![]() The Indian rupee averaged Rs 74.10 to a US dollar in 2020. “Over the longer term, the overvaluation of the rupee in real terms and higher inflation in India vis-à-vis the US should exert weakening pressure for the rupee,” it said. It saw depreciatory pressure on the rupee due to worsening terms of trade from rising oil prices, further monetary easing, and bouts of risk-off sentiment being partially offset by the US dollar weakness and central bank foreign exchange intervention to combat imported inflation. “We expect the rupee to trade only slightly weaker over the near term from current levels,” it said in a note. The Indian rupee averaged Rs 74.10 to a US dollar in 2020.(Getty Images/iStockphoto)įor 2022, it revised the forecast to Rs 77 to a US dollar, from Rs 79 previously, to account for a stronger 2021 forecast. Russia's war in Ukraine has made severe rights violations "shockingly routine", and is distracting humanity from battling existential threats to its survival, the UN rights chief warned Friday.Fitch Solutions on Monday said it has revised its forecast for the Indian rupee to average stronger at Rs 75.50 to a US dollar in 2021, from Rs 77/USD. Ukraine war 'madness' threatening humanity, says UN rights chief Volker Turk Speaker Ohana is also expected to meet Minister of External Affairs Dr S Jaishankar The trip marks the first-ever visit of a Knesset Speaker to India. Israel Knesset Speaker begins India visit, signs MoU on exchange of info agreement between Israel & India parliament SRVA or Special Rupee vostro account is a new trade mechanism announced by India's central bank - Reserve Bank of India (RBI) in July last year to settle cross-border trade in Indian rupee WATCH: Rupee to rescue countries facing foreign currency crunch over 18 have opened vostro accounts The total exports were USD 676 billion in previous fiscal year India is likely to cross USD 765 billion merchandise and services exports in financial year 2022-23 which ends on Friday. India launches new Foreign Trade Policy, guns to boost exports to USD 2 trillion by 2030, make INR global currency Follow us on Facebook, Twitter and Instagram. Read all the Latest News, Trending News, Cricket News, Bollywood News, Must Read: Russia starts foreign trade settlements in rupee, more countries to join But there are other dollar outflows that need to come down,” Talukdar said. It is now possible to meet the import bills with the export proceeds and remittance inflows. The import bills have come down because of the measures taken. “The pressure on reserves has come down a lot. The exchange rate would be derived from the two currencies and not be worked backwards from the exchange rate of the dollar.Īlso Read: India to soon trade in rupee with UAE, Malaysia and Nigeriaįor businessmen and traders in India, this arrangement would help get their bills cleared faster as no dollars would be involved. Citizens can load the card with Indian rupee before travelling and vice versa. Talukdar further said there would be a dual currency card for Bangladeshis visiting India. ![]() Last week, Bangladesh Prime Minister Sheikh Hasina chaired National Economic Council meet, the country’s central bank governor, Talukder, said trade settlement in rupee-taka would reduce the pressure on foreign currency given the large volume of payments to India.īangladesh government also presented a report in which it stated that as per its estimate, around $2 billion is spend by Bangladeshi nationals on treatment, tourism and education in India.Īlso, India is among the top three import destinations for Bangladesh. This leaves both the sides with some conversion losses.ĭon’t Miss: Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini Trade in Indian Rupee and Taka will bring down the cost of settlement and lower conversion rate, making it beneficial for traders of both the countries.Ĭurrently, transactions between both these nations are carried out in US dollar, which is then converted to rupee or taka. How trade in Rupee-Taka benefit India and Bangladesh? It is said to be rolled out on a test basis soon, the report said.
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