The Indian rupee has been experiencing volatility against the US dollar, as it hits an all-time low of 84.40 and then recovers to close at 84.72. On multiple occasions, the rupee has risen and fallen against the dollar, with the latest recorded rise being 7 paise. The Reserve Bank of India chose to keep interest rates unchanged despite the fluctuations in the rupee's value.
HDFC Bank, India's leading private bank, conducted a two-day Public Awareness Campaign (PAC) in Telangana to promote the use and acceptance of ₹10 coins. The initiative, organized in collaboration with the Reserve Bank of India, saw the distribution and exchange of ₹10 coins worth over Rs 10 lakhs. The campaign targeted different types of customers, including retailers, traders, and small businesses, and aimed to build trust and confidence in the use of coins in daily transactions. With the success of this campaign, HDFC Bank hopes to encourage the circulation of coins in smaller towns and cities.
Indian Bank Kazipet in Warangal, Telangana has recently added new features for their customers, including a mobile app for easy banking, a credit tracking system to check credit scores, and information about the bank's IFSC and MICR codes. These features are aimed at making banking more convenient and accessible for customers.
In a strategic move to reduce dependence on the US dollar in international trade, the Reserve Bank of India (RBI) is pushing for local banks to facilitate direct trade settlements between the UAE and India using the dirham and rupee currencies. This decision aligns with the two nations' goal to expand bilateral trade to $100 billion and also promotes the use of the Indian rupee in global transactions. The move has the potential to increase trade volumes in local currencies and could pave the way for similar arrangements with other key trading partners.