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The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 6 paise to close at 83.31 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday following a weak greenback against major currencies overseas and softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> in international markets. However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said. At the interbank <keyword id="136565" type="General" weightage="20" keywordseo="foreign-exchange-market" source="Orion">foreign exchange market</keyword>, the local unit opened strong at 83.32 and touched an intraday high of 83.26 and a low of 83.36. The domestic unit finally settled at 83.31 (provisional), a gain of 6 paise from its previous close. On Friday, the rupee had settled at 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The <keyword id="21021209" type="General" weightage="20" keywordseo="forex-market" source="keywords">forex market</keyword> was closed on Monday on account of general elections. "A decline in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices and fresh foreign inflows also supported the rupee. US Dollar softened on rate cut expectations by Fed but hawkish comments by Fed officials supported the US dollar at lower levels," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. On the domestic equity market front, the 30-share BSE Sensex fell 52.63 points or 0.07 per cent to settle at 73,953.31, while the broader NSE Nifty rose 27.05 points or 0.12 per cent to 22,529.05. "The rupee traded positively. This strength is attributed to predictions of the current government winning the general election, leading to increased stability. "Additionally, Domestic Institutional Investors (DIIs) have been actively buying into capital markets. Soft crude prices and a stable dollar index also supported the rupee. The expected range for the rupee in the upcoming sessions is between 83.00 and 83.50," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Saturday, as they sold shares worth Rs 92.95 crore, according to exchange data. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.38. Brent crude futures, the global oil benchmark, declined 0.97 per cent to USD 82.90 per barrel.

Rupee rises 6 paise against US dollar as crude oil prices ease

<ul class="summary-list"><li>India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.</li><li>The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.</li></ul><a href="https://www.businessinsider.com/us-dollar-war-global-fight-america-economy-dominance-reserve-currency-2023-7">The dedollarization trend moved one step further</a> this week as India's top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said Monday, according to a <a href="https://www.reuters.com/business/energy/india-makes-first-crude-oil-payment-uae-indian-rupees-2023-08-14/#:~:text=Bilateral%20trade%20between%20India%20and,exports%20amid%20slowing%20global%20trade." target="_blank" rel="noopener">Reuters</a> report.Most commodity deals worldwide are typically settled in dollars. But India, the world's third biggest oil importer and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.The two also agreed to implement a real-time payment mechanism to simplify cross-border transactions.Monday's deal marked India's first crude oil payment to the UAE in rupees. It followed the recent purchase of 25 kg gold by a buyer in India from a UAE exporter using rupees. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.Dedollarization has gained steam since the US imposed financial sanctions on Russia last year, and countries from China and India to France and Israel have all signaled interest.Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.Meanwhile, China has been trying to internationalize the yuan to compete against the dollar and has currency agreements with Brazil and Argentina.While the dollar remains dominant as a method of payment, Stephen Jen, the chief executive of Eurizon SLJ Capital, wrote in a note earlier this year that the dollar's share of global reserves declined sharply in 2022, deteriorating at about <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-global-reserves-china-euro-russia-ukraine-war-greenback-2023-4?_gl=1*br6dfl*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5MjIwNzU3NC4xMTc0LjEuMTY5MjIxMzMxOC41OS4wLjA.">10 times the average pace</a> seen in the last two decades.

India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

<ul class="summary-list"><li>Heavily sanctioned Russia is facing challenges from its dedollarization drive.</li><li>It now trades less than 10% of its oil using the greenback and the euro.</li></ul>Heavily sanctioned <a target="_blank" href="https://www.businessinsider.com/dedollarization-brics-summit-russia-putin-dollar-local-currency-trade-sanctions-2023-8">Russia</a> is one of the loudest critics of the US dollar-denominated global financial order actively trading in alternative currencies.But even Russia, which has been actively <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-ukraine-war-energy-oil-trades-sanctions-2023-5">skirting sanctions</a> and using local currencies for trade to prop up its economy, hasn't found a really viable alternative currency for trade – highlighting the problems and risks of countries looking to abandon the greenback.Russia's oil trade best exemplifies the problems it has with alternative currency trade, as it accounts for about <a target="_blank" href="https://home.treasury.gov/news/featured-stories/the-price-cap-on-russian-oil-a-progress-report">a quarter</a> of Russia's budget.Before Moscow's invasion of Ukraine, most Russian oil went to <a target="_blank" href="https://www.iea.org/reports/russian-supplies-to-global-energy-markets/oil-market-and-russian-supply-2">Europe.</a> Now, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">India and China</a> have become the biggest buyers following sanctions imposed after Vladimir Putin invaded Ukraine.The international oil trade is typically denominated in the dollar, but due to sanctions, less than 10% of Russia's daily oil trade is sold in the dollar and the euro, five traders told <a target="_blank" href="https://www.reuters.com/markets/currency-clashes-sour-russias-oil-trade-with-asia-2023-11-27/">Reuters</a> on Monday.<h2>Risks and complications of alternative currencies</h2>Russia's oil trade with India is particularly problematic.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.However, Indian authorities have controls on the rupee and the currency is not fully convertible — which means it can't be easily changed into another currency.This poses a problem for Russia, which found itself stuck with lots of <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">rubles in Indian banks</a> earlier this year.India actually encourages the rupees to be spent in India itself. The <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">problem for Russia</a> is that there's not much it wants to buy from India.The currency issue is not just a problem with India — sources tell Reuters that it's affecting other top buyers in Africa, China, and Turkey too.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan. It's also subject to controls and is not fully convertible, but Russia imports a lot more from China, including cars, machinery and other goods.Yet the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">Indian government</a> is increasingly uncomfortable with yuan trade, since there are currency conversion charges involved and <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">geopolitical rivalry</a> between Delhi and Beijing.Another currency Russia could use to trade with India is the United Arab Emirates dirham — but the UAE is <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-23/uae-tightens-scrutiny-on-russian-firms-amid-pressure-from-us">increasing its oversight</a> of Russian companies.Despite all the risks and complications that come with trading in alternatives to the US dollar, the Kremlin is not backing off its stance to move away from dollar trades."Despite all the problems with the rupee, we nevertheless prefer trading in rupees and rubles and not in dollars. This already speaks to the fact that we have excluded the option of dollarization in our bilateral trade," said Sergey Ivanov, a senior Russian official told a forum on Monday, per the state news agency <a target="_blank" href="https://tass.com/economy/1712447">TASS</a>.

