Rupee sinks to new low, breaches 66/dollar
PrintListen to this Article
The rupee on Tuesday plunged further by 177 paise to record low of 66.07 against the US dollar in afternoon trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers and persistent capital outflows.
The rupee had ended down 110 paise or 1.74 percent at 64.30 against the US dollar after hitting an intra-day low of 64.75 in the previous session.
Forex dealers said besides strong demand for the American currency from importers and banks, dollar's strength against other currencies overseas amid expectation that the Federal Reserve will soon taper its bond-buying programme weighed on the domestic currency.
They said several measures announced by the government and the RBI failed to check volatility in the rupee.
Weak domestic fundamentals such as record current account deficit concern too put pressure on the rupee, they said.
In order to arrest the rupee slide, RBI had announced measures such as restriction on Indian firms investing abroad and on outward remittances by resident Indians, triggering talks of return of capital control regime.
Meanwhile, global ratings agency Fitch on Monday said India's fiscal numbers "look weak" and warned of a downgrade if the country is unable to meet the fiscal deficit target.
The rupee is down 16 percent so far this year despite efforts by policymakers to prop it up. (ZEE News)
Category : International Business | Comments : 0 | Hits : 267
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis that chartered accountants (CAs) from India will also be allowed to practice in the United Kingdom and Canada. It will be the first time that overseas CAs will be allowed to practice in India. The pro...
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said. The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent...
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS. Existing beneficial TCS treatment for education and health payments will also co...
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI. Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. According to the notification, the Finance ...
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022” The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current Express Entry processing times range from seven months to in excess of 20 months. Summary of Canada's Immigration Levels Plan Each year, the federal department of Immigration, Refugees ...
Comments