets, volatility could re-enter the rupee’s trajectory.

At the interbank foreign exchange, the rupee opened at 84.32 against the greenback, then it fell further to an all-time low of 84.37, registering a rise of 5 paise over its previous close.

On Thursday, the rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar.

“The spotlight will now be on the Reserve Bank of India (RBI) and how effectively it navigates this shifting currency landscape. In such a dynamic environment, only those who adapt swiftly will thrive in the market ahead,” CR Forex Advisors Managing Director Amit Pabari said.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indian-supreme-court-rules-aligarh-muslim-university-is-entitled-to-minority-status-774537">Aligarh Muslim University's minority status to be decided by...: Indian SC</a>

In its latest monetary policy announcement, the US Fed reduced its benchmark rate by 0.25 basis points to a target range of 4.5 per cent-4.75 per cent.

In its accompanying statement, the Fed adopted a neutral-to-dovish tone, acknowledging balanced risks in inflation and employment.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.53.

Brent crude, the global oil benchmark, fell 0.65 per cent to USD 75.14 per barrel in futures trade.

“In this dynamic environment, volatility in the USD/INR pair is expected, with the RBI likely maintaining a range between 83.80 and 84.50. If the dollar’s momentum stalls amid future Fed rate cuts and weakening investor confidence, the rupee could gradually strengthen toward the lower end of this range,” Pabari said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/nvidia-surpasses-36-trillion-market-value-after-trump-win-774511">Nvidia surpasses $3.6 trillion market value after Trump election victory</a>

On the domestic equity market front, Sensex declined 14.23 points, or 0.02 per cent, to 79,527.56 points. The Nifty fell 15.45 points, or 0.06 per cent, to 24,183.90 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The rupee fell 5 paise to an all-time low of 84.37 against the US dollar in early trade on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.

The rupee fell 5 paise to an all-time low of 84.37 against the US dollar in early trade on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities. Forex traders said the US Federal Reserve’s recent decision to cut interest rates signals a shift in the global financial landscape. Moreover, with Donald Trump’s tax and trade policies influencing global markets, volatility could re-enter the rupee’s trajectory. At the interbank foreign exchange, the rupee opened at 84.32 against the greenback, then it fell further to an all-time low of 84.37, registering a rise of 5 paise over its previous close. On Thursday, the rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar. “The spotlight will now be on the Reserve Bank of India (RBI) and how effectively it navigates this shifting currency landscape. In such a dynamic environment, only those who adapt swiftly will thrive in the market ahead,” CR Forex Advisors Managing Director Amit Pabari said. Also read: Aligarh Muslim University's minority status to be decided by...: Indian SC In its latest monetary policy announcement, the US Fed reduced its benchmark rate by 0.25 basis points to a target range of 4.5 per cent-4.75 per cent. In its accompanying statement, the Fed adopted a neutral-to-dovish tone, acknowledging balanced risks in inflation and employment. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.53. Brent crude, the global oil benchmark, fell 0.65 per cent to USD 75.14 per barrel in futures trade. “In this dynamic environment, volatility in the USD/INR pair is expected, with the RBI likely maintaining a range between 83.80 and 84.50. If the dollar’s momentum stalls amid future Fed rate cuts and weakening investor confidence, the rupee could gradually strengthen toward the lower end of this range,” Pabari said. Also read: Nvidia surpasses $3.6 trillion market value after Trump election victory On the domestic equity market front, Sensex declined 14.23 points, or 0.02 per cent, to 79,527.56 points. The Nifty fell 15.45 points, or 0.06 per cent, to 24,183.90 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Rupee falls 5 paise, hits record low of 84.37 against US dollar

The rupee has fallen from being the best-performing currency in developing Asia at the beginning of the year to the worst-performing since July...And it seems probable that this loss will continue. Can rupee stage a comeback?

Rupee at record lows weaken outlook further

Indian stocks were volatile, and the rupee fell to a new record low against a burgeoning dollar, as finance minister Nirmala Sitharaman unveiled the budget 2024-25. Benchmark indices had surged to multiple record highs in the run-up to the budget.&nbsp;

Traders had positioned for broader reforms in taxes. However, stocks and rupee tanked on Tuesday after budget announcements, which included an increase in capital gains tax and new levy on derivatives trading.&nbsp;

The rupee fell to 83.69 against the dollar, inching past the previous lifetime low of 83.6775 and compared with 83.6275 before the budget announcement. The currency has been weighed lower by a stronger dollar in a broad emerging market hit. While the Reserve Bank of India has intervened in markets to stem significant moves in the rupee, the currency has tested several record lows over the past month.&nbsp;

The US federal reserve's decision to delay the start of its rate cut cycle has hurt global currencies, with emerging markets taking a bigger hit.&nbsp;

The blue-chip Sensex index fell as much as 1,500 points at one point. The index was last trading below the 80,000 level for the first time since June 12th, down about 600 points. The broader nifty index also crashed after starting the day with gains. It came within a whisker of falling below the 24,00 points mark and was last down by over 0.7 per cent. Investors have broadly given a thumbs down to the budget.&nbsp;

Indian stocks were volatile, and the rupee fell to a new record low against a burgeoning dollar, as finance minister Nirmala Sitharaman unveiled the budget 2024-25.

Indian stocks were volatile, and the rupee fell to a new record low against a burgeoning dollar, as finance minister Nirmala Sitharaman unveiled the budget 2024-25. Benchmark indices had surged to multiple record highs in the run-up to the budget. Traders had positioned for broader reforms in taxes. However, stocks and rupee tanked on Tuesday after budget announcements, which included an increase in capital gains tax and new levy on derivatives trading. The rupee fell to 83.69 against the dollar, inching past the previous lifetime low of 83.6775 and compared with 83.6275 before the budget announcement. The currency has been weighed lower by a stronger dollar in a broad emerging market hit. While the Reserve Bank of India has intervened in markets to stem significant moves in the rupee, the currency has tested several record lows over the past month. The US federal reserve's decision to delay the start of its rate cut cycle has hurt global currencies, with emerging markets taking a bigger hit. The blue-chip Sensex index fell as much as 1,500 points at one point. The index was last trading below the 80,000 level for the first time since June 12th, down about 600 points. The broader nifty index also crashed after starting the day with gains. It came within a whisker of falling below the 24,00 points mark and was last down by over 0.7 per cent. Investors have broadly given a thumbs down to the budget.

India budget 2024: Stocks volatile, currency crashes

The Indian rupee remained practically steady on Wednesday, owing to a possible intervention by the Reserve Bank of India (RBI), which helped the currency escape a record low, according to traders. At 10:00 a.m. IST, the rupee stood at 83.56 against the US dollar, hardly changing&nbsp;from its previous close of 83.5650.<o:p></o:p>

<h2 class="MsoNormal">RBI's strategic intervention in the NDF market<o:p></o:p></h2>

Traders said the RBI most likely intervened in the non-deliverable forwards (NDF) market before the local spot market opened at 9:00 a.m. IST. The goal of this intervention was to keep the rupee stable. Routine interventions by the RBI, especially in the NDF market, have consistently supported the currency in recent sessions. "The RBI's intervention in the NDF market has changed...We are now quite clear and explicit that the RBI is involved in the forward market," RBI Governor Shaktikanta Das said at a post-monetary policy press conference on Friday.<o:p></o:p>

<h2 class="MsoNormal">Shift in RBI's tactics to limit volatility<o:p></o:p></h2>

The central bank's strategy for managing rupee volatility has shifted, with a concentration on non-deliverable forwards rather than direct spot market operations. Market watchers have recognised this shift in methods, and Reuters has previously reported on it. The RBI's strategic action aims to create a more stable exchange rate environment in the face of altering market conditions.<o:p></o:p>

<h2 class="MsoNormal">Market reactions and future expectations<o:p></o:p></h2>

Local oil companies have placed dollar bids, but the currency is expected to trade in a restricted range due to the RBI's indication to the market that it will intervene to prevent further devaluation. "The RBI has signalled&nbsp;to the market that it will prevent further weakness," a foreign exchange trader at a state-run bank said. The dollar index held at 105.3, while most Asian currencies remained range-bound as investors awaited critical US consumer inflation data and the Federal Reserve's policy announcement later that day. <o:p></o:p>

The Fed is expected to hold rates steady, but new interest rate estimates will be widely watched. "Asia FX may face volatility from a potential upward shift in the Fed's median dot plot, which could push US yields and the US dollar higher," said Lloyd Chan, senior currency strategist at MUFG Bank.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

<o:p></o:p>

The Indian rupee remained practically steady on Wednesday, owing to a possible intervention by the Reserve Bank of India (RBI), which helped the currency escape a record low, according to traders.

The Indian rupee remained practically steady on Wednesday, owing to a possible intervention by the Reserve Bank of India (RBI), which helped the currency escape a record low, according to traders. At 10:00 a.m. IST, the rupee stood at 83.56 against the US dollar, hardly changing from its previous close of 83.5650. RBI's strategic intervention in the NDF market Traders said the RBI most likely intervened in the non-deliverable forwards (NDF) market before the local spot market opened at 9:00 a.m. IST. The goal of this intervention was to keep the rupee stable. Routine interventions by the RBI, especially in the NDF market, have consistently supported the currency in recent sessions. "The RBI's intervention in the NDF market has changed...We are now quite clear and explicit that the RBI is involved in the forward market," RBI Governor Shaktikanta Das said at a post-monetary policy press conference on Friday. Shift in RBI's tactics to limit volatility The central bank's strategy for managing rupee volatility has shifted, with a concentration on non-deliverable forwards rather than direct spot market operations. Market watchers have recognised this shift in methods, and Reuters has previously reported on it. The RBI's strategic action aims to create a more stable exchange rate environment in the face of altering market conditions. Market reactions and future expectations Local oil companies have placed dollar bids, but the currency is expected to trade in a restricted range due to the RBI's indication to the market that it will intervene to prevent further devaluation. "The RBI has signalled to the market that it will prevent further weakness," a foreign exchange trader at a state-run bank said. The dollar index held at 105.3, while most Asian currencies remained range-bound as investors awaited critical US consumer inflation data and the Federal Reserve's policy announcement later that day. The Fed is expected to hold rates steady, but new interest rate estimates will be widely watched. "Asia FX may face volatility from a potential upward shift in the Fed's median dot plot, which could push US yields and the US dollar higher," said Lloyd Chan, senior currency strategist at MUFG Bank. (With inputs from Agencies)

RBI intervention helps the Indian Rupee avoid record-low

<h2 class="MsoNormal">The rupee remains flat against the dollar<o:p></o:p></h2>

The Indian rupee traded nearly flat on Tuesday, with traders anticipating little movement as the Reserve Bank of India (RBI) continued to control large falls and reduce short-term volatility. At 09:50 a.m. IST, the rupee was valued at 83.4975 per US dollar, up slightly from its previous closing of 83.5050.<o:p></o:p>

<h2 class="MsoNormal">RBI's strategic interventions<o:p></o:p></h2>

On Monday, the rupee remained in a restricted trading range, most likely due to RBI interventions that limited the currency's decline. The central bank's initiatives have helped to reduce the near-term volatility of the dollar-rupee exchange rate. The one-month implied volatility has declined to 2.20 per cent, down from a six-month high of 3.35 per cent in late May, shortly before India's national election results on June 4.<o:p></o:p>

<h2 class="MsoNormal">Stable exchange rates expected<o:p></o:p></h2>

Traders anticipate the rupee will not go "much below 83.50," as continued dollar sales from state-run banks, presumably on behalf of the RBI, sustain the currency. The dollar index stood at 105.1, while most Asian currencies fell ahead of the announcement of US inflation data and the Federal Reserve's policy decision, which is due on Wednesday.<o:p></o:p>

<h2 class="MsoNormal">Market awaits Federal Reserve's policy decision<o:p></o:p></h2>

The Federal Reserve is widely expected to maintain policy rates steady. Investors will, however, closely scrutinize Fed Chair Jerome Powell's words as well as any modifications to the interest rate dot plot. Interest rate futures are now pricing in around 38 basis points of rate reduction through 2024, down from nearly 50 basis points the previous week.<o:p></o:p>

Anil Bhansali, head of treasury at Finrex Treasury Advisors, said that the rupee's price action will mirror Monday's, with market participants keeping a close eye on the RBI's activities and the 83.50 level.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

The rupee remains flat against the dollar The Indian rupee traded nearly flat on Tuesday, with traders anticipating little movement as the Reserve Bank of India (RBI) continued to control large falls and reduce short-term volatility.

The rupee remains flat against the dollar The Indian rupee traded nearly flat on Tuesday, with traders anticipating little movement as the Reserve Bank of India (RBI) continued to control large falls and reduce short-term volatility. At 09:50 a.m. IST, the rupee was valued at 83.4975 per US dollar, up slightly from its previous closing of 83.5050. RBI's strategic interventions On Monday, the rupee remained in a restricted trading range, most likely due to RBI interventions that limited the currency's decline. The central bank's initiatives have helped to reduce the near-term volatility of the dollar-rupee exchange rate. The one-month implied volatility has declined to 2.20 per cent, down from a six-month high of 3.35 per cent in late May, shortly before India's national election results on June 4. Stable exchange rates expected Traders anticipate the rupee will not go "much below 83.50," as continued dollar sales from state-run banks, presumably on behalf of the RBI, sustain the currency. The dollar index stood at 105.1, while most Asian currencies fell ahead of the announcement of US inflation data and the Federal Reserve's policy decision, which is due on Wednesday. Market awaits Federal Reserve's policy decision The Federal Reserve is widely expected to maintain policy rates steady. Investors will, however, closely scrutinize Fed Chair Jerome Powell's words as well as any modifications to the interest rate dot plot. Interest rate futures are now pricing in around 38 basis points of rate reduction through 2024, down from nearly 50 basis points the previous week. Anil Bhansali, head of treasury at Finrex Treasury Advisors, said that the rupee's price action will mirror Monday's, with market participants keeping a close eye on the RBI's activities and the 83.50 level. (With inputs from Agencies)

Indian Rupee holds steady amid RBI interventions

India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee.

In an interview with the news channel NDTV, Sitharaman said, “Also many of those countries are running short on dollar reserves, but yet their basic trade cannot be stopped."&nbsp;

"So they see the Indian rupee as a stable currency," she added.

The minister also added that India better understands the needs of the developing world and its leadership aimed at bringing them aboard the global developmental agenda.

Watch:&nbsp;Rupee inches to replace Dollar in global trade; 18 countries agree on rupee-trade mechanism

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"And for achieving their development goals, they find it easy to talk to us about having rupee trade," she said.

It must be noted that the de-dollarisation efforts have gained momentum around the world in the wake of the Russia-Ukraine war. Countries around the world have grown insecure over the West’s monopoly of the global trade system after it slapped unilateral sanctions on Russia.

<h2>Sitharaman hails G20 success</h2>

The finance minister also hailed the historic G20 summit held in New Delhi last week as successful, adding that it gave hope for multilateralism.

“The maturity with which Indian teams handled the G20 document at various stages makes it historic," Sitharaman said.&nbsp;

"The team that largely consisted of women did brilliant work. There was a spirit of cooperation among the countries," she said, adding, “The spirit with which we worked that gave of hope of multilateralism.”&nbsp;

<h2>Internationalisation of Indian Rupee</h2>

Earlier in March, Indian media reported that at least 18 nations had agreed to settle their bilateral trade with India in rupees.&nbsp;

India’s central bank, the Reserve Bank of India, had allowed 18 nations, such as Germany, Singapore, Sri Lanka, UK, Kenya and many others, to conduct bilateral trade in rupee. 
 
In fact, India has already begun trading in rupees with many of its neighbouring countries like Nepal and Bhutan.

India’s Minister of State for Commerce and Industry Anupriya Patel had told Parliament in August that a significant part of the India-Nepal trade was being done in Indian rupees.

<a href="https://www.wionews.com/business-economy/india-to-offer-russia-to-invest-trapped-rupees-serei-lavrov-634749">Also read:&nbsp;India to offer Russia to invest trapped rupees: Sergey Lavrov</a>

Also, all bilateral trade with Bhutan was also being conducted in rupees only.

"Rupee trade mechanism has been initiated to facilitate trade in national currency with Russia. As of July 2, RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks," the minister said in a written reply.

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India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee.

India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee. In an interview with the news channel NDTV, Sitharaman said, “Also many of those countries are running short on dollar reserves, but yet their basic trade cannot be stopped." "So they see the Indian rupee as a stable currency," she added. The minister also added that India better understands the needs of the developing world and its leadership aimed at bringing them aboard the global developmental agenda. Watch: Rupee inches to replace Dollar in global trade; 18 countries agree on rupee-trade mechanism × "And for achieving their development goals, they find it easy to talk to us about having rupee trade," she said. It must be noted that the de-dollarisation efforts have gained momentum around the world in the wake of the Russia-Ukraine war. Countries around the world have grown insecure over the West’s monopoly of the global trade system after it slapped unilateral sanctions on Russia. Sitharaman hails G20 success The finance minister also hailed the historic G20 summit held in New Delhi last week as successful, adding that it gave hope for multilateralism. “The maturity with which Indian teams handled the G20 document at various stages makes it historic," Sitharaman said. "The team that largely consisted of women did brilliant work. There was a spirit of cooperation among the countries," she said, adding, “The spirit with which we worked that gave of hope of multilateralism.” Internationalisation of Indian Rupee Earlier in March, Indian media reported that at least 18 nations had agreed to settle their bilateral trade with India in rupees. India’s central bank, the Reserve Bank of India, had allowed 18 nations, such as Germany, Singapore, Sri Lanka, UK, Kenya and many others, to conduct bilateral trade in rupee. In fact, India has already begun trading in rupees with many of its neighbouring countries like Nepal and Bhutan. India’s Minister of State for Commerce and Industry Anupriya Patel had told Parliament in August that a significant part of the India-Nepal trade was being done in Indian rupees. Also read: India to offer Russia to invest trapped rupees: Sergey Lavrov Also, all bilateral trade with Bhutan was also being conducted in rupees only. "Rupee trade mechanism has been initiated to facilitate trade in national currency with Russia. As of July 2, RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks," the minister said in a written reply. WATCH WION LIVE HERE ×

At least 22 nations in talks with India to trade in rupee: Finance minister

The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept. 7)&nbsp;amid a firm American currency and elevated crude oil prices.

Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders.

Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand.

At the interbank foreign exchange, the rupee opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close.

On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21.

The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.

WATCH:&nbsp;German Chancellor Olaf Scholz: Excessive bureaucracy paralyses economy

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"We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 104.95.

Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel.

<a href="https://www.wionews.com/business-economy/forecast-chinas-slowdown-means-it-may-not-surpass-us-economy-632540">Also read:&nbsp;Forecast: China’s slowdown means it may not surpass US economy</a>

On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹ 3,245.86 crore, according to exchange data.

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The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept.

The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept. 7) amid a firm American currency and elevated crude oil prices. Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders. Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand. At the interbank foreign exchange, the rupee opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close. On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21. The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week. WATCH: German Chancellor Olaf Scholz: Excessive bureaucracy paralyses economy × "We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 104.95. Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel. Also read: Forecast: China’s slowdown means it may not surpass US economy On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹ 3,245.86 crore, according to exchange data. WATCH WION LIVE HERE ×

Indian rupee slides to lifetime low of 83.22 against USD, crude oil breaches $90/barrel mark

India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India,&nbsp;to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.&nbsp;

The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi.&nbsp;

The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure.

<h2>Rupee internationalisation: Which countries can trade in Indian Rupee?</h2>

According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.

In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-steps-up-rupees-internationalisation-for-sri-lankas-economic-recovery-589593">India steps up rupee's internationalisation for Sri Lanka's economic recovery</a>

"Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha.&nbsp;

<h2>Russia top proponent of de-dollarisation move</h2>

Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation."&nbsp;

On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports.

Also watch |&nbsp;The growing footprint of Indian rupee | In-Depth Analysis

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The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine.

Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade.

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India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.

India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session. The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi. The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure. Rupee internationalisation: Which countries can trade in Indian Rupee? According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom. In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]." Also read | India steps up rupee's internationalisation for Sri Lanka's economic recovery "Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha. Russia top proponent of de-dollarisation move Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation." On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports. Also watch | The growing footprint of Indian rupee | In-Depth Analysis × The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine. Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian Rupee bolsters New Delhi's economic might in 18 countries

Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20).

"In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi.

Making Indian rupee (INR) a designated foreign currency enables not only trade settlement between the two countries in INR but also Indian tourists coming to Sri Lanka can use INR for transactions.

<h2>Deepening financial and economic connection</h2>

Bagchi said that the utilisation will depend on India's private sector and people who engage in the trade sector.&nbsp;

"We would like to deepen this financial and economic connection. It will be premature to comment today on it, when the visit is tomorrow," he added.

The comments came hours before Sri Lankan President Ranil Wickremesinghe&nbsp;landed in the capital New Delhi to kickstart his two-day visit to India.

<h2>Wickremesinghe in India&nbsp;</h2>

Wickremesinghe was invited by Prime Minister Narendra Modi and is the first Sri Lankan leader to visit since the island nation was hit by an unprecedented economic crisis last year.

Notably, this is also the first time that the 74-year-old Sri Lankan leader is vising India since he assumed office in July 2022 after his predecessor, Gotabaya Rajapaksa, fled Sri Lanka amid massive public protests.

President Wickremesinghe is expected to meet his Indian counterpart Droupadi Murmu and discuss various issues of mutual interest with Prime Minister Narendra Modi and other Indian dignitaries, the Ministry of External Affairs said in a press release.

The Indian Ministry of External Affairs (MEA) in a press release noted, "Sri Lanka is an important partner in India's Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors."

<h2>India helping Sri Lanka</h2>

Meanwhile, Bagchi earlier in the day said that Wickremesinghe's India visit is a major one as the country has important, multifaceted relations with the island nation.

"This is a very important visit, it is a neighbouring country with whom we have very important relationship, we have multifaceted relations," he said.

Ever since Sri Lanka plunged into economic chaos, India has been helping the island country by providing aid, medicines and other essential items.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/i-am-ranil-wickremesinghe-not-ranil-rajapaksa-asserts-sri-lanka-president-617364">'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit</a>

Last year, India gave aid worth almost $4 billion, including currency support, deferred payment of loans and lines of credit for emergency purchases of food, fuel and medicines, to Sri Lanka.

Sri Lanka will now focus on grid connectivity between the two countries, port development and renewable energy projects, largely in the northern part of the island, when President Ranil Wickremesinghe visits India from July 21 for two days, Foreign Minister Ali Sabry told reporters on July 10.

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Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20). "In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi.

Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20). "In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi. Making Indian rupee (INR) a designated foreign currency enables not only trade settlement between the two countries in INR but also Indian tourists coming to Sri Lanka can use INR for transactions. Deepening financial and economic connection Bagchi said that the utilisation will depend on India's private sector and people who engage in the trade sector. "We would like to deepen this financial and economic connection. It will be premature to comment today on it, when the visit is tomorrow," he added. The comments came hours before Sri Lankan President Ranil Wickremesinghe landed in the capital New Delhi to kickstart his two-day visit to India. Wickremesinghe in India Wickremesinghe was invited by Prime Minister Narendra Modi and is the first Sri Lankan leader to visit since the island nation was hit by an unprecedented economic crisis last year. Notably, this is also the first time that the 74-year-old Sri Lankan leader is vising India since he assumed office in July 2022 after his predecessor, Gotabaya Rajapaksa, fled Sri Lanka amid massive public protests. President Wickremesinghe is expected to meet his Indian counterpart Droupadi Murmu and discuss various issues of mutual interest with Prime Minister Narendra Modi and other Indian dignitaries, the Ministry of External Affairs said in a press release. The Indian Ministry of External Affairs (MEA) in a press release noted, "Sri Lanka is an important partner in India's Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors." India helping Sri Lanka Meanwhile, Bagchi earlier in the day said that Wickremesinghe's India visit is a major one as the country has important, multifaceted relations with the island nation. "This is a very important visit, it is a neighbouring country with whom we have very important relationship, we have multifaceted relations," he said. Ever since Sri Lanka plunged into economic chaos, India has been helping the island country by providing aid, medicines and other essential items. Also read | 'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit Last year, India gave aid worth almost $4 billion, including currency support, deferred payment of loans and lines of credit for emergency purchases of food, fuel and medicines, to Sri Lanka. Sri Lanka will now focus on grid connectivity between the two countries, port development and renewable energy projects, largely in the northern part of the island, when President Ranil Wickremesinghe visits India from July 21 for two days, Foreign Minister Ali Sabry told reporters on July 10. WATCH WION LIVE HERE

Sri Lanka notifies Indian rupee as designated foreign currency, enabling trade

After the signing of a currency pact between India and the United Arab Emirates, Sri Lankan president Ranil Wickremesinghe has made a statement hinting at settling Sri Lanka's trade in the Indian rupee. The Sri Lankan president said that he would like to see the Indian rupee being used as much as the US dollar for foreign trade.

Sri Lanka to consider trade in Indian rupee

Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday. This move comes as Bangladesh aims to strengthen its declining foreign exchange reserves.

Traditionally, trade transactions in Bangladesh have been conducted exclusively in US dollars. However, Reuters reports that state-owned Sonali Bank and Eastern Bank have recently opened "nostro" accounts in rupees with India's State Bank of India and ICICI Bank, respectively.

<h2>Nostro bank accounts</h2>

The establishment of these nostro accounts will allow the banks to hold funds in rupees abroad and facilitate international trade and foreign exchange transactions, reports Reuters.

According to Afzal Karim, the managing director of Sonali Bank, "This is just the beginning. More banks will join us in the coming days."

The introduction of Indian rupee trade transactions is anticipated to alleviate pressure on Bangladesh's foreign reserves, he added.

Also read | <a href="https://www.wionews.com/south-asia/taliban-orders-closure-of-hair-and-beauty-salons-in-afghanistan-further-restricting-womens-rights-611826">Taliban order closure of hair and beauty salons in Afghanistan, further restricting women's rights</a>

"It will ease pressure on the foreign reserves."

The exchange rate mechanism for these transactions will be determined on a cross-currency basis by individual banks, with a formal announcement scheduled for July 11, according to Ali Reza Iftekhar, the managing director of Eastern Bank.

<h2>Why did Bangladesh introduce transactions in Indian Rupee</h2>

Talking to Reuters, Iftekhar said that by incorporating the Indian Rupee in trade with India, Bangladesh aims to establish a convenient and cost-effective mechanism for cross-border transactions.

"The use of the Indian Rupee in India-Bangladesh trade provides a convenient and cost-effective mechanism for conducting cross-border transactions, contributing to the strengthening of economic ties between the two nations," he said.

<h2>Bilateral relationship and Bangladesh's financial troubles</h2>

India stands as Bangladesh's second-largest import source after China. In the year leading up to June 2022, Bangladesh's exports to India amounted to $2 billion, while imports from India reached $13.69 billion.

Also read | <a href="https://www.wionews.com/south-asia/pakistan-thieves-would-use-police-van-to-loot-cooking-oil-now-arrested-613018">Pakistan: Gang of thieves looting cooking oil busted; used police van for crime, three arrested</a>

Bangladesh has been facing challenges in paying for imported fuel due to a shortage of US dollars. Its dollar reserves have also seen a decline of over a third since Russia's invasion of Ukraine in February 2022, reaching a seven-year low of $31.60 billion.

The devaluation of Bangladesh's currency, the 'Taka', by more than a sixth in the past 12 months through May further adds to the country's economic struggles.

(With inputs from agencies)

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Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday.

Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday. This move comes as Bangladesh aims to strengthen its declining foreign exchange reserves. Traditionally, trade transactions in Bangladesh have been conducted exclusively in US dollars. However, Reuters reports that state-owned Sonali Bank and Eastern Bank have recently opened "nostro" accounts in rupees with India's State Bank of India and ICICI Bank, respectively. Nostro bank accounts The establishment of these nostro accounts will allow the banks to hold funds in rupees abroad and facilitate international trade and foreign exchange transactions, reports Reuters. According to Afzal Karim, the managing director of Sonali Bank, "This is just the beginning. More banks will join us in the coming days." The introduction of Indian rupee trade transactions is anticipated to alleviate pressure on Bangladesh's foreign reserves, he added. Also read | Taliban order closure of hair and beauty salons in Afghanistan, further restricting women's rights "It will ease pressure on the foreign reserves." The exchange rate mechanism for these transactions will be determined on a cross-currency basis by individual banks, with a formal announcement scheduled for July 11, according to Ali Reza Iftekhar, the managing director of Eastern Bank. Why did Bangladesh introduce transactions in Indian Rupee Talking to Reuters, Iftekhar said that by incorporating the Indian Rupee in trade with India, Bangladesh aims to establish a convenient and cost-effective mechanism for cross-border transactions. "The use of the Indian Rupee in India-Bangladesh trade provides a convenient and cost-effective mechanism for conducting cross-border transactions, contributing to the strengthening of economic ties between the two nations," he said. Bilateral relationship and Bangladesh's financial troubles India stands as Bangladesh's second-largest import source after China. In the year leading up to June 2022, Bangladesh's exports to India amounted to $2 billion, while imports from India reached $13.69 billion. Also read | Pakistan: Gang of thieves looting cooking oil busted; used police van for crime, three arrested Bangladesh has been facing challenges in paying for imported fuel due to a shortage of US dollars. Its dollar reserves have also seen a decline of over a third since Russia's invasion of Ukraine in February 2022, reaching a seven-year low of $31.60 billion. The devaluation of Bangladesh's currency, the 'Taka', by more than a sixth in the past 12 months through May further adds to the country's economic struggles. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. &nbsp;

Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar.

"Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," the minister told Reuters.

If Egypt ends up trading with India in rupee, it will join 18 other countries, including Germany, Kenya, Sri Lanka, Singapore, UK, where traders are allowed to import goods by paying in rupee.&nbsp;

The Egyptian minister's comment comes hours after Bloomberg reported that India was providing Egypt with a credit line worth an unspecified value. But he denied the report.&nbsp;

Moreover, Prime Minister Narendra Modi is set to visit Egypt later this month, as the two countries seek to become strategic partners.&nbsp;

The visit comes at a time when the cash-strapped country is trying to stabilise its economy.&nbsp;

The ongoing Ukraine war has rocked its tourism industry, raised commodity prices, and prompted foreign investors to pull about $20 billion out of its financial markets.

Inflation has risen sharply over the last year after a series of currency devaluations, a prolonged shortage of foreign currency and continuing delays in imports.

Recently, Egypt received a $3 billion package from the International Monetary Fund (IMF). Friendly Gulf nations too have&nbsp;pledged billions in investments to help the North African nation.&nbsp;

(With inputs from agencies)

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar.