Russia's oil deals with India should terrify countries trying to abandon the dollar

<ul class="summary-list"><li>Russia and India have suspended negotiations over using rupees for trade, Reuters reported. </li><li>Moscow, with a high trade gap in its favor, believes accumulating rupee is "not desirable." </li></ul>Russia and India have suspended negotiations over using rupees for trade between the two countries, with Moscow reluctant to keep the Indian currency on hand, <a href="https://www.reuters.com/markets/currencies/india-russia-suspend-negotiations-settle-trade-rupees-sources-2023-05-04/">Reuters reported Thursday</a>. The halt in talks deals a blow to Indian importers of cheap Russian oil and coal who were looking forward to a permanent rupee payment mechanism that would help bring down costs for currency conversion. Russia, with a high trade gap in its favor, believed it would have an annual rupee surplus of more than $40 billion if a mechanism were enacted. Moscow felt that accumulating rupee is "not desirable," the report said, citing an unnamed official with the Indian government. India's finance ministry, the Reserve Bank of India and Russian authorities did not immediately respond to requests from Reuters for comment.Russia wants to be paid in Chinese yuan or other currencies, a second Indian government official involved in the discussions told Reuters. <a href="https://www.businessinsider.com/russia-buy-chinese-yuan-cny-replenish-foreign-reserves-ukraine-war-2023-5">Moscow has increasingly turned to the yuan</a> to move away from the US dollar after Russia was hit with Western sanctions for invading Ukraine in February 2022. India began exploring a rupee settlement mechanism with Russia soon after Moscow launched war against the former Soviet state. No reported deals have been conducted using rupees, Reuters reported. A currency dispute between Russia and India left deliveries of Russian weapons to India on hold, <a href="https://markets.businessinsider.com/news/currencies/russia-weapons-sales-india-ruble-rupee-euro-dirham-s400-dedollarization-2023-4">Bloomberg reported last month</a>. The stalemate froze more than $2 billion in payments from India. One factor that contributes to some countries not needing to hold rupees is India's share of global exports of goods, which runs at about 2%, the Reuters report said.

Russia and India reportedly halt talks over using rupees for trade, with Moscow preferring to be paid in Chinese yuan

<ul class="summary-list"><li>It's impossible for Russia to completely abandon use of the the dollar, a former Kremlin official wrote.</li><li>A narrowing currency market in Russia has fueled ruble volatility.</li></ul>Hopes of completely cutting the greenback out of Russian exchange rate markets would be unattainable, a former minister of finance wrote in a <a href="https://www.rbc.ru/opinions/finances/29/08/2023/64ec75029a794735468d3c7c" target="_blank" rel="noopener">local opinion piece</a>.That's as the dollar continues to be used for trade that Moscow relies on, Mikhail Zadornov said, despite a narrowing foreign currency market in Russia."But whatever the pace of de-dollarization, we will not completely abandon trade settlements in 'hard' currencies — even for gas, Russia continues to receive in foreign currency," he wrote. "That is, complete withdrawal from dollars and euros, their absence in the domestic market — it is both impossible and irrational."Russian de-dollarization accelerated as a consequence of the sanctions imposed by the US and EU in 2022. As a result, Zadornov cites a turnaround in the composition of Russia's foreign FX markets: "Until 2022, turnover in the currency section of the Moscow Exchange was two to three times higher than now, and secondly, 80–90% of the market accounted for dollars and euros. Now a third is dollars, 10% is euros, a third is yuan, the rest are various currencies," he summarized.Though Zadornov lists this as a secondary reason, the contraction in the dollar exchange market was a contributing factor in the <a href="https://markets.businessinsider.com/currencies/rub-usd">ruble's dramatic slide.</a> The currency is currently hovering at over 96 to the dollar. Still, Russia continues to be a participant in global trade, meaning that it must keep working with the dollar. With less of the currency available in the country, large trade transactions generate higher demand for the greenback, generating ruble volatility.To stem this, Zadornov suggested a new infrastructure that would facilitate direct and exchange settlements between "friendly" currencies."The emergence of new instruments in itself will help strengthen the ruble against the dollar and the euro, since direct