Diabytes
Exchange rate News
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The forex reserves have been falling for months now.
Rising costs of imported items also necessitated the higher requirement of reserves for trade settlement.
Indian rupee is hitting all-time low records against greenback for the past several months.
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Rupee crashed to 83 on Wednesday, hitting the lowest record against US dollar.
It has seen the dip of 61 paise to close at 83.01 today.
The rupee opened at 82.32 on Wednesday morning.
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Sri Lanka needs to maintain a competitive exchange rate that would promote exports and not allow an over-valuation of the rupee that may reduce export competitiveness, the country's Central Bank has said.
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Share Bazar, Mandi Live, Aap Ka Bazar, First Trade, Big Debate etc.
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Honda Car India is planning to increase prices of its vehicles by up to Rs 6,000 from April to offset the impact of adverse exchange rate that has resulted in higher input costs.
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Brushing aside the contention that exchange rate is impacting exports, RBI Governor Raghuram Rajan today said the shipments can only be increased by raising productivity, improving infrastructure and simplifying regulations, which is in the domain of the government
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Rajan reiterated the central bank would strive to curb excessive volatility.
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The dollar also weakened against other major global currencies as the International Monetary Fund trimmed its global economic growth forecast and the US trade deficit widened, dealers said.
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In a shock announcement Thursday, Switzerland`s central bank said it was ending a three-year bid to artificially hold down the value of the Swiss franc against the euro, in a move that immediately sent the safe haven currency soaring.
The rupee recovered by 5 paise to 63.25 against the US dollar in early trade on Monday on fresh selling of the American currency by banks and exporters.
Modern infrastructure, easy regulatory framework and competitive exchange rate will play a key role in giving a boost to the country's manufacturing sector, a senior government official said.
Continued capital inflows also helped the rupee rise for the second day in a row.
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