18
Sunday
November 2018
3:56 PM IST
News Headlines
India in Australia: Kohli promises to not start arguments, only finish them        At Least Two Killed, Eight Injured In Blast In Karachi        Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report        'Gaja' crosses coast, rainfall pounds TN, 22 dead        Sabarimala board to move SC, buy time to implement order        Sabarimala board to move SC, buy time to implement order        Sindhu crashes out; Srikanth, Sameer enter quarterfinals of Hong Kong Open        No more chopping and changing till World Cup: Ravi Shastri        Air India eyes Rs 800 cr from sale of over 70 properties        Intel India opens design house costing Rs 1,100 cr at B'luru        US, China see rival visions for entwined Asia-Pacific region        Imran Khan to visit Malaysia next week; likely to seek monetary aid        EC removes Mizoram chief electoral officer after protests        Lankesh murder accused sent to SIT custody in Pansare case        Agri sector needs long-term solutions, loan waiver temporary: Naidu        Top India, China officials hold defence, security dialogue, agree to step up military exchanges        Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"        ISRO Launches Communication Satellite, Has 'Geo-Eye' To Monitor India        US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya        Sri Lankan Parliament passes no-trust vote against Rajapaksa        
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Main News
Worried About Rupee Drop, India Considers Tapping NRI Wealth
 
(New Delhi, Sep 10, 2018):India expressed concern about the rupee's decline for the first time and said it's considering a plan to tap its citizens overseas, according to a government official.

The local currency, Asia's worst performing major so far this year, which plunged as much as 1.3 percent to a record low Monday, pared losses after the comments. The relief may be temporary given concerns about a widening current account and trade gap on the back of elevated prices of oil, India's biggest import item.

The finance ministry and the Reserve Bank of India are in touch and the central bank is intervening in the currency market when needed, the government official told reporters in New Delhi on Monday, asking not to be identified citing rules. The RBI has been selling dollars, albeit in a restrained manner, leading to a drop in India's foreign exchange reserves to $400 billion from a record high of $426 billion in mid-April.

The official said India's reserves position was comfortable and authorities could take measures such as tapping overseas Indians and other moves to plug the current account gap. In 2013, the central bank lured inflows of about $34 billion through discounted foreign-currency swaps, helping lift the rupee from a record low.

Data on Friday showed, India's current account deficit widened to a five-year high, with little respite in store amid a yawning trade gap. The trade data for August due out later this week are likely to show that imports, especially costly crude, outpaced exports.

The gap for last month is likely to come in at $17.45 billion, according to a Bloomberg survey, compared with $18 billion in July and much worse than the average $15 billion in the April-June quarter amid higher oil prices. The crude import bill for the world's fastest-growing oil user surged 76 percent in July from a year earlier, highlighting the rupee's vulnerability.


Sabarimala board to move SC, buy time to implement order
Sabarimala board to move SC, buy time to implement order
Top India, China officials hold defence, security dialogue, agree to step up military exchanges
Flipkart Group CEO Binny Bansal quits over 'serious personal misconduct' charges
70 per cent turnout in first phase of Chhattisgarh polls: EC
PM celebrates Diwali with soldiers in Harshil near India-China border
India jumps 23 notches to 77th rank on World Bank's 'ease of doing biz' ranking
SC asks CVC to finish probe against Verma in two weeks; ex-judge to supervise
CBI chief's removal illegal: Rahul
Verma was collecting documents related to Rafale scam, forcibly sent on leave: Rahul
Ready to hold talks with anyone, but terror and dialogue cannot go together: Rajnath Singh
SC writ fails in Sabarimala, not a single young woman allowed by protesters
Fund raising: Only CM gets permission for foreign trip
Give satisfactory explanation or quit: Cong to Akbar
High-stakes polls in 5 states in Nov-Dec; Chhattisgarh to vote in 2 phases
Denis Mukwege, Nadia Murad wins the Nobel Peace Prize
Petrol, diesel prices cut by Rs 2.50 after excise reduction; oil cos absorbing Re 1
No alliance with Cong in Rajasthan, MP: Mayawati
Rafale will be game-changer for subcontinent: Air chief
Protesting farmers end march in Delhi
KERALA NEWS
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
 Thiruvananthapuram, OCT 27: As the number of people arrested for allegedly being involved in violent  
Vijayan urges UAE Keralites to back salary challenge
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
INTERNATIONAL NEWS
At Least Two Killed, Eight Injured In Blast In Karachi
 (KARACHI, Nov17, 2018): A bomb killed at least two people and wounded eight others in Pakista
US, China see rival visions for entwined Asia-Pacific region
Imran Khan to visit Malaysia next week; likely to seek monetary aid
US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya
NATIONAL NEWS
'Gaja' crosses coast, rainfall pounds TN, 22 dead
 (Chennai, Nov17, 2018): Cyclone Gaja ripped through Nagapattinam early Friday uprooting trees
EC removes Mizoram chief electoral officer after protests
Lankesh murder accused sent to SIT custody in Pansare case
Agri sector needs long-term solutions, loan waiver temporary: Naidu
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