India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees.

Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far."

That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa.

The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices.

The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius.

What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year.

The rupee has repeatedly breached several record lows against the dollar over the past year.

The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever.

The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks.

Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment.

<h2>Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner'</h2>

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The Reserve Bank of India announced the settlement of international trade in rupees plan in July.&nbsp;But seven months since, the system is mostly restricted to payments for the import of defence equipment.

India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency.

Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions.

Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq.

Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently.

India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year.

But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful.

(With inputs from agencies)

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India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports. A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees. Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far." That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa. The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices. The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius. What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year. The rupee has repeatedly breached several record lows against the dollar over the past year. The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever. The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks. Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment. Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner' The Reserve Bank of India announced the settlement of international trade in rupees plan in July. But seven months since, the system is mostly restricted to payments for the import of defence equipment. India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency. Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions. Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq. Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently. India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year. But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful. (With inputs from agencies) WATCH WION LIVE HERE

India's soaring Russian oil imports are hurting the rupee trade plan

The Pakistani rupee fell 10% against the dollar on Thursday, central bank data showed - the biggest drop in over two decades. Watch this report to know more.

In two days, Pakistani Rupee lost close to 10% of its value

According to reports, Pakistan is said to be facing an economic collapse, similar to what has happened with Sri Lanka. The country's rupee has fallen more sharply than expected.

Pakistan's rupee falling faster than expected, more pain ahead

India is optimistic that the repeat trade with Russia will increase in the future after both countries finalize terms to enable commerce in local currencies.

WION Fineprint: Will rupee trade with Russia increase?

Pakistan needs to answer many questions. The country's economy is in the doldrums and its impact has left no one untouched. Its resources are bleeding with no funds coming Islamabad's way.

IMF to Pakistan: Time to take ‘required actions’; rupee devalued at Rs 220 against a dollar

India currency's - the rupee - is set to get used in international trade with some countries after India's Central Bank approved banks to open the 'Vostro accounts' for trade with Sri Lanka using the money trading.

What is 'Vostro Account'? India initiates foreign trade with rupee

A report claims India is in talks with multiple partners to initiate trading in the Indian rupee. Molly Gambhir tells you more.

Gravitas: India pushes for trade in rupee

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence.

The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures.&nbsp;

Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032.&nbsp;

In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point.

The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade.

“Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint.

Also Read:<a href="https://www.wionews.com/world/famous-moai-statues-irreparably-damaged-due-to-easter-island-fire-523300">&nbsp;Famous moai statues 'irreparably' damaged due to Easter Island fire</a>

Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains.&nbsp;

Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two&nbsp;million barrels per day.&nbsp;

However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister.&nbsp;

If oil prices rise higher, analysts predict greater currency depreciation.

(with inputs from agencies)

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The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures. Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032. In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point. The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade. “Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint. Also Read: Famous moai statues 'irreparably' damaged due to Easter Island fire Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains. Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two million barrels per day. However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister. If oil prices rise higher, analysts predict greater currency depreciation. (with inputs from agencies)

Rupee hits record low of 82 against US dollar after OPEC+ production cut plan

Rising oil prices in a strong dollar has resulted in Indian currency touching a record low this morning, crossing the 82 against a dollar mark for the very first time.

India: No peace for rupee, mighty dollar thunders on; currency has fallen over 10% this year

The Taliban administration has reportedly banned the use of Pakistani currency, the rupee, in the country.&nbsp;According to news agency Khaama Press, the Taliban Intelligence Agency’s Anti-Money Laundering Branch has ordered the Association of Money Exchange Dealers in a letter to “completely ban” the use of Pakistani Rupees in financial transactions in Afghanistan

The letter states that all financial transactions, including but not limited to transfers, trade, and currency exchange, are disallowed, the news agency reported.

The move would deal a major blow to the locals and traders who use Pakistani Rupees for everyday spending and food purchases.

Apart from that, the money exchange dealers have been banned from conducting transactions totalling more than 500,000 rupees.

“If more than the specified amount is discovered, the dealers could face legal action,” the letter stated.

Afghanistan’s economy has been in tatters ever since the Taliban stormed back to power last year.

The World Bank and the International Monetary Fund have predicted a contraction of the economy by a further one-third by the end of 2022.

Also read |&nbsp;<a href="https://www.wionews.com/node/522390" hreflang="en">Two minors served acid in water bottle at eatery in Pakistan, manager arrested</a>

According to the United Nations, half of the country’s 39 million people need humanitarian assistance.

To make matters worse, the US froze nearly $9.5 billion in assets belonging to the Afghan central bank and stopped shipments of cash to the nation.

Of the total amount, only $3.5 billion was released by the Biden administration which has established a foundation to spend that amount to benefit Afghans.

