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Monday
September 2018
7:39 AM IST
News Headlines
Hasan, Asghar, Rashid fined 15 per cent of their match fees        Ready to be sacked if ATK do not fare well: Coppell        Sensex ends in red after 1,000-pt flash crash        OYO to hire over 2,000 tech experts, engineers by 2020        Thousands rally across Russia against raising pension age        Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks        Sisodia, AAP MLAs discharged in case related to 2014 protest        We have no role in selection of Reliance Defence for Rafale deal: Govt        Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue        Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        Naomi Osaka Eases into WTA Tokyo Event Semi-final        Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        
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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.


Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue
Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue
Cabinet clears ordinance to make triple talaq penal offence Law Minister
Goa Cong MLAs to meet Governor to seek dismissal of Parrikar govt
Court summons Lalu, others as accused in IRCTC money laundering case
SC awards Rs 50 lakh compensation to space scientist Nambi Narayanan in ISRO espionage case
Met Finance Minister Before Leaving Country, Says Vijay Mallya
SC dismisses plea to ban book 'Meesha', says craftsmanship of writer deserves to be respected
Modi blames UPA govt for bad loan mess, says every penny will be recovered
Activist's letter spoke of "Rajiv Gandhi-like" event: Police
PM owes people answer on why he inflicted demonetisation wound: Rahul
Rahul flays Centre for not providing adequate aid to flood-hit Kerala
Activists arrested in police raids in five states over alleged Maoist links
India, Pakistan to resume talks on Indus Waters Treaty in Lahore this week
Ambani asks Cong leaders to 'cease & desist' from speaking on Rafale; Party says won't be cowed down
Centre to Supreme Court: ‘Decision taken to reduce Mullaperiyar water level’
Former PM Atal Bihari Vajpayee
Half of Kerala reels under floods as 29 die, 54,000 are homeless
Idukki dam: All five shutters opened
Rains claim 26 lives in Kerala; Scores of dams opened
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Thousands rally across Russia against raising pension age
 Moscow, Sep 22 (AP) Thousands rallied across Russia on Saturday to protest the government's plan to
Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks
Wreckage of Captain Cook’s ship found off US coast
Death toll reaches 136 in Tanzania ferry disaster with scores missing
NATIONAL NEWS
Sisodia, AAP MLAs discharged in case related to 2014 protest
 New Delhi Sep 22 (PTI) A Delhi court on Saturday discharged Deputy Chief Minister Manish Sisodia, AA
We have no role in selection of Reliance Defence for Rafale deal: Govt
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
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