Rupee improves 2 paise against USD
Mumbai, May 22 (UNI) The Rupee on Thursday rose marginally by 2 paise at 85.66 in early trade on selling of US Dollar by bankers and exporters at the Forex Market informed.
Sliding 8 paise in the previous session, the domestic unit slightly improved on weak Dollar against other world currencies amid negative opening in stock market, dealer informed.
The Rupee recorded intra days high and low at 85.63 and 85.69 respectively, dealer added.
UNI NV GNK
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
2 hours ago
- India Gazette
India's forex reserves decline $1.2 billion to $691.5 in week ending May 30
Mumbai (Maharashtra) [India], June 6 (ANI): India's foreign exchange reserves (forex) slumped USD 1.237 billion to USD 691.485 billion in the week ending May 30, official data released by the Reserve Bank of India showed on Friday. RBI Governor Sanjay Malhotra said the foreign exchange kitty is sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, announcing the outcome of the Monetary Policy Committee (MPC) decisions earlier today. The RBI governor added, 'Overall, India's external sector remains resilient as key external sector vulnerability indicators continue to improve. We remain confident of meeting our external financing requirements.' Despite the marginal weekly decline, the forex kitty is close to its all-time high of USD 704.89 billion in September 2024. The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 584.215 billion. According to RBI data, the gold reserves currently amount to USD 84.305 billion. Central banks worldwide increasingly accumulate safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
United News of India
3 hours ago
- United News of India
Indian Navy to get first Anti-Submarine Warfare Shallow Water Craft on June 18
New Delhi, June 6 (UNI) The Indian Navy is all set to commission the first Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC), Arnala, at Naval Dockyard, Visakhapatnam, on June 18. Constructed under the guidance of the Directorate of Ship Production and the oversight of the warship overseeing teams in Kolkata and Kattupalli, Arnala was delivered to the Indian Navy on May 8, an official statement said. The ceremony will be presided over by Chief of Defence Staff, Gen Anil Chauhan. The event marks the formal induction of the first of the 16 ASW-SWC class ships into the Indian Navy. Designed and constructed by Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, under a Public-Private Partnership (PPP) with L&T Shipbuilders, Arnala is a testament to the success of the Aatmanirbhar Bharat initiative in defence manufacturing. Named after the historic Arnala Fort off Vasai, Maharashtra, the warship reflects India's rich maritime heritage. Much like the fort, which stood resiliently against various threats, the ship is designed to have a formidable presence at sea. Its robust construction and advanced capabilities ensure that it can withstand the challenges of the maritime domain, safeguarding India's waters from emerging threats. The warship incorporates more than 80 percent indigenous content and integrates advanced systems from leading Indian defence firms, including Bharat Electronics Limited (BEL), L&T, Mahindra Defence, and MEIL. The project has engaged over 55 Micro, Small, and Medium Enterprises (MSMEs), promoting domestic industry and generating related economic activity. Designed for a range of ASW operations, Arnala is equipped to conduct Subsurface Surveillance, Search and Rescue missions, and Low-Intensity Maritime Operations. This 77.6 m long warship, with a gross tonnage of over 1490 tonnes, is the largest Indian Naval warship to be propelled by a Diesel Engine-Waterjet combination. The commissioning of Arnala will mark a transformative moment in India's naval capabilities, strengthening coastal defence and reaffiliate India's position as a self-reliant maritime power in the strategically vital Indian Ocean Region. UNI RBE GNK
United News of India
4 hours ago
- United News of India
OHPC signs agreement with WAPCOS for management consultancy services of 600 MW UIPSP
Bhubaneswar, June 6 (UNI) Odisha Hydro Power Corporation Ltd (OHPC) and WAPCOS Ltd on Friday signed an agreement for project management consultancy services for the 600 MW Upper Indravati Pumped Storage Project (UIPSP) at Mukhiguda. The Detailed Project Report for the UIPSP has been prepared by WAPCOS. Essentially, it is a large Energy Storage System that pumps water from the lower to the upper reservoir during periods of surplus power availability in the grid. This water is then released to generate electricity during peak power demand. OHPC is constructing a 600 MW Pumped Storage Project near its existing 600 MW Upper Indravati Hydro Electric Project. 'This collaboration marks a crucial step in advancing Odisha's energy sector while ensuring efficiency and sustainability,' said Deputy Chief Minister K V Singh Deo,who also holds the energy portfolio. He further stated that the proposed PSP will have an underground powerhouse located near the lower reservoir, equipped with four vertical-axis reversible-type Francis hydroelectric units, each with a capacity of 150 MW (i.e., 4 x 150 = 600 MW). The system will operate in both pumping and generating modes at different times of the day by circulating water between the two reservoirs. Senior officials from the Water Resources Department, Energy Department, OHPC, and WAPCOS were present on the occasion. UNI DP GNK