The trust, which is based in Switzerland, will use the money to help address the unfolding economic and humanitarian crisis in Afghanistan — while keeping the funds out of the hands of the Taliban.

(With inputs from agencies)

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The Taliban administration has reportedly banned the use of Pakistani currency, the rupee, in the country. According to news agency Khaama Press, the Taliban Intelligence Agency’s Anti-Money Laundering Branch has ordered the Association of Money Exchange Dealers in a letter to “completely ban” the use of Pakistani Rupees in financial transactions in Afghanistan The letter states that all financial transactions, including but not limited to transfers, trade, and currency exchange, are disallowed, the news agency reported.

The Taliban administration has reportedly banned the use of Pakistani currency, the rupee, in the country. According to news agency Khaama Press, the Taliban Intelligence Agency’s Anti-Money Laundering Branch has ordered the Association of Money Exchange Dealers in a letter to “completely ban” the use of Pakistani Rupees in financial transactions in Afghanistan The letter states that all financial transactions, including but not limited to transfers, trade, and currency exchange, are disallowed, the news agency reported. The move would deal a major blow to the locals and traders who use Pakistani Rupees for everyday spending and food purchases. Apart from that, the money exchange dealers have been banned from conducting transactions totalling more than 500,000 rupees. “If more than the specified amount is discovered, the dealers could face legal action,” the letter stated. Afghanistan’s economy has been in tatters ever since the Taliban stormed back to power last year. The World Bank and the International Monetary Fund have predicted a contraction of the economy by a further one-third by the end of 2022. Also read | Two minors served acid in water bottle at eatery in Pakistan, manager arrested According to the United Nations, half of the country’s 39 million people need humanitarian assistance. To make matters worse, the US froze nearly $9.5 billion in assets belonging to the Afghan central bank and stopped shipments of cash to the nation. Of the total amount, only $3.5 billion was released by the Biden administration which has established a foundation to spend that amount to benefit Afghans. The trust, which is based in Switzerland, will use the money to help address the unfolding economic and humanitarian crisis in Afghanistan — while keeping the funds out of the hands of the Taliban. (With inputs from agencies) WATCH WION LIVE HERE:

Taliban ban use of Pakistani currency in Afghanistan, transactions over 500,000 rupees

Amid fears of a global slowdown compounded by investors' risk aversion to equity markets, Rupee tumbled to a new low on Monday. Reportedly, the Indian currency fell 38 paise to hit an all-time low of 81.

Amid fears of a global slowdown compounded by investors' risk aversion to equity markets, Rupee tumbled to a new low on Monday. Reportedly, the Indian currency fell 38 paise to hit an all-time low of 81.47 against the US greenback before closing the day at 81.6225 per dollar. Notably, the rupee had reached a low of 81.22 on Friday, prompting the Reserve Bank of India (RBI) to quickly sell dollars. Consequently, the rupee had a little breather. The Indian rupee taking a beating comes in the backdrop of a hawkish US Fed hiking interest rates by 75 basis points to 3-3.25 per cent last week. This was the third straight time that the Fed had announced a hike, primarily meant to arrest the sky-inflation rates in the country. However, it instantly lead to a mismatch in the global economies. The two major currencies in Asia, the yen and the yuan have tumbled as well due to investors fearing that the Asian market may experience crisis-level stress once again. Read more: Indian rupee hits new low, slips below 81-mark against US dollar for the first time ever It is pertinent to note that most major currencies across the globe have been struggling and depreciating against the US dollar. Speaking on the currency fluctuation, Union Finance Minister Nirmala Sitharaman last week stated that Indian Rupee 'held up very well' against the US dollar when compared to other currencies. "If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies, it is the Indian rupee. We have held back very well," said Sitharaman. The RBI Monetary Policy Committee (MPC) meeting is scheduled to be held later this week. The investors are keeping a close eye on the developments that come from the meeting. However, the sentiment leading to the meeting is rather downbeat amongst the investors. Experts believe that the rupee will tumble as risk-off sentiment takes the dollar index to 113.70 and sterling to 1.0557 against the dollar. Read more: Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure (With inputs from agencies) WATCH WION LIVE HERE:

Rupee tumbles to a new record low. Closes at 81.62 per dollar

After the aggressive 75 basis points hike in interest rates by the US federal reserve, central banks across the globe hiked their key lending rates which sent jitters across the market. Rupee also touched all-time low against dollar.

