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☆ Rupee ends at 3-wk high on dollar inflows; Fed meet in focus
▼ + stars: | 2023-07-24 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

Likely corporate dollar inflows related to an Indian conglomerate was the major driver for the rupee's move, traders and analysts said. There are possibilities of central bank intervention given that it has previously bought dollars in the 81.85-81.90 range, said Dilip Parmar, research analyst at HDFC Securities. The appreciation in the rupee is also on the moderate side given the rise in the dollar index, Parmar said. The dollar inflows into equities have also been helping the rupee, traders added. The dollar index , on the other hand, has recovered from 15-month lows hit last week and was up 0.2% on Monday.

Persons: Dilip Parmar, Parmar, India's, Avni Jain, Sonia Cheema Organizations: U.S ., HDFC Securities, Reserve Bank of India, U.S . Federal, European Central Bank, Bank of, FX, HDFC Bank, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ India forex reserves top $600 billion, rise to near 15-month high
▼ + stars: | 2023-07-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks. "A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields," said Gaura Sen Gupta, India economist at IDFC FIRST Bank. The current level of forex reserves, along with the RBI's forward foreign exchange book of $19.3 billion, is enough to cover over 11 months of imports, Reuters' calculations showed. In the week for which the forex reserves data pertains, the rupee had logged its best week in four. Foreign Exchange Reserves (in million U.S. dollars)Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)Reporting by Siddhi Nayak; Editing by Sohini Goswami and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Gaura Sen Gupta, Sen Gupta, Siddhi Nayak, Sohini Goswami, Nivedita Organizations: Treasury, IDFC FIRST Bank, Reuters, Reserve Bank of India's, National Securities Depository Limited, Foreign Exchange, Siddhi, Thomson Locations: MUMBAI, U.S, India

☆ India needs to grow at 7.6% a year for 25 yrs to be a developed nation -cenbank bulletin
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 17 (Reuters) - India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday. India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country. "It may, however, be mentioned that the best (nominal growth) India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18." To reach that level of sustained growth, India requires investment in physical capital and reforms across sectors covering education, infrastructure, healthcare and technology, the study said. The country's industrial and services sector would need to grow at over 13% annually for these 25 years for India to achieve developed economy status, it said.

Persons: Ira Dugal, Savio D'Souza Organizations: Bank, Reserve Bank, Thomson Locations: MUMBAI, India

☆ India ties up with UAE to settle trade in rupees
▼ + stars: | 2023-07-15 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +1 min

NEW DELHI, July 15 (Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday. India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars. An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday. The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).

Persons: Narendra Modi, Modi, Sheikh Mohamed bin Zayed Al Nahyan, Arpan Chaturvedi, Clelia Organizations: United Arab, India's, UAE, Reserve Bank of India, Abu Dhabi National Oil Co, Reuters, Thomson Locations: DELHI, India, United Arab Emirates, Abu Dhabi, Asia

NEW DELHI, July 14 (Reuters) - Indian refiners have settled some payments for Russian oil imports in Chinese yuan, but the U.S. dollar remains the dominant currency for such payments, a senior government official said. Reuters reported earlier this month that Indian refiners have started turning to the yuan for some payments for Russian oil. "Use of yuan for payment by India will remain limited, given India doesn't accumulate much yuan as export to China is low," the official, who did not want to be named, told Reuters. The official also said the Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism. "The issue with rupee trade is that it can only work as a barter currency," the official said.

Persons: Sergei Lavrov, Shivangi Acharya, Aftab Ahmed, Nikunj, Devika Organizations: U.S, Reuters, Reserve Bank of India, Russian, Thomson Locations: DELHI, India, Moscow, Ukraine, China, Russia

☆ Rupee to climb near 82/USD on bets Fed will end rate hikes
▼ + stars: | 2023-07-13 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, July 13 (Reuters) - The Indian rupee is poised to rise on Thursday on expectations that cooling inflation in the United States will allow the Federal Reserve to pause interest rate hikes soon. Non-deliverable forwards indicate the rupee will open at around 82-82.05 to the U.S. dollar compared with 82.2475 in the previous session. "Having talked of an upside breakout (for USD/INR) last week, this has been quite a turnaround," a fx trader said. The larger-than-expected slowdown in the U.S. inflation fuelled expectations that the U.S. Federal Reserve is close to halting rate hikes. "The Federal Reserve seems intent on pushing ahead with a July rate hike, but the need for additional tightening thereafter is questionable," ING Bank said in a note.

