Pound News

If you are travelling abroad and wondering how much foreign currency you can carry in cash from India, here are some important points you must know  

The foreign exchange reserves rose by USD 1.594 billion to touch a life-time high of Rs 372.73 billion in the week to April 28, supported by increase in the foreign currency assets, the Reserve Bank said.

European Union president Donald Tusk said British Prime Minister Theresa May speech gave a "more realistic" picture of what London wanted.

Hindu organisations in England have asked the Bank of England to quickly withdraw the new 5-pound note from circulation in the economy since it is made out of animal fat.

The UK government is offering scholarships of one million pounds (Rs 85.1 crore) in 2017 to attract Indian students.

ADB on Monday marginally cut economic growth projection for Asia and Pacific region for 2016, though India is likely to meet 7.4 percent and 7.8 percent growth forecast for this and the following year.

The pound tumbled to a new 31-year low on Wednesday, dipping below $1.28 at one point before recovering a little, as investors shunned the currency after Britain`s vote to leave the European Union.

US and European stocks rose sharply on Tuesday, making their first gains since Britain`s unexpected vote to quit the EU, while the pound rebounded as investors returned to jittery markets.

Global equities took another step down in Asia on Tuesday, with regional markets sliding and sterling wallowing near three-decade lows as Britain`s shock vote to exit the European Union continued to roil financial markets.

British 10-year government borrowing costs sank below 1 percent on Monday for the first time ever and sterling tumbled to a fresh 31-year low against the dollar as investors bet Britain`s vote to leave the EU will trigger a Bank of England rate cut.

The pound sank Monday to 30-year lows while most stock markets tumbled following Britain`s decision to leave the European Union, with traders fearing it will lead to months of uncertainty.

The domestic currency hovered in a range of 67.78 and 68.22 during the day.

Seeking to calm turbulent markets following Brexit, government and RBI on Friday said India's sound macro economic fundamentals backed by planned structural reforms and firewalls will help it weather any major fallout of UK's leaving the European Union.

The UK voted to leave the European Union after 43 years in a historic referendum. Leave won by 52 percent to 48 percent votes.

Banks led the losers board in Europe, where London`s benchmark FTSE 100 index was down 0.61 percent at 6,608.78 points in afternoon trade.

The euro stood at $1.2953 and 136.08 yen, compared with $1.2951 and 136.14 yen in US trade.

China will start direct trade between its yuan currency and Britain`s pound on Thursday, the country`s foreign exchange trade platform said, in another step on its push to internationalise the unit.