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar. "Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," the minister told Reuters. If Egypt ends up trading with India in rupee, it will join 18 other countries, including Germany, Kenya, Sri Lanka, Singapore, UK, where traders are allowed to import goods by paying in rupee. The Egyptian minister's comment comes hours after Bloomberg reported that India was providing Egypt with a credit line worth an unspecified value. But he denied the report. Moreover, Prime Minister Narendra Modi is set to visit Egypt later this month, as the two countries seek to become strategic partners. The visit comes at a time when the cash-strapped country is trying to stabilise its economy. The ongoing Ukraine war has rocked its tourism industry, raised commodity prices, and prompted foreign investors to pull about $20 billion out of its financial markets. Inflation has risen sharply over the last year after a series of currency devaluations, a prolonged shortage of foreign currency and continuing delays in imports. Recently, Egypt received a $3 billion package from the International Monetary Fund (IMF). Friendly Gulf nations too have pledged billions in investments to help the North African nation. (With inputs from agencies)

Egypt looking to pay for imports from India in rupees: Report

India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well&nbsp;as aspects relating to Rupee trade".

Dr Pramod Kumar Mishra, a cabinet rank official in India's Prime Minister Narendra Modi's administration, met with Sri Lankan High Commissioner Milinda Moragoda in New Delhi on Friday to continue the bilateral dialogue between two South Asian neighbours on a number of issues, including on debt restructuring matters crucial for Colombo's economic recovery.&nbsp;

"The High Commissioner stressed the vital role that economic integration between the two countries could play in Sri Lanka's economic recovery," an official readout stated.&nbsp;

"High Commissioner Moragoda also followed up [Pramod Kumar Mishra] on a range of issues pertaining to the bilateral relationship that had been discussed during their last meeting in February," the readout added, while referring to a previous round of bilateral talks between New Delhi and Colombo that addressed former's support for latter's economic recovery alongside aforementioned matters of bilateral cooperation.

"The matters discussed included further economic integration between Sri Lanka and India, enhancing Indian investments and tourism in Sri Lanka, ways and means to further promote bilateral trade, cooperation in power and energy sector as well as aspects relating to Rupee trade," the official readout stated further.

Several banks in Sri Lanka have opened special rupee trading accounts, called Vostro accounts. This means that Sri Lankan citizens can now hold $10,000 (₹8,26,823) in physical form and for transactions with their Indian counterparts, they can use Indian rupees instead of US dollars.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-to-use-indian-rupee-for-international-trade-543895">Sri Lanka to use Indian rupee for international trade, more countries aim to follow</a>

India's Prime Minister Narendra Modi's administration since July 2022, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism.

ALSO WATCH |&nbsp;Sri Lanka mull using Indian rupee for economic transactions

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Designating Indian Rupee as a legal currency in Sri Lanka has provided India's coastal neighbour at its south much-needed liquidity support to help tide over its economic crisis amid inadequate availability of the US dollar.

Meanwhile, India's finance ministry has asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to proceed with an awareness campaign to sensitise stakeholders about the rupee trade.&nbsp;

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India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade".

India and Sri Lanka stepped up their talks to proceed with trade in Indian Rupee as New Delhi and Colombo look set to expand their bilateral cooperation in "power and energy sector as well as aspects relating to Rupee trade". Dr Pramod Kumar Mishra, a cabinet rank official in India's Prime Minister Narendra Modi's administration, met with Sri Lankan High Commissioner Milinda Moragoda in New Delhi on Friday to continue the bilateral dialogue between two South Asian neighbours on a number of issues, including on debt restructuring matters crucial for Colombo's economic recovery. "The High Commissioner stressed the vital role that economic integration between the two countries could play in Sri Lanka's economic recovery," an official readout stated. "High Commissioner Moragoda also followed up [Pramod Kumar Mishra] on a range of issues pertaining to the bilateral relationship that had been discussed during their last meeting in February," the readout added, while referring to a previous round of bilateral talks between New Delhi and Colombo that addressed former's support for latter's economic recovery alongside aforementioned matters of bilateral cooperation. "The matters discussed included further economic integration between Sri Lanka and India, enhancing Indian investments and tourism in Sri Lanka, ways and means to further promote bilateral trade, cooperation in power and energy sector as well as aspects relating to Rupee trade," the official readout stated further. Several banks in Sri Lanka have opened special rupee trading accounts, called Vostro accounts. This means that Sri Lankan citizens can now hold $10,000 (₹8,26,823) in physical form and for transactions with their Indian counterparts, they can use Indian rupees instead of US dollars. ALSO READ | Sri Lanka to use Indian rupee for international trade, more countries aim to follow India's Prime Minister Narendra Modi's administration since July 2022, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism. ALSO WATCH | Sri Lanka mull using Indian rupee for economic transactions × Designating Indian Rupee as a legal currency in Sri Lanka has provided India's coastal neighbour at its south much-needed liquidity support to help tide over its economic crisis amid inadequate availability of the US dollar. Meanwhile, India's finance ministry has asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to proceed with an awareness campaign to sensitise stakeholders about the rupee trade. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India steps up rupee's internationalisation for Sri Lanka's economic recovery

Bangladesh will trade in Indian Rupees with India and has decided to avoid the US Dollar. De-Dollarisation is now on the climb globally. Is this the end to the Dollar empire? Molly Gambhir reports.

Gravitas : Bangladesh to trade in rupees with India

India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced.

The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency.

The move comes in the wake of India making efforts to shift away from US dollars—the dominant reserve currency for international trade—as it has been appreciating against the local currency in the aftermath of the Russia-Ukraine war.

“Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,” the Ministry of External Affairs said in a statement.

“This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees.”

To facilitate settlement in Indian rupee, the Union Bank of India has opened a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia, based in Kuala Lumpur.

Vostro accounts are used to make payments in domestic currency.

In a separate statement, the India International Bank of Malaysia said, "IIBM now offers the facility to settle India-Malaysia bilateral trade in Indian Rupee (INR)...This new mechanism is also aligned with Malaysia's foreign exchange policies (FEP) as part of which Malaysian banks are allowed to undertake the settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia."

"Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded. IIBM will facilitate the traders in Malaysia for settlement of this trade in Indian Rupee (INR). For this purpose, IIBM has opened a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India," IIBM said.

Malaysia is the 27th largest investor in India with foreign direct investment of $ 300 million between April 2000 and June last year. The total FDI into India totalled around $ 298.8 million.

While the bilateral trade between both countries touched $13.86 billion in April-November 2022.

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India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced. The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency.

