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The local currency moved in a tight range of 82.93 to 82.95 to a dollar in early deals. The rupee traded at 82.95, down 5 paise, against the US dollar at 9.15 am.
India's foreign exchange reserves saw a substantial increase of $10.47 billion to reach $636.1 billion for the week ending on March 8, as per the latest data released by the Reserve Bank of India (RBI). This follows a previous surge of $6.55 billion, bringing the reserves to $625.63 billion for the week ended March 1, 2024.
India's foreign exchange reserves have risen by $6.55 billion to reach $625.63 billion for the week ending March 1, as per the latest data from the Reserve Bank of India (RBI). This follows a previous increase of $2.98 billion to $619.07 billion for the week ended February 23, 2024.
At the interbank foreign exchange, the rupee opened at 82.74 against the dollar, but soon pared the losses and touched 82.64 against the greenback in initial trade, higher by 3 paise from its previous close.
It's unclear why the information was sought, but the Income Tax (I-T) department has directed these offshore funds to disclose the identities of the lenders, the latter's source of money, and the nature of agreement between the two parties. The move to fish out such information could well be to trace any possible and indirect links between overseas portfolio managers with Indian companies and promoters, feel some of the tax and finance professionals.
The rupee was at 82.7750 against the U.S. dollar as of 10:25 a.m. IST, up 0.05% compared with its close of 82.8225 in the previous session.
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Rupee turns flat at 82.89 against US dollar in early tradeAt the interbank foreign exchange, the local currency opened at 82.90 and then inched up to trade at the previous day's closing level of 82.89 against the greenback.
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