Mumbai: The rupee pulled back from the day's low in afternoon trades on Tuesday as a rebound in local equities provided some comfort, though the outlook remained bearish, with shrinking domestic growth and Europe's debt worries weighing. At 3:20 pm the partially convertible rupee was at 53.2800/2850 per dollar after touching an all time low of 53.52 earlier in the day. It had closed down 1.5 percent on Monday at...
04:20 PM, Dec 13, 2011
Mumbai: The Indian rupee sank to a record low of 53.21 per dollar on Tuesday on worries Europe's debt crisis could exacerbate the growth slowdown in Asia's third-largest economy. At 9:05 am, the partially convertible rupee was at 53.15/18, after falling 1.53 percent on Monday to 52.84/85. During trade on Monday it had hit 52.87 after the industrial output index for October plunged 5.1 per cent from the same month...
09:22 AM, Dec 13, 2011
Mumbai: The rupee slid past 52.2 against the dollar in opening trades on Tuesday, dropping to its lowest level in history, as broad gains in the dollar overseas and sustained demand from domestic oil refiners weighed. At 9:10 am (0340 GMT), the partially convertible rupee was at 52.48/50 per dollar, after touching an all-time low of 52.50, and 0.6 per cent weaker than its previous close of 52.1550/1650. At the...
09:42 AM, Nov 22, 2011
Mumbai: The rupee fell past 51 per dollar on Friday for the first time in nearly 32 months as worries Europe's debt crisis may spill over into the global economy boosted dollar demand. The rupee has slumped 14.2 per cent from its highest point in 2011 hit late July and is the worst performer among major Asian currencies this year. At 9:09 am (0339 GMT), the partially convertible rupee was...
10:26 AM, Nov 18, 2011
Greeks aren't the only ones having the debate but all of Europe is watching, wondering and betting the future of its currency. ...
08:07 AM, Nov 04, 2011
Mumbai: Flagging the issue of the rising menace of counterfeit currency, as majority of banks are failing in effective detection, the Reserve Bank on Tuesday said urgent steps will be taken to sensitise those within the system on the issue. "When we looked at the data of detection, it was very skewed across banks. There were only one or two banks which were reporting this which means that a lot...
01:28 AM, Oct 26, 2011
Thiruvananthapuram: Days after CNN-IBN highlighted new routes favoured by fake currency smugglers, a major counterfeit currency racket has been busted in Thiruvananthapuram. The Thiruvananthapuram rural police have busted the racket which has roots across Kerala and other southern states. As many as eight people were arrested from Malda district in West Bengal in connection with the racket. Fake Indian currency amounting to Rs 2.19 lakh rupees were seized by the...
06:34 PM, Oct 24, 2011
New Delhi: A few days after news came in of the arrest of Iqbal Mirchi, Dawood Ibrahim's right-hand man in London, a CNN-IBN's exclusive report has exposed the latest modus operandi and routes to push fake currency to India. A detailed intelligence report shows how Hyderabad is emerging as the latest transit hub for fake currency. Dawood's key men - Aftab Bhakti and Babu Gaithan- are believed to be running...
06:30 PM, Oct 17, 2011
A sudden wave of volatility in the Indian rupee has increased the degree of risk for companies and the financial system as a whole. Over the past three months, the rupee has fallen 12 per cent against the dollar and could even slip to the 52 mark if European debt worries persist. Though many analysts foresee the currency clawing back to around 46, they believe that will take a while....
11:00 AM, Oct 11, 2011
New Delhi: In a veiled reference to Pakistan, Finance Minister Pranab Mukherjee on Thursday said pumping of counterfeit currency is used as a 'policy matter' by some countries to destabilise the Indian economy. Responding to concerns of members in the Rajya Sabha over the problem of counterfeit currency notes, Mukherjee said it was a serious threat. Winding up a debate on Coinage Bill, he said it was a battle the...
05:47 PM, Aug 11, 2011
New Delhi: Four months after the RBI scrapped a long-standing payment mechanism, India has decided to use multiple currencies, including the rupee, to pay for crude oil imported from Iran. Besides the rupee, the euro would be used to pay for a part of the 12 million barrels of oil imported from Iran every month. Also, some payments would be routed through countries like Turkey, sources privy to the development...
03:23 PM, May 12, 2011
Lucknow: Police say termites have devoured currency notes worth 10 million rupees ($ 222,000) in a steel bank chest in northern India. Officer Navneet Rana says the bank manager discovered the damage when he opened the reinforced room in an old bank building on Wednesday. Rana told The Associated Press on Friday: "It's a matter of investigation how termites attacked bundles of currency notes stacked in a steel chest." Rana...
11:56 AM, Apr 22, 2011
Goa state minister Babush Monserrate is caught in a new controversy. This time, for being held at the Mumbai airport with foreign exchange over and above the legal limit. ...
09:31 AM, Apr 07, 2011
New Delhi: Goa state minister Babush Monserrate is caught in a new controversy. This time, for being held at the Mumbai airport with foreign exchange over and above the legal limit. Controversies are not new for this Monserrate. With 13 criminal cases against him, including one of attacking a police station, Monserrate is in the eye of another storm. He was detained at the Mumbai Airport just before boarding a...
08:29 AM, Apr 07, 2011
Mumbai: Goa Education Minister Atanasio (Babush) Monserrate was detained on Saturday, at Mumbai airport. He was caught with huge amounts of Indian and foreign currency beyond permitted limits for passengers traveling abroad and was about to board a flight to Dubai. Monserrate was carrying cash worth Rs 25 lakh approximately in Indian currency and foreign currency worth Rs 1 crore approximately. Monserrate's elder son Rohit was arrested in 2009 for...
10:48 AM, Apr 02, 2011
Washington: Counterfeit currency is flooding into India from Pakistan and terrorist and criminal networks are using this money to finance their activities in the country, an official US report has said. Warning that burgeoning black money, remittance systems and porous border were triggering money laundering at an alarming pace, the International Narcotics Control Strategy of the State Department in its 2011 report said the Indian government should facilitate development of...
11:53 AM, Mar 04, 2011
Islamabad: Pakistani artists and students would now need to have a no-objection certificate from the interior ministry, a decision that was "supposedly taken after the embarrassing episode in which singer Rahat Fateh Ali Khan was detained by Indian authorities", said a leading Pakistani daily. Calling it an "ominous development", the editorial in the Dawn on Friday said Interior Minister Rehman Malik told the National Assembly that students wanting to go...
12:57 PM, Feb 25, 2011
New Delhi: Pakistani singer Rahat Fateh Ali Khan and his manager Maroof each paid Rs 15 lakh on Monday by way of penalty slapped on them in connection with the huge amount of undeclared foreign currency recovered from them. Official sources said on Monday night the amount was paid to the Customs department after the matter was adjudicated. The undeclared foreign currency however remains confiscated, the sources said. The sources...
11:29 PM, Feb 21, 2011
New Delhi: Tibetan spiritual leader Karmapa Ugyen Trinely Dorji has been given a clean chit on accusation of being a China spy. A probe was initiated aginst the spiritual leader after huge amount of foreign currencies were recovered from his premises. Foreign currency belonging to 25 countries, including China, was recovered by the police from the premises of the Karmapa-backed trust and some of the trustees in the raids that...
08:27 PM, Feb 16, 2011