Persons: interbank, Nimesh Vora, Nivedita Organizations: Federal Reserve, U.S, Reserve Bank of, U.S . Federal, ING Bank, Korean, Brent, Thomson Locations: MUMBAI, United States, Reserve Bank of India, U.S, Malaysian

☆ HDFC Bank signs up over 100,000 customers in digital rupee pilots
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 13 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programmes using the central bank digital currency (CBDC). The lender also linked the CBDC, termed e-rupee, and United Payments Interface (UPI) for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response (QR) code, HDFC Bank said in a statement. The Reserve Bank of India (RBI) has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000-10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday. Reporting by Siddhi Nayak; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: T Rabi Sankar, Siddhi Nayak, Sonia Cheema Organizations: HDFC Bank, United, UPI, Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ India's HDFC Bank signs up over 100,000 customers in digital rupee pilots
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: 1 min

India's largest private lender HDFC Bank on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programs using the central bank digital currency, or CBDC. The lender also linked the CBDC, termed e-rupee, and United Payments Interface, or UPI, for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response code, HDFC Bank said in a statement. The Reserve Bank of India has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000 to 10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday.

Persons: T Rabi Sankar Organizations: HDFC Bank, United, UPI, Reserve Bank of India

June retail inflation rose to 4.81%, higher than both the revised 4.31% for the previous month and the 4.58% expected in a Reuters poll of 55 economists. Food inflation, which accounts for nearly half of the overall consumer price basket, rose to 4.49% against a revised 2.96% in May. Reuters GraphicsErratic and incessant rainfall in northern India could push vegetable prices higher in the coming months. Prices of vegetables will remain high in July and may push retail inflation to an "uncomfortable 5.3%-5.5%" this month, Nayar added. "We expect the monetary policy committee to see through the short-term spike in food inflation and remain on prolonged pause," said Garima Kapoor, economist at Elara Capital.

Persons: Aditi Nayar, Nayar, Garima Kapoor, Aftab Ahmed, Vineet, Christina Fincher, Mark Heinrich Our Organizations: NEW DELHI, Reuters, Reserve Bank of India, Elara, Thomson Locations: India

☆ India cenbank calls on more lenders to offer digital rupee - sources
▼ + stars: | 2023-07-12 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday. The RBI aims to reach a target of one million CBDC transactions per day by the end of this year, RBI deputy governor T Rabi Sankar said on Tuesday. There were 1.3 million customers and 0.3 million merchants, who used CBDC as of June 2023, he said. "We are in the advanced stage of submitting a CBDC pilot request to the RBI. The central bank has also asked smaller banks to seek feedback from those currently conducting the pilots, the bankers said.

Persons: T Rabi Sankar, Siddhi Nayak, Sohini Goswami Organizations: Reserve Bank of India, Reuters, Bank for International Settlements, State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI, Bank, BOB.NS

☆ India central bank looking to enhance fintech regulations, deputy governor Rabi Sankar says
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 7 (Reuters) - The Reserve Bank of India (RBI) is working on regulations that will be more "developmental" for financial technology, or fintech, companies, a deputy governor of the central bank said on Friday. "We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," T Rabi Sankar said at an event in Bengaluru. The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud. The RBI is talking to fintech companies and any regulations in that regard will only be after "close consultation" with the industry, he added, without providing a timeline for the same. Fintechs need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability, Sankar said, adding that any innovation should be "responsible and beneficial."

Persons: T Rabi Sankar, Sankar, Siddhi Nayak, Janane Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI, Bengaluru

☆ It's not just China —India's now pushing a de-dollarization narrative by touting the use of the rupee for trade
▼ + stars: | 2023-07-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

India's pushing to internationalize the Indian rupee, according to a report from its central bank. The US dollar has been the world's reserve currency since the Second World War, playing a crucial role in the world's trade and financial system. In its Wednesday report, the RBI working group encouraged the opening of rupee-denominated accounts for non-residents in India and overseas. While the macro geopolitical environment is spurring countries to seek alternative currencies to trade with, there's long been uneasiness over the dollar's outsized dominance in global trade and finance. Just 0.01% of India's trade in goods was settled in the rupee last year, Bloomberg reported on Friday citing people familiar with the matter.

Persons: —, It's, India's, Narendra Modi's Organizations: Service, Reserve Bank of India, Bank of International, Bloomberg Locations: China, Russia, India, Moscow

☆ Indian lenders want cenbank to conduct more overnight reverse repo auctions
▼ + stars: | 2023-07-06 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

The RBI's overnight variable rate reverse repo, or VRRR - usually undertaken to withdraw excess liquidity - saw a subscription of only 390 billion rupees ($4.73 billion) earlier in the day. "But overnight VRRRs should see healthy responses if they do not coincide with any major outflows." That lead to a sharp plunge in overnight rates, averaging comfortably below the central bank's repo rate of 6.50%. The RBI has been intending to maintain overnight rates - currently around 6.40% - around the repo rate and has been proactive in conducting reverse repos to achieve that. Reuters had reported in June that the central bank may resort to overnight VRRRs, with banks showing reluctance to park funds for a longer period.

Persons: Banks, Mataprasad Pandey, Shaktikanta Das, Dharamraj Dhutia, Nivedita Organizations: Reserve Bank of India, Reuters, Thomson Locations: MUMBAI

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ India's quarterly current account gap narrows as trade deficit shrinks
▼ + stars: | 2023-06-27 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, June 27 (Reuters) - India's current account deficit narrowed sharply in the January to March quarter, helped by a smaller trade gap and increased services exports, the Reserve Bank of India (RBI) said on Wednesday. The current account deficit (CAD) (INCURA=ECI) stood at $1.3 billion, or 0.2% of gross domestic product (GDP), in the fourth quarter of the 2022/23 fiscal year, compared with the previous quarter's revised deficit of $16.8 billion, or 2% of GDP. The deficit had stood at $13.4 billion in the same period a year earlier, the data showed. Forecasts ranged widely, from a deficit of $5 billion to a surplus of $7.8 billion. For the 2022/23 fiscal year the current account balance showed a deficit of 2% of GDP versus a deficit of 1.2% in the preceding financial year as the trade deficit widened to $265.3 billion from $189.5 billion a year earlier.

Persons: Aditi Gupta, Baroda's Gupta, Siddhi Nayak, Sudipto Ganguly, Clarence Fernandez, David Goodman Organizations: Reserve Bank of India, Reuters Graphics, Baroda, Bank, Baroda's, Thomson Locations: MUMBAI

☆ Mega-merger gives Indian lender new lease on life
▼ + stars: | 2023-06-20 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

HDFC Bank (HDBK.NS), the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) (HDFC.NS). That’s a great opportunity for the larger, streamlined HDFC Bank – until now it sold most home loans it originated to its parent. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. HDFC Bank remains a fixer-upper in a couple of important respects, though. Housing Development Finance Corporation created HDFC Bank in 1994 and remains a 26% shareholder.

Persons: Sashidhar Jagdishan, That’s, HDFC, Jagdishan, Breakingviews, Srinivasan Vaidyanathan, Antony Currie, Thomas Shum Organizations: Reuters, HDFC Bank, Housing Development Finance Corporation, –, Bank of India, Mahindra Bank, Reserve Bank of India, Thomson Locations: MUMBAI, Asia, China, United States, watchdogs, Credila

☆ Rupee likely higher; awaits pivotal US inflation data, eyes yuan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters) - The Indian rupee is expected to open slightly higher on Tuesday ahead of key U.S. inflation data, which analysts reckon may prove instrumental in the Federal Reserve's decision on interest rates. Non-deliverable forwards indicate rupee will open at around 82.40 to the U.S. dollar compared with 82.43 in the previous session. India's inflation was positive for the rupee "on the margins" and "now let's see how U.S. data plays out", the trader added. The U.S. inflation data is due later in the day, with economists polled by Reuters projecting a 0.4% on-month increase in the core inflation rate. The dollar index was barely changed at near 103.50 while the 2-year U.S. yield dropped to 4.55%.

Persons: Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, People's Bank of, Reserve Bank of India, Reuters, ANZ, Brent, Thomson Locations: MUMBAI, People's Bank of China, U.S

☆ ASIA Inflation appetizer served before central bank main course
▼ + stars: | 2023-06-12 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +3 min

Wall Street's major averages continued to push higher, with the tech-heavy Nasdaq ending up well over 1%. The monthly U.S. consumer price index report is expected to show the country's inflation rate slowing from 4.9% annually to 4.1%. CPI has been a fixation for markets after it soared to 40-year highs last year, prompting aggressive monetary tightening. On Monday, data showed India's annual retail inflation cooled to a more than two-year low of 4.25% in May as cost pressures on food eased, moving closer to the Reserve Bank of India's target of 4%. The Fed is part of a generous helping of central bank meetings this week, with the European Central Bank and Bank of Japan also on tap.

