India rupees News

The domestic currency opened sharply lower at 64.95 as against yesterday's level of 64.80 at the Interbank Foreign Exchange (forex) market.

Jaitley added that stalled projects have to be expedited and they will lead 'Make in India' programme.

Rs 1,000 denomination currency notes were noticed floating in the water near Gateway of India.

The cost of printing one rupee note, which was recently re-introduced after a gap of 20 years, is Rs 1.14, more than its value, an RTI query has revealed.

If the much-awaited Greek deal fails, the Reserve Bank will have to sell as much as USD 15 billion to defend the rupee at 65 levels, says a report.

Finance Minister Arun Jaitley on Friday said that the country needs a law to prevent money laundering, adding that the systems are broadly in place.

According to BofA-ML, the INR would appreciate when the RBI cuts rates and its forex strategist with rupee likely to trade at Rs 62/USD levels in March 2015.

A Reserve Bank panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of India than Mahatma Gandhi.

India attracted 49.63 billion rupees ($814.61 million) worth of bids from foreign investors in its auction of government debt limits on Thursday, much higher than the 30.17 billion rupees on offer, according to two dealers.

The central bank's intervention in the foreign exchange market is to curb volatility in the currency market.

Although the overnight cash rate closed at 8.00/8.05 percent, in line with the repo rate, it fluctuated in a wide 8.00 percent to 8.80 percent range through the session.

The Reserve Bank became net purchaser of dollars for the third consecutive month in June this fiscal as it bought USD 597 million from the spot market.

The price rise of essential food items like vegetables, fruits and cereals, pushed up inflation to five-month high of 6.01 percent in May.

The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.99-59.00, three traders said, continuing its heavy intervention to curb strength in the rupee.

Dollar selling by exporters also aided the rupee rise while the dollar index was up marginally.