The rupee inched towards the 72 level against the dollar, which gained against all major currencies on Wednesday, as prospects of a US trade war with China increased and the Reserve Bank of India RBI went slow on sales of the greenback. Some nations are converting foreign-exchange reserves into sovereign wealth funds , which can rival foreign-exchange reserves in size. The Reserve Bank of India RBI has been aggressively intervening in the currency markets in the recent past to arrest a steep appreciation of the rupee against the dollar. Retrieved 23 July Indonesian man held for smuggling Rs 96 lakh worth forex.
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Rupee 's weakness is also driven by the fact that India is a net importer, and thus needs more dollars every year to import. Foreign investments have also slowed down translating in fewer dollars coming in. In the previous week, the overall reserves had witnessed a drop of USD The Indian currency yesterday crashed to a lifetime low of In the previous week, the reserves had increased by USD 1.
At current level, the reserves are enough to fund more than a year of imports. The accused was intercepted at the airport when he was proceeding to board a flight to Singapore on Friday. A detailed personal and baggage search of the passenger resulted in the recovery of USD 1,30,, concealed in his checked-in baggage. Retrieved 11 September Retrieved 6 September Retrieved 8 August Retrieved 24 July Reserve Bank of Australia. Azerbaijan's currency reserves will significantly increase by year-end".
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