Essar Ports will gradually ask its port users to pay tariff in US dollar instead of rupee. This means, the company would receive tariff in dollars from customers and convert the same into rupees at the prevailing exchange rate. After Gujarat Pipavav shipyards, Essar Ports would be the second port operator to start moving away from rupees while charging tariff, reports
Tag: dollar
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Import bill for crude oil set to rise
India's import bill for crude oil is expected to rise sharply despite the fall in the international price of the fuel in recent months, because of depreciation in rupee. The global price of crude oil declined almost 10 percent since January 2013. However, the import bill of the country may rise because of depreciation rupee against the dollar, reports indicate
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Secondary steel firms take hit due to weakening rupee
The cost of imported raw material for secondary steel producers in the country rose owing to the recent sharp depreciation in the Indian currency. Secondary steel producers import steel scrap and coking coal, besides other things. The exchange rate of rupee depreciated up to Rs 60 per dollar thereby raising the imported raw material cost of companies. Some reports indicate that the secondary steel units conc
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Indian rupee hits record low against dollar
In a recent trading session, the Indian rupee depreciated beyond the Rs 60 per dollar level owing to strong demand from importers. The Indian currency is learnt to have declined to Rs 60.76 per dollar in a recent trading session. In the month of June, the currency weakened 7 percent against the US dollar and 12 percent since May 1. Some market expects expect rupee to fall to 61-62 against dollar in the short term. However, they expect the weakening of the rupee to be temporary because in longer
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Rupee hits another record low against dollar
The Indian rupee hit a record low of 59.9850 against US dollar in a recent trading session as foreign investors continue to pull out of their investment in the Indian stock market and bonds. With the considerable depreciation in the Indian rupee, traders are expecting the Reserve Bank of India to step in to sell dollars to arrest further weakening. The Indian currency depreciated 11 percent since May 2013. This will adve
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Rupee weakness to hit infra projects funded via ECBs
India Ratings & Research (Ind-Ra) said the ongoing depreciation of rupee against the dollar is eroding the cost advantage of external commercial borrowing (ECB) for domestic infrastructure projects. companies preferred to raise funds through ECB as interest rate charged on such loan is cheaper that credit in the local market
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Rupee falls to all-time low against dollar
The Indian rupee depreciated against the greenback to touch an all-time low of 58.15 per dollar in a recent trading session because of the perceived recovery in the US economy. The perceived recovery of the US economy caused fear that the US Federal Reserve may taper off its quantitative easing programme and this led to the rally of US dollar against many
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Rupee falls to one-year low against dollar
At a recent trading session on the Interbank Foreign Exchange market, the Indian rupee depreciated to a one-year low of 56.58 against the dollar. The decline in rupee against the dollar is attributed to the demand for the greenback from importers. Also, the concerns highlighted by Reserve Bank of India (RBI) Gove
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Global investors expect rupee to strengthen
Some international investors feel that the Indian rupee may appreciate against dollar in the coming months helped by the fall in domestic inflation and possible improvement in the current account deficit. Investment analysts expect current account deficit to improve on the back of benign commodity prices in the in
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OIL may raise Rs $250 mn via dollar loan
Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent