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The clarification is expected to ease concerns among small digital service providers and individuals receiving or making legitimate cross-border payments for personal or small-scale professional purposes.
India’s retail inflation rose to 5.54% in September, its highest level in nearly two years, driven by rising food, fuel and transport costs. Rural households have been hit particularly hard, with food inflation crossing 8%. The surge comes amid elevated global crude oil prices, a weakening rupee and continuing uncertainty in West Asia. With inflation nearing the RBI’s upper tolerance limit, questions are growing over whether another interest rate hike could be on the horizon. This explainer examines what’s driving inflation, why food prices are rising and what it could mean for consumers, investors and the broader economy.
Finance Minister Nirmala Sitharaman said the rupee has reached a low against the U.S. dollar mainly due to global uncertainties, even though India’s macro-economic fundamentals, including forex reserves, are strong and the regulator RBI is ensuring that the domestic currency stays stable
India’s rupee extended its gains on Tuesday as the central bank announced more measures to support the currency which faces constant pressure from high oil prices and foreign outflows.
India is defining its tolerance for rupee weakness with the central bank’s strongest currency defense in more than a decade reinforcing 97 as the limit.
The rupee is likely to advance on Monday, but sustaining the gains will be harder.
The Indian rupee advanced in offshore trading after the central bank took some of its strongest measures to bolster the currency since the 2013 taper tantrum.
The Reserve Bank of India is broadening its defenses to steady the rupee, taking some of its strongest measures since the 2013 taper tantrum. That may give the currency a boost as trading resumes Monday, but the question remains: how far is the central bank willing to go as external pressures mount?
India’s central bank rolled out steps including a special window to supply dollars to state-run oil companies to support the rupee.
India’s central bank stepped up its efforts to drain surplus banking liquidity, announcing a fresh bond sale and requiring lenders to keep more of their mandated cash buffers with it on a daily basis.
The RBI policy review will need Central assistance to effectively fight inflation