Persons: Lewis Krauskopf, Deepa Babington Organizations: Japan's Nikkei, CPI, Federal Reserve, Reserve Bank of Australia, Reserve Bank, European Central Bank and Bank of, Brent, U.S, Thomson, Reuters Locations: Lewis, U.S, Australia, European Central Bank and Bank of Japan, Japan

Food inflation, which accounts for nearly half of the overall consumer price basket, moderated to 2.91% in May against 3.84% in April. "Food inflation benefited from a sequential fall in the prices of fruits and oils," said Suvodeep Rakshit, economist at Kotak Institutional Equities. Core inflation, which had been easing after being a key concerns for months, remained below 6% for a third consecutive month. According to two economists' estimates, core inflation was 5.02% in May, compared with 5.2% in April. The Indian government does not release figures of core inflation, which strips out volatile food and energy prices.

Persons: Suvodeep Rakshit, Devendra Kumar Pant, Nikunj Ohri, Aftab Ahmed, Andrew Heavens Organizations: Reserve Bank of India's, Reuters, El, Thomson Locations: DELHI, Asia, India

☆ Rupee seen higher on dollar slump as data backs Fed rate pause
▼ + stars: | 2023-06-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 9 (Reuters) - The Indian rupee is poised to open higher on Friday, tracking losses on the dollar after a jump in U.S. jobless claims made it more likely that the Federal Reserve will refrain from raising rates next week. Non-deliverable forwards indicate the rupee will open at around 82.44-82.46 to the U.S. dollar compared with 82.5625 in the previous session. "The data further support market expectation for a pause by the U.S. Fed at its next meeting," OCBC Treasury Research said in a note. The odds of a Fed rate hike at the June 13-14 meeting is now at 1-in-4. 7** NSDL data shows foreign investors bought a net $18.1mln worth of Indian bonds on Jun.

Persons: Nimesh Vora, Nivedita Organizations: Federal, U.S, Reserve Bank of, Fed, Research, Brent, Thomson Locations: MUMBAI, U.S, Asia

☆ India's central bank isn't letting its guard down, economist says
▼ + stars: | 2023-06-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's central bank isn't letting its guard down, economist saysSonal Varma of Nomura discusses the outlook for the Reserve Bank of India's monetary policy and says it's monitoring factors such as El Nino and a potential rise in oil prices. She adds that an interest rate hike is unlikely.

Persons: Sonal Varma, Nomura Organizations: Reserve Bank, El Nino

Cranes unload shipping containers from a vessel at the Port of Fremantle in Perth, Australia, on Monday, Aug. 26, 2013. Asia-Pacific markets are set to fall as Wall Street saw a pause in its market rally and the broad market index fluctuated near its highest closing levels since August 2022. China's exports fell further than than expected and Australia's central bank defied market expectations by delivering a 25 basis-point hike. South Korea's Kospi inched down 0.23% in early trade, while the Kosdaq saw a larger loss at 0.43%. Hong Kong's Hang Seng index is also set to fall after a brief rally on Wednesday, with futures at 19,116 compared to the HSI's close of 19,252.

Organizations: Port, Nikkei, Reuters, Bank of Locations: Fremantle, Perth, Australia, Asia, Pacific, Japan, Bank of India

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

☆ India's currency in circulation falls further post RBI currency withdrawal move
▼ + stars: | 2023-06-08 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

Currency in circulation was down by 272.8 billion rupees ($3.30 billion) for week ended June 2, data from the Reserve Bank of India (RBI) on late Wednesday showed. It was down by 364.9 billion rupees in the week ended May 26. On May 19, the RBI had said it will start withdrawing 2,000-rupee denominated notes from circulation. People holding those notes were to deposit them in their respective bank accounts or exchange them for smaller denominations between May 23 and September 30. "It can be safely assumed that the banking system liquidity would increase by one trillion rupees to two trillion rupees gradually over the next few months," said Sandeep Bagla, chief executive officer at Trust Mutual Fund.

Persons: Sandeep Bagla, Dharamraj Dhutia, Nivedita Organizations: Reserve Bank of India, Reuters Graphics Reuters, Reuters, Trust Mutual Fund, Thomson Locations: MUMBAI

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