The Reserve Bank of India Thursday said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued a notification in this regard. Following the Irdai’s notification, the extant regulations regarding the
President Recep Tayyip Erdoğan of Turkey campaigns in local elections in Usak on 27 March. Photograph: Anadolu Agency/Getty Images Financial markets in Turkey have experienced a fresh period of turmoil, putting the country’s recovery from recession at risk and raising questions over the health of emerging markets as the world economy slows.
Foreign exchange specialist CURRENCY MATTERS announced it will join IBM Blockchain World Wire, a real-time global payments network for regulated financial institutions, designed to optimize and accelerate foreign exchange and remittance services. By connecting to the World Wire network, Currency Matters now has access to a single unified network for
Asia’s worst-performing currency took five weeks to become its best. The turnaround has been fuelled by the improved chances of Prime Minister Narendra Modi winning a second term amid recent tensions between India and Pakistan. The optimism has led to local shares and debt luring robust flows, which have turned
Foreign investors are back in business. The Indian stock market has gained significantly in recent weeks, owing to buying by foreign portfolio investors (FPI). A higher inflow of foreign funds is also strengthening the rupee. The Indian rupee touched a seven-month high last week due to buying by FPIs. Aside from global factors,
The rupee weakened by 17 paise to trade at 71.33 against the dollar in opening session on Friday following sustained demand for the greenback from importers amid foreign fund outflow and rising global crude prices. The dollar’s gain against major world currencies also impacted the rupee sentiment, forex dealers said. At
The foreign exchange and debt markets are closed on Tuesday on account of Chhatrapati Shivaji Jayanti, according to RBI’s official website- rbi.org.in. On Monday, the rupee had weakened by 11 paise to end 71.34 against the dollar amid firming crude oil prices and persistent foreign fund outflows. That marked the