US Fed rate hike sends jitters; dollar gains strength against other currencies

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time ever in early trade on Friday, weighed down by the strong American currency and risk-off sentiment among investors.&nbsp;

Forex traders said escalation of geopolitical risk in&nbsp;Ukraine&nbsp;and rate hikes by the US&nbsp;Fed&nbsp;and Bank of&nbsp;England&nbsp;in a bid to contain&nbsp;inflation&nbsp;sapped risk appetite.&nbsp;

Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.&nbsp;

At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-external-affairs-minister-s-jaishankar-attends-brics-ministerial-meet-on-sidelines-of-unga-518899" hreflang="en">Indian External Affairs Minister S Jaishankar attends BRICS ministerial meet on sidelines of UNGA</a>

On Thursday, the rupee plunged by 83 paise — its biggest single-day loss in nearly seven months — to close at an all-time low of 80.79 against the US dollar.&nbsp;

The&nbsp;Bank of England hiked&nbsp;its base rate by 50 basis points (bps) to a 14-year high of 2.25 per cent.&nbsp;

The Bank of Japan intervened in the FX market for the&nbsp;first time in 24 years&nbsp;to stem a falling Yen after it kept rates at record lows, IFA Global Research Academy said, adding that the Swiss National Bank hiked rates by a record 75 bps to 0.5 per cent.&nbsp;

The US Fed has hiked interest rates by 75 basis points to 3-3.25 per cent.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/un-memo-says-pakistan-should-suspend-debt-repayments-following-devastating-floods-reports-518889">UN memo says Pakistan should suspend debt repayments: Reports</a>

On Thursday, RBI was conspicuous by its absence from the spot market as the rupee fell by 1 per cent possibly as it wanted the rupee to do the catching up, said Anil Kumar Bhansali, head of rreasury, Finrex Treasury Advisors.&nbsp;

“All major events are over for this month as we await RBI’s MPC to give its verdict on September 30, 2022,” Bhansali added.&nbsp;

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.05 per cent to 111.41.&nbsp;

Global oil benchmark Brent crude futures fell 0.57 per cent to USD 89.94 per barrel.&nbsp;

On the domestic equity market front, the 30-share&nbsp;BSE Sensex was trading&nbsp;558.59 points or 0.94 per cent down at 58,561.13, while the broader NSE Nifty fell 153.10 points or 0.87 per cent to 17,476.70.&nbsp;

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,509.55 crore, as per exchange data.&nbsp;

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time ever in early trade on Friday, weighed down by the strong American currency and risk-off sentiment among investors.

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time ever in early trade on Friday, weighed down by the strong American currency and risk-off sentiment among investors. Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite. Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit. At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing. Also read | Indian External Affairs Minister S Jaishankar attends BRICS ministerial meet on sidelines of UNGA On Thursday, the rupee plunged by 83 paise — its biggest single-day loss in nearly seven months — to close at an all-time low of 80.79 against the US dollar. The Bank of England hiked its base rate by 50 basis points (bps) to a 14-year high of 2.25 per cent. The Bank of Japan intervened in the FX market for the first time in 24 years to stem a falling Yen after it kept rates at record lows, IFA Global Research Academy said, adding that the Swiss National Bank hiked rates by a record 75 bps to 0.5 per cent. The US Fed has hiked interest rates by 75 basis points to 3-3.25 per cent. Also read | UN memo says Pakistan should suspend debt repayments: Reports On Thursday, RBI was conspicuous by its absence from the spot market as the rupee fell by 1 per cent possibly as it wanted the rupee to do the catching up, said Anil Kumar Bhansali, head of rreasury, Finrex Treasury Advisors. “All major events are over for this month as we await RBI’s MPC to give its verdict on September 30, 2022,” Bhansali added. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.05 per cent to 111.41. Global oil benchmark Brent crude futures fell 0.57 per cent to USD 89.94 per barrel. On the domestic equity market front, the 30-share BSE Sensex was trading 558.59 points or 0.94 per cent down at 58,561.13, while the broader NSE Nifty fell 153.10 points or 0.87 per cent to 17,476.70. Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,509.55 crore, as per exchange data.

Indian rupee hits new low, slips below 81-mark against US dollar for the first time ever

India and Argentina have agreed to firm up ties whilst simultaneously agreeing to increase engagement in defence and trade. The Latin American country has shown interest in India's indigenously developed TEJAS fighter aircraft, manufactured under the 'Make&nbsp;in India' campaign for its Air Force.

"EAM, acknowledging Argentine interest in the Made in India TEJAS fighter aircrafts for Argentine Air Force, highlighted importance of the proposal in enhancing strategic quotient of the bilateral relationship."&nbsp;read the joint press statement released after the Joint Commission Meeting (JCM).&nbsp;

The JCM took place between India's external affairs minister Dr S Jaishankar and Argentina's foreign minister Santiago Cafiero. It is pertinent to note that apart from Argentina, countries such as Australia, Egypt, the USA, Indonesia, and the Philippines have also shown interest in LCA aircraft which is manufactured by Hindustan Aeronautics Limited (HAL). However, Argentina is the first country in Latin America to show interest in Tejas, which is a single-engine, lightweight supersonic fighter.

