Search Result for : Us Dollar

The Dollar Business Bureau India’s crude oil import bill is expected to increase by 25% to $87.7 billion in the current fiscal of 2017-18, which closes on this weekend as there is a surge in the global oil prices.  In the month of February alone, India’s oil import bill surged by 28% to $8.1 billion as compared to the same month last year, according to the latest data of the Ministry of Petroleum and Natural Gas. For the current financial year, the imports of crude oil are pegged at 219.15 million tonnes for $87.725 billion (about Rs.5.65 lakh crore), as per the latest data available from Petroleum Planning and Analysis Cell (PPAC), an arm of Petroleum Ministry. The country’s crude oil imports were 213.93 ...

The Dollar Business Bureau India’s exports would be impacted if the current tariff war escalates into a full-fledged trade war, apex trade body ASSOCHAM said, adding that there would be severe damage to the Indian economy too. “If the tariff war escalates into a full-scale global trade war, it would have a collateral damage for the Indian economy as well, with the country's exports taking a hit, current account deficit facing pressure and the GDP taking a setback,” the trade body said in a statement on Sunday. The Chamber further said that the move of the US administration to levy tariffs could lead to a further retaliation against the US but it may not have a direct impact on India. “Instead of de-escalating, the ...

The Dollar Business Bureau India and the United Arab Emirates (UAE) have signed a currency swap agreement that will enable businesses from both the nations to directly trade in each other’s currency, bypassing the US Dollar or any other international currency. The signing of agreement means that business communities from both sides can save huge money as trade between the two countries reached to new highs. “India and the UAE have reached an agreement that will enable businesses in both countries to bypass the dollar and other foreign currencies and trade directly in dirhams or rupees,” said Navdeep Suri, India’s Ambassador to the UAE. “[This] means that there is a saving for the business community. It makes trade between the two countries more competitive,” ...

The Dollar Business Bureau Riding on a robust demand for its frozen shrimp and frozen fish in international markets, India exported 11,34,948 MT of seafood worth an all time high of $5.78 billion (Rs 37, 870.90 crore) in 2016-17 as against 9,45,892 tons and $4.69 billion dollars a year earlier, with USA and South East Asia continuing to be the major importers while the demand from the European Union (EU) grew substantially during the period. Frozen shrimp maintained its position as the top item of export, accounting for 38.28 per cent in quantity and 64.50 per cent of the total earnings in dollar terms. Shrimp exports increased by 16.21 per cent in terms of quantity and 20.33 per cent in dollar terms. ...

The Dollar Business Bureau  To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt.  Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...

The Dollar Business Bureau Recalling the historical ties India shared with the African continent, Prime Minister Narendra Modi inaugurated the 52nd annual meeting of the African Development Bank (AfDB) at Gujarat yesterday. Lauding the growing trade relationship between Africa and India, he mentioned that trade has multiplied between the two in the last fifteen years. It has doubled in the last five years to reach nearly seventy-two billion US dollars in 2014-15. India’s commodity trade with Africa in 2015-16 was higher than its commodity trade with America he said. The highlight of the inaugural address was the keenly awaited announcement by the PM on the Indo-Japan initiative, the ‘Asia Africa Growth Corridor’(AAGC), that was discussed and deliberated upon with Japanese PM Abe during ...

The Dollar Business Bureau The African-Export-Import bank (Afreximbank), currently rated Baa1 by Moody's has called out for proposals for a US-dollar-denominated bond issue. A US denominated bond that trades outside the US, is issued to attract investors at the same time also hedge currency risks. The call by the EXIM bank trails the previous week announcement of a $700 mn loan backed by 14 lenders, involving majorly financial institutions such as Emirates NBD, Abu Dhabi Commercial Bank and Barclays Bank. The bank in the previous year had also tapped the international bond market with a total of $900 mn bond in two tranches. The first was a $750 mn bond for a five year term in May, and the second was a ...

The Dollar Business Bureau India’s Forex (foreign exchange) reserves surged by $1.407 billion and reached $363.351 billion in the week closed on July 15 due to rise in the foreign currency assets (FCAs), Reserve Bank of India (RBI) said on Friday. In the last week, the Forex reserves had dropped to $361.943 billion, a decline of $1.228 billion. A key component of the reserves, FCAs increased by $1.404 billion to reach at $338.897 billion in the given week, revealed the data by RBI. FCAs are measured in terms of dollar and include the consequence of appreciation or depreciation of currencies other than US dollars such as pound, euro and yen, kept in the reserves. The country’s reserves of gold remained unaffected at $20.576 billion. The special drawing rights of ...