India and Malaysia have agreed to settle trade-related payments in Indian rupees, the New Delhi government has announced. The Indian foreign ministry made the announcement on Saturday and follows the directive of the country’s central bank—the Reserve Bank of India—which has been pushing for the settlement of international trade in Indian currency. The move comes in the wake of India making efforts to shift away from US dollars—the dominant reserve currency for international trade—as it has been appreciating against the local currency in the aftermath of the Russia-Ukraine war. “Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,” the Ministry of External Affairs said in a statement. “This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees.” To facilitate settlement in Indian rupee, the Union Bank of India has opened a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia, based in Kuala Lumpur. Vostro accounts are used to make payments in domestic currency. In a separate statement, the India International Bank of Malaysia said, "IIBM now offers the facility to settle India-Malaysia bilateral trade in Indian Rupee (INR)...This new mechanism is also aligned with Malaysia's foreign exchange policies (FEP) as part of which Malaysian banks are allowed to undertake the settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia." "Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded. IIBM will facilitate the traders in Malaysia for settlement of this trade in Indian Rupee (INR). For this purpose, IIBM has opened a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India," IIBM said. Malaysia is the 27th largest investor in India with foreign direct investment of $ 300 million between April 2000 and June last year. The total FDI into India totalled around $ 298.8 million. While the bilateral trade between both countries touched $13.86 billion in April-November 2022. WATCH WION LIVE HERE

India and Malaysia dump dollar, to settle trade in Indian rupee

India and Sri Lanka are exploring the possibility of using the Indian rupee for economic transactions and have discussed the initiative that will help in building a stronger and closer partnership between the two countries.

Sri Lanka mull using Indian rupee for economic transactions

India and Sri Lanka are exploring the possibility of using the Indian rupee for economic transactions and have discussed the initiative that will help in building a stronger and closer partnership through trade and investment-led measures between the two countries.

The High Commission of India here organised a discussion on the use of the Indian Rupee (INR) for transactions between India and Sri Lanka on Thursday.

"Representatives from the Bank of Ceylon, State Bank of India and the Indian Bank shared their experiences and informed the audience that they had started carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) in 2022," the High Commission said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/sri-lanka-optimistic-of-imf-bailout-by-end-of-march-thanks-india-for-support-foreign-minister-ali-sabry-569027">Sri Lanka optimistic of IMF bailout by end of March, thanks India for support: Foreign Minister Ali Sabry</a>

The participating banks also outlined the benefits of settlements denominated in INR, which include shorter timelines, lower exchange costs and easier availability of trade credits.

The beneficial impact of this initiative on the tourism and hospitality industry was also highlighted including its role in helping increase collections which could be utilised by other sectors.

High Commissioner of India to Sri Lanka Gopal Baglay highlighted the positive impact that the initiative will have in the joint efforts for building a stronger and closer economic partnership between the two countries through trade and investment-led measures.

Sri Lanka's finance minister Shehan Semasinghe appreciated the close economic relationship between the two countries and the financial and humanitarian support extended by India over the past year, including the strong financing assurances provided by New Delhi, in the context of the IMF support programme for Sri Lanka. 
India extended assistance worth over USD 3.8 billion to Sri Lanka last year to help it deal with the economic crisis.

Governor of the CBSL, Dr P Nandalal Weerasinghe, highlighted the strong desire among Indian and Sri Lankan business communities for enabling trade settlements in INR.

He called for expanding this facility, over a period of time, to utilise it for the full range of capital and current account transactions. He also appreciated the wide-ranging participation from stakeholders in Sri Lanka and India which included more than 300 attendees in the physical format, apart from those that joined online, according to a report in The Island newspaper.

A team from RBI joined the discussion in the online format and indicated the possibility of settlement of current account transactions in goods, as well as services, in INR, apart from the option of undertaking permitted capital account transactions. The RBI team referred to the close cooperation with CBSL and RBI's commitment to further facilitate this process, it said.

Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country which led to the ouster of the all-powerful Rajapaksa family.

The IMF in September last year approved Sri Lanka a USD 2.9 billion bailout package over 4 years pending Sri Lanka's ability to restructure its debt with creditors - both bilateral and sovereign bondholders. With assurances from creditors, the USD 2.9 billion facilities could get the IMF board approval in March. 
&nbsp;

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India and Sri Lanka are exploring the possibility of using the Indian rupee for economic transactions and have discussed the initiative that will help in building a stronger and closer partnership through trade and investment-led measures between the two countries.

India and Sri Lanka are exploring the possibility of using the Indian rupee for economic transactions and have discussed the initiative that will help in building a stronger and closer partnership through trade and investment-led measures between the two countries. The High Commission of India here organised a discussion on the use of the Indian Rupee (INR) for transactions between India and Sri Lanka on Thursday. "Representatives from the Bank of Ceylon, State Bank of India and the Indian Bank shared their experiences and informed the audience that they had started carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) in 2022," the High Commission said in a statement. Also read | Sri Lanka optimistic of IMF bailout by end of March, thanks India for support: Foreign Minister Ali Sabry The participating banks also outlined the benefits of settlements denominated in INR, which include shorter timelines, lower exchange costs and easier availability of trade credits. The beneficial impact of this initiative on the tourism and hospitality industry was also highlighted including its role in helping increase collections which could be utilised by other sectors. High Commissioner of India to Sri Lanka Gopal Baglay highlighted the positive impact that the initiative will have in the joint efforts for building a stronger and closer economic partnership between the two countries through trade and investment-led measures. Sri Lanka's finance minister Shehan Semasinghe appreciated the close economic relationship between the two countries and the financial and humanitarian support extended by India over the past year, including the strong financing assurances provided by New Delhi, in the context of the IMF support programme for Sri Lanka. India extended assistance worth over USD 3.8 billion to Sri Lanka last year to help it deal with the economic crisis. Governor of the CBSL, Dr P Nandalal Weerasinghe, highlighted the strong desire among Indian and Sri Lankan business communities for enabling trade settlements in INR. He called for expanding this facility, over a period of time, to utilise it for the full range of capital and current account transactions. He also appreciated the wide-ranging participation from stakeholders in Sri Lanka and India which included more than 300 attendees in the physical format, apart from those that joined online, according to a report in The Island newspaper. A team from RBI joined the discussion in the online format and indicated the possibility of settlement of current account transactions in goods, as well as services, in INR, apart from the option of undertaking permitted capital account transactions. The RBI team referred to the close cooperation with CBSL and RBI's commitment to further facilitate this process, it said. Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country which led to the ouster of the all-powerful Rajapaksa family. The IMF in September last year approved Sri Lanka a USD 2.9 billion bailout package over 4 years pending Sri Lanka's ability to restructure its debt with creditors - both bilateral and sovereign bondholders. With assurances from creditors, the USD 2.9 billion facilities could get the IMF board approval in March. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India, Sri Lanka mull using Indian rupee for economic transactions

India is hopeful of a rupee trade with Russia. The government data showed a near 400% jump in Russian merchandise imports from April-December. Watch further to know more.

World Business Watch: Indian rupee's expanding ambition

Days after the Central Bank of Sri Lanka (CBSL) said that it was awaiting the Reserve Bank of India's (RBI) approval to designate Indian Rupee (INR) as a foreign currency in Sri Lanka, reports have emerged saying banks from India's neighbouring island nation have opened special rupee trading accounts, called Vostro accounts.&nbsp; 
 
Sri Lanka had requested the RBI to facilitate and promote trade and tourism in the SAARC region.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-india-pushes-for-trade-in-rupee-532702">Gravitas: India pushes for trade in rupee</a>

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&nbsp;

What does it mean?

It means that Sri Lankan citizens can now hold $10,000 (INR 8,26,823) in physical form. This also means that Sri Lankans and Indians can use Indian rupees instead of US dollars for international transactions with each other. The Indian government since July this year, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/rupee-settlement-will-help-india-trade-with-russia-iran-and-south-asian-neighbours-experts-496677">Rupee settlement will help India trade with Russia, Iran and S Asian neighbours</a>&nbsp;

Special rupee accounts for international transactions between designated countries are called Vostro accounts.&nbsp;

Why Sri Lanka is keen to trade in INR?

This is because designating INR as a legal currency in Sri Lanka will provide the country with much-needed liquidity support to help it tide over its economic crisis amid inadequate availability of the US dollar.&nbsp;

With a foreign currency (in Sri Lanka's case the INR), the country's economy is more likely to prevent further intensification of the balance of payments crisis when the investors begin selling off in domestic currency.

India's efforts for Rupee's internationalisation?

So far, India's central bank has given approval to banks to open 12 Vostro accounts for trade in rupees with Russia. Six other accounts, including five for trade with Sri Lanka and one for trade with Mauritius, have also been authorised, a Reserve Bank of India document cited by Economic Times showed. Countries such as Tajikistan, Cuba, Luxembourg and Sudan, too, reportedly are in talks about using the rupee settlement mechanism.&nbsp;

India's finance ministry has also asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to begin an awareness campaign to sensitise stakeholders about the rupee trade.&nbsp;

The Reserve Bank of India in July had notified the new mechanism for settling international trade in the rupee. This was aimed at not just reducing the rupee against the dollar but also internationalising the Indian currency.

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Days after the Central Bank of Sri Lanka (CBSL) said that it was awaiting the Reserve Bank of India's (RBI) approval to designate Indian Rupee (INR) as a foreign currency in Sri Lanka, reports have emerged saying banks from India's neighbouring island nation have opened special rupee trading accounts, called Vostro accounts.

Days after the Central Bank of Sri Lanka (CBSL) said that it was awaiting the Reserve Bank of India's (RBI) approval to designate Indian Rupee (INR) as a foreign currency in Sri Lanka, reports have emerged saying banks from India's neighbouring island nation have opened special rupee trading accounts, called Vostro accounts. Sri Lanka had requested the RBI to facilitate and promote trade and tourism in the SAARC region. WATCH | Gravitas: India pushes for trade in rupee × What does it mean? It means that Sri Lankan citizens can now hold $10,000 (INR 8,26,823) in physical form. This also means that Sri Lankans and Indians can use Indian rupees instead of US dollars for international transactions with each other. The Indian government since July this year, has been looking to bring countries that are short of dollars, into its rupee settlement mechanism. ALSO READ | Rupee settlement will help India trade with Russia, Iran and S Asian neighbours Special rupee accounts for international transactions between designated countries are called Vostro accounts. Why Sri Lanka is keen to trade in INR? This is because designating INR as a legal currency in Sri Lanka will provide the country with much-needed liquidity support to help it tide over its economic crisis amid inadequate availability of the US dollar. With a foreign currency (in Sri Lanka's case the INR), the country's economy is more likely to prevent further intensification of the balance of payments crisis when the investors begin selling off in domestic currency. India's efforts for Rupee's internationalisation? So far, India's central bank has given approval to banks to open 12 Vostro accounts for trade in rupees with Russia. Six other accounts, including five for trade with Sri Lanka and one for trade with Mauritius, have also been authorised, a Reserve Bank of India document cited by Economic Times showed. Countries such as Tajikistan, Cuba, Luxembourg and Sudan, too, reportedly are in talks about using the rupee settlement mechanism. India's finance ministry has also asked the Indian Banks’ Association (IBA) and the Federation of Indian Export Organisations (FIEO) to begin an awareness campaign to sensitise stakeholders about the rupee trade. The Reserve Bank of India in July had notified the new mechanism for settling international trade in the rupee. This was aimed at not just reducing the rupee against the dollar but also internationalising the Indian currency. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lanka to use Indian rupee for international trade, more countries aim to follow

Who decides the value of your currency? Why is it that one day the value of Rupee rises and the next day it falls again? Why is the value of Rupee dependent on U.S. Dollar? Molly Gambhir tells you.

Gravitas Plus: Who decides the value of your currency? Find out

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time&nbsp;low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

While the previous all-time low was 82.63, the rupee dipped to record low of 83.22.

Also read |&nbsp;<a href="https://www.wionews.com/world/iranian-trainers-reportedly-teaching-russian-military-about-drones-in-crimea-526668">Iranian trainers reportedly teaching Russian military about drones in Crimea</a>

According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee.

The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday.

The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-accelerates-to-40-year-high-amid-rising-food-prices-526733">UK inflation accelerates to 40-year high amid rising food prices</a>

Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent.

On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

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The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom. While the previous all-time low was 82.63, the rupee dipped to record low of 83.22. Also read | Iranian trainers reportedly teaching Russian military about drones in Crimea According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee. The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday. The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark. Also read | UK inflation accelerates to 40-year high amid rising food prices Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent. On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

Indian rupee falls to record low against United States dollar, crosses 83-mark

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