Read more:&nbsp;<a href="https://www.wionews.com/india-news/outgoing-vietnam-envoy-pham-sanh-chau-emphasises-on-strong-defense-ties-with-india-510653">Outgoing Vietnam envoy Pham Sanh Chau emphasises on strong defense ties with India</a>

Both countries have also agreed to "request the Central Banks to carry out studies for the development of a payment mechanism in local currencies" so that trade between the two countries can transpire without the use of a third currency. This development comes in the backdrop of more and more countries being keen to use local currencies for trade instead of the dollar.

In the past, India has used the Rupee-Rial and Rupee-Ruble mechanism to trade with Iran and Russia. In July, India's central bank RBI issued an order that allowed international trade in rupee, a move that not only benefits Russia but many countries in the neighbourhood.

Meanwhile, Argentina has said that India has expressed its support for the country's membership in an expanded BRICS grouping. This has been part of ongoing discussions between the two foreign ministers, dating back to the bilateral meeting between the two ministers on the sidelines of the Bali G20 Foreign ministers' meet, held earlier this year in July.&nbsp;

Countries like Iran, and Algeria are&nbsp;also keen to become a member of the over-decade-old grouping which has Brazil, Russia, India, China and South Africa.

Read more:&nbsp;<a href="https://www.wionews.com/india-news/external-affairs-minister-dr-s-jaishankar-to-travel-to-uae-510328">External affairs minister Dr. S. Jaishankar to travel to UAE</a>

In the joint statement, India reiterated its "support to the resumption of negotiations to find a solution to the sovereignty issue relating to the Question of the Malvinas Islands" in accordance with the "Resolutions of the UNGA and the Special Committee on Decolonization".&nbsp;

While Argentina calls it Malvinas Islands, the UK calls it Falkland island, and both fought over it in the early 1980s. Argentina has also extended support to India’s membership of the Nuclear Suppliers Group and the country's upcoming G20 Presidency.

The External Affairs minister was on a visit to South America, during which he visited Brazil, Paraguay and Argentina. While in Brazil and Argentina, EAM co-chaired the Joint Commission Meetings (JCM) with his counterparts, in Paraguay he inaugurated the premises of the newly opened Indian Embassy which started functioning in January 2022. This was EAM’s first visit to the South American region in the current capacity.

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&nbsp;

India and Argentina have agreed to firm up ties whilst simultaneously agreeing to increase engagement in defence and trade. The Latin American country has shown interest in India's indigenously developed TEJAS fighter aircraft, manufactured under the 'Make in India' campaign for its Air Force.

India and Argentina have agreed to firm up ties whilst simultaneously agreeing to increase engagement in defence and trade. The Latin American country has shown interest in India's indigenously developed TEJAS fighter aircraft, manufactured under the 'Make in India' campaign for its Air Force. "EAM, acknowledging Argentine interest in the Made in India TEJAS fighter aircrafts for Argentine Air Force, highlighted importance of the proposal in enhancing strategic quotient of the bilateral relationship." read the joint press statement released after the Joint Commission Meeting (JCM). The JCM took place between India's external affairs minister Dr S Jaishankar and Argentina's foreign minister Santiago Cafiero. It is pertinent to note that apart from Argentina, countries such as Australia, Egypt, the USA, Indonesia, and the Philippines have also shown interest in LCA aircraft which is manufactured by Hindustan Aeronautics Limited (HAL). However, Argentina is the first country in Latin America to show interest in Tejas, which is a single-engine, lightweight supersonic fighter. Read more: Outgoing Vietnam envoy Pham Sanh Chau emphasises on strong defense ties with India Both countries have also agreed to "request the Central Banks to carry out studies for the development of a payment mechanism in local currencies" so that trade between the two countries can transpire without the use of a third currency. This development comes in the backdrop of more and more countries being keen to use local currencies for trade instead of the dollar. In the past, India has used the Rupee-Rial and Rupee-Ruble mechanism to trade with Iran and Russia. In July, India's central bank RBI issued an order that allowed international trade in rupee, a move that not only benefits Russia but many countries in the neighbourhood. Meanwhile, Argentina has said that India has expressed its support for the country's membership in an expanded BRICS grouping. This has been part of ongoing discussions between the two foreign ministers, dating back to the bilateral meeting between the two ministers on the sidelines of the Bali G20 Foreign ministers' meet, held earlier this year in July. Countries like Iran, and Algeria are also keen to become a member of the over-decade-old grouping which has Brazil, Russia, India, China and South Africa. Read more: External affairs minister Dr. S. Jaishankar to travel to UAE In the joint statement, India reiterated its "support to the resumption of negotiations to find a solution to the sovereignty issue relating to the Question of the Malvinas Islands" in accordance with the "Resolutions of the UNGA and the Special Committee on Decolonization". While Argentina calls it Malvinas Islands, the UK calls it Falkland island, and both fought over it in the early 1980s. Argentina has also extended support to India’s membership of the Nuclear Suppliers Group and the country's upcoming G20 Presidency. The External Affairs minister was on a visit to South America, during which he visited Brazil, Paraguay and Argentina. While in Brazil and Argentina, EAM co-chaired the Joint Commission Meetings (JCM) with his counterparts, in Paraguay he inaugurated the premises of the newly opened Indian Embassy which started functioning in January 2022. This was EAM’s first visit to the South American region in the current capacity. WATCH WION LIVE HERE:

Argentina shows interest in India's Tejas fighter aircraft; wants to trade in local currencies too

The rupee is falling day by day. On Monday, it fell to the level of 80 for the first time against the dollar. However, in the end, it closed at 79.98 with a fall of 16 paise. The rupee opened at 79.76 in the interbank foreign exchange market and touched a psychological low of 80 during trading. However, later the situation improved and it closed at 79.98. On Friday, it closed at Rs 79.82 per dollar, up by 17 paise against the dollar. Now again it hit its all-time low and breached the psychological mark of 80 per dollar on Tuesday.&nbsp;

What is the meaning of "falling rupee"?

A fall in the rupee against the dollar in the forex market means that the Indian currency is weakening. This means, that while importing from the United States or any country, India will have to pay more because the payment is done in dollars,i.e., less import cost more.

Sectors being affected&nbsp;

India imports 20.96 per cent of its GDP. It includes mineral fuels, oils, electrical machinery, nuclear reactors, mechanical appliances, jewellery and many more. As all these imports are done in dollars so the weakening of the Indian currency against the dollar is affecting these sectors.&nbsp;

1. Oil and Gas

India imports over 85 per cent&nbsp;of oil and half of the gas it consumes. As the dollar is touching the sky, this sector is adversely impacted. Crude importers (Indian Oil, BPCL, HPCL, RIL, Nayara), as well as gas importers (GAIL, GSPC), will have to face a rise in purchase costs.&nbsp;

2. FMCG

Major raw materials such as crude and palm oil derivatives are imported and account for about half of the input cost. And now companies are increasing the prices to compensate for the higher input cost.&nbsp;

3. Electronics&nbsp;

On average, India imports $56.73 Billion in electrical, and electronic equipment in 2021. About 40-60 per cent&nbsp;of the total input cost including components is imported; In smartphones, around 70-80 per cent&nbsp;of the input cost is imported. Now that the value of the dollar has increased, then their cost will also likely increase.&nbsp;

4. Telecom Services

Telecom companies spend around $6 billion annually on importing network gear. Gear imports become more expensive due to the depreciation of the rupee.&nbsp;

5. Renewable Energy

Indian solar plants are largely dependent on imported solar cells and modules. This will increase the cost of the project, higher tariffs in future bids and so on.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a>

Why is the rupee falling?

The main reason for this fall in the rupee is the rise in crude oil prices, foreign investors withdrawing money from the Indian market and the monotonous environment of domestic business. Brent crude futures, the global oil benchmark, jumped 0.72 per cent to $123.15 per barrel. According to provisional stock market data, foreign institutional investors were net sellers in the capital market. In June, Foreign Institutional Investors (FII) have withdrawn a record ₹50,203 crores from the stock market.&nbsp;

How will it affect you?

The devaluation of the rupee will make imports costlier. Since the rupee has weakened against the dollar, importers will now pay more for the same quantity and price.&nbsp;People who are aiming to study abroad during this time would see an increase in the amount of the fees.&nbsp;People residing abroad who send money to their families in India would cost more as they will end up sending more in terms of the rupee.&nbsp;On the other hand, the depreciation of the rupee makes exports cheaper.&nbsp;

&nbsp;

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The rupee is falling day by day. On Monday, it fell to the level of 80 for the first time against the dollar. However, in the end, it closed at 79.98 with a fall of 16 paise.

The rupee is falling day by day. On Monday, it fell to the level of 80 for the first time against the dollar. However, in the end, it closed at 79.98 with a fall of 16 paise. The rupee opened at 79.76 in the interbank foreign exchange market and touched a psychological low of 80 during trading. However, later the situation improved and it closed at 79.98. On Friday, it closed at Rs 79.82 per dollar, up by 17 paise against the dollar. Now again it hit its all-time low and breached the psychological mark of 80 per dollar on Tuesday. What is the meaning of "falling rupee"? A fall in the rupee against the dollar in the forex market means that the Indian currency is weakening. This means, that while importing from the United States or any country, India will have to pay more because the payment is done in dollars,i.e., less import cost more. Sectors being affected India imports 20.96 per cent of its GDP. It includes mineral fuels, oils, electrical machinery, nuclear reactors, mechanical appliances, jewellery and many more. As all these imports are done in dollars so the weakening of the Indian currency against the dollar is affecting these sectors. 1. Oil and Gas India imports over 85 per cent of oil and half of the gas it consumes. As the dollar is touching the sky, this sector is adversely impacted. Crude importers (Indian Oil, BPCL, HPCL, RIL, Nayara), as well as gas importers (GAIL, GSPC), will have to face a rise in purchase costs. 2. FMCG Major raw materials such as crude and palm oil derivatives are imported and account for about half of the input cost. And now companies are increasing the prices to compensate for the higher input cost. 3. Electronics On average, India imports $56.73 Billion in electrical, and electronic equipment in 2021. About 40-60 per cent of the total input cost including components is imported; In smartphones, around 70-80 per cent of the input cost is imported. Now that the value of the dollar has increased, then their cost will also likely increase. 4. Telecom Services Telecom companies spend around $6 billion annually on importing network gear. Gear imports become more expensive due to the depreciation of the rupee. 5. Renewable Energy Indian solar plants are largely dependent on imported solar cells and modules. This will increase the cost of the project, higher tariffs in future bids and so on. Also Read: Sri Lankan crisis: Economy lessons India can learn Why is the rupee falling? The main reason for this fall in the rupee is the rise in crude oil prices, foreign investors withdrawing money from the Indian market and the monotonous environment of domestic business. Brent crude futures, the global oil benchmark, jumped 0.72 per cent to $123.15 per barrel. According to provisional stock market data, foreign institutional investors were net sellers in the capital market. In June, Foreign Institutional Investors (FII) have withdrawn a record ₹50,203 crores from the stock market. How will it affect you? The devaluation of the rupee will make imports costlier. Since the rupee has weakened against the dollar, importers will now pay more for the same quantity and price. People who are aiming to study abroad during this time would see an increase in the amount of the fees. People residing abroad who send money to their families in India would cost more as they will end up sending more in terms of the rupee. On the other hand, the depreciation of the rupee makes exports cheaper. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) 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.

Why Rupee is falling, how will it affect you?

The rupee sunk to a record low of 80 per US dollar today. For seven straight sessions, the rupee has been hitting record lows. Should you be worried? How can India stabilise the rupee? Palki Sharma tells you.

Gravitas: How will India stabilise the rupee?

The rupee on Tuesday dropped to the mark of 80 against the US dollar, taking its year-to-date fall to about 7 per cent. Our Business Editor Sumit Chaturvedi brings you more on this.

Rupee hits 80 mark vs Dollar for first time ever

The Indian rupee breached 80 against the US dollar amid expectations of an aggressive rate hike by the US Federal Reserve. What explains the rupee's rapid depreciation? What does it mean for the average Indian citizen? Palki Sharma tells you.

Gravitas: Rupee's historic plunge, breaches 80 against dollar

Join Sumit Chaturvedi and Hem Saroya discuss inflationary pressures on India and the world on 'The Full Context'.

The Full Context: Rupee hits record low against Dollar

The Reserve Bank of India has rolled out a system to settle international trade transactions in the Indian rupee instead of the dollar. How does the rupee trade work? How will it impact India's trade relations? Palki Sharma tells you.

Gravitas: RBI announces rupee mechanism for foreign trade

an Indian Central Bank RBI has introduced a rupee settlement system for international trade yesterday the system could help Indian promotes its export and facilitate trade with countries under sanction now under the new mechanism exporters and importers can use

RBI allows payment for International trade in Rupee

India has raised its basic import duty on gold to 12.5% from 7.5%, as the world's second biggest consumer of the precious metal tries to dampen demand and bring down the trade deficit.

Plunging local currency pushes India to raise taxes on gold, oil

The Indian rupee crossed 79 against the US dollar amid rising fears of a recession. Agencies are predicting a Euro-zone recession in the last quarter of 2022. Are governments doing enough to curb this slowdown? Palki Sharma tells you.

Gravitas: Rupee hits record low against US dollar

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77.

Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline.

The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value.

This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020.

According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. 
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On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies. Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77. Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline. The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value. This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020. According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. 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.

Rupee hits all-time low of 78.9 against dollar; 80-level at sight

India's foreign exchange reserves dropped below $600 bn, the lowest level in nearly a year. The rupee has been severely weakened due to various factors, hitting an all-time low yesterday.

Indian economy: India forex reserves dip below $600 bn, Rupee hit an-all time low

The Pakistani rupee fell to a new low of 191 rupees to the dollar on Thursday, as the country's currency was shaken by a continuing political turmoil.

The rupee has been falling for months, but it plummeted in March after opposition parties filed a no-confidence vote against Prime Minister Imran Khan, which resulted in the national assembly being dissolved last week.

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The Pakistani rupee has lost 18 percent of its value versus the US dollar since July 2021.

Relationships with the US and the International Monetary Fund (IMF) are also crucial.

<a href="https://www.wionews.com/south-asia/no-trust-vote-against-imran-khan-heres-all-you-need-to-know-about-the-procedure-469533">Also read | No-trust vote against Imran Khan: Here's all you need to know about the procedure</a>

Pakistan has received a $6 billion rescue package from the International Monetary Fund (IMF) to help with its balance of payment problems in 2019.&nbsp;

Traders' advice causes panic purchasing in the market during periods of currency devaluation.

They persuade importers to buy more in a short period of time in order to meet their payment obligations, resulting in a dollar shortage in the market.

<a href="https://www.wionews.com/opinions-blogs/im-the-dim-how-pakistan-pm-imran-khan-turned-out-to-be-a-terrible-caricature-of-the-champion-cricketer-467848">Opinion | 'Im the dim': How Pakistan PM Imran Khan turned out to be a terrible caricature of the champion cricketer</a>

At the same time, they encourage exporters not to sell dollars and instead stockpile them in anticipation of further depreciation, which will reduce greenback supply, according to Geo News.&nbsp;

For the previous 11 months, the rupee has been on a downward trend.

It has lost 23.58 percent (or Rs35.91) since its all-time high of Rs152.27 in May 2021.

Watch | Gravitas: What will be Imran Khan's next step?

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&nbsp;

(With inputs from agencies)

The Pakistani rupee fell to a new low of 191 rupees to the dollar on Thursday, as the country's currency was shaken by a continuing political turmoil. The rupee has been falling for months, but it plummeted in March after opposition parties filed a no-confidence vote against Prime Minister Imran Khan, which resulted in the national assembly being dissolved last week.

The Pakistani rupee fell to a new low of 191 rupees to the dollar on Thursday, as the country's currency was shaken by a continuing political turmoil. The rupee has been falling for months, but it plummeted in March after opposition parties filed a no-confidence vote against Prime Minister Imran Khan, which resulted in the national assembly being dissolved last week. Today the Pakistani rupee was trading at 186.28 on the open market. × The Pakistani rupee has lost 18 percent of its value versus the US dollar since July 2021. Relationships with the US and the International Monetary Fund (IMF) are also crucial. Also read | No-trust vote against Imran Khan: Here's all you need to know about the procedure Pakistan has received a $6 billion rescue package from the International Monetary Fund (IMF) to help with its balance of payment problems in 2019. Traders' advice causes panic purchasing in the market during periods of currency devaluation. They persuade importers to buy more in a short period of time in order to meet their payment obligations, resulting in a dollar shortage in the market. Opinion | 'Im the dim': How Pakistan PM Imran Khan turned out to be a terrible caricature of the champion cricketer At the same time, they encourage exporters not to sell dollars and instead stockpile them in anticipation of further depreciation, which will reduce greenback supply, according to Geo News. For the previous 11 months, the rupee has been on a downward trend. It has lost 23.58 percent (or Rs35.91) since its all-time high of Rs152.27 in May 2021. Watch | Gravitas: What will be Imran Khan's next step? (With inputs from agencies)

187 to a US dollar: Political crisis in Pakistan led to the free fall of its currency

Amid western sanctions, Russia is pushing for bilateral trade in roubles and rupees. How does the rupee-rouble deal work? Why is India wary despite Russia offering massive discounts? Palki Sharma tells you.

Gravitas: How does the Rupee-Rouble system work?

Russian foreign minister Sergei Lavrov 'appreciated' India's neutrality in talks with S Jaishankar. Lavrov also pushed for a rupee-rouble trade system, terming Western payment systems as unreliable. Palki Sharma tells you more.

Gravitas: Russia praises India's neutrality on Ukraine

In early trading on Monday, the rupee reached a new all-time low as a strong rise in international crude oil prices threatened to drive up imported inflation and worsen the country's trade and current account deficits.&nbsp;

After touching 76.96, the partially convertible rupee was trading at 76.92/93 per dollar, its lowest level ever.

According to a Reuters report, it finished at 76.16 on Friday.

The rupee opened at 76.85 versus the US dollar on the interbank foreign exchange, then fell to 76.98, a drop of 81 paise from the previous finish, according to a PTI report.

The rupee plummeted 23 paise against the US dollar on Friday, closing at 76.17, its lowest level since December 15, 2021.

Why is the Rupee down?

According to experts, the Indian rupee began to decline on Monday morning as the dollar surged alongside crude oil.

The US dollar and the yen are trading higher in Asian trade this morning as investors flock to safe-haven assets.&nbsp;

The benchmark 10-year bond yield was 6.86 percent, up 5 basis points from the previous day.

Meanwhile, global oil benchmark Brent crude futures rose 9.38% to USD 129.19 a barrel as the US and its European allies consider imposing a Russian oil import ban, while delays in the prospective return of Iranian crude to global markets fueled supply concerns.&nbsp;

(With inputs from agencies)

In early trading on Monday, the rupee reached a new all-time low as a strong rise in international crude oil prices threatened to drive up imported inflation and worsen the country's trade and current account deficits.

In early trading on Monday, the rupee reached a new all-time low as a strong rise in international crude oil prices threatened to drive up imported inflation and worsen the country's trade and current account deficits. After touching 76.96, the partially convertible rupee was trading at 76.92/93 per dollar, its lowest level ever. According to a Reuters report, it finished at 76.16 on Friday. The rupee opened at 76.85 versus the US dollar on the interbank foreign exchange, then fell to 76.98, a drop of 81 paise from the previous finish, according to a PTI report. The rupee plummeted 23 paise against the US dollar on Friday, closing at 76.17, its lowest level since December 15, 2021. Why is the Rupee down? According to experts, the Indian rupee began to decline on Monday morning as the dollar surged alongside crude oil. The US dollar and the yen are trading higher in Asian trade this morning as investors flock to safe-haven assets. The benchmark 10-year bond yield was 6.86 percent, up 5 basis points from the previous day. Meanwhile, global oil benchmark Brent crude futures rose 9.38% to USD 129.19 a barrel as the US and its European allies consider imposing a Russian oil import ban, while delays in the prospective return of Iranian crude to global markets fueled supply concerns. (With inputs from agencies)

Rupee hits all-time low vs dollar on sharp surge in oil prices

If a report is to be believed, the value of the Pakistani rupee against the US dollar seems to have fallen by 30.5% in PM Imran Khan-led government's tenure. &nbsp;

Over the last 40 months, the rupee has witnessed massive depreciation. In August 2018, it was Rs 123 against the US dollar and in December 2021, it is Rs 177, a report in ‘The News’ said. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-arrests-6-more-people-in-sialkot-lynching-investigation-to-continue-434326" hreflang="en">Pakistan arrests 6 more people in Sialkot lynching; investigation to continue</a>

In the country’s history, this is one of the highest devaluations of the currency. &nbsp;&nbsp;

Earlier, the only other higher devaluation had occurred during the birth of Bangladesh. At that time, Pakistan’s currency was devalued by 58%. It went from Rs 4.60 to Rs 11.10 against the US dollar in 1971-72. &nbsp;

The currency’s recent devaluation has been dictated by the IMF through prior actions and nothing to do with macroeconomic fundamentals, feel independent economists. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-mob-lynching-remains-of-lankan-man-sent-to-colombo-for-last-rites-434613" hreflang="en">Pak mob lynching: Remains of Lankan man sent to Colombo for last rites</a>

The currency’s massive devaluation has led to inflationary pressures, said experts. Two major factors contributed to the price hike. First one was the prices of food, commodities and fuel skyrocketed while the second was the depreciation of the exchange rate by 30.5%, which led to higher inflation. &nbsp;

(With inputs from agencies)&nbsp;

If a report is to be believed, the value of the Pakistani rupee against the US dollar seems to have fallen by 30.5% in PM Imran Khan-led government's tenure. Over the last 40 months, the rupee has witnessed massive depreciation.

If a report is to be believed, the value of the Pakistani rupee against the US dollar seems to have fallen by 30.5% in PM Imran Khan-led government's tenure. Over the last 40 months, the rupee has witnessed massive depreciation. In August 2018, it was Rs 123 against the US dollar and in December 2021, it is Rs 177, a report in ‘The News’ said. Also Read: Pakistan arrests 6 more people in Sialkot lynching; investigation to continue In the country’s history, this is one of the highest devaluations of the currency. Earlier, the only other higher devaluation had occurred during the birth of Bangladesh. At that time, Pakistan’s currency was devalued by 58%. It went from Rs 4.60 to Rs 11.10 against the US dollar in 1971-72. The currency’s recent devaluation has been dictated by the IMF through prior actions and nothing to do with macroeconomic fundamentals, feel independent economists. Also Read: Pak mob lynching: Remains of Lankan man sent to Colombo for last rites The currency’s massive devaluation has led to inflationary pressures, said experts. Two major factors contributed to the price hike. First one was the prices of food, commodities and fuel skyrocketed while the second was the depreciation of the exchange rate by 30.5%, which led to higher inflation. (With inputs from agencies)

In Pak PM Imran Khan-led govt's tenure, rupee fell by 30.5%, says report

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday.

"Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note.

"We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48&nbsp;per cent ."

Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening.

Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes.

India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices.

U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.&nbsp;

India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation.

Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment. The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday. "Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note. "We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48 per cent ." Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening. Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes. India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices. U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation. Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

Indian rupee hits two-and-half month low, bond yields up as oil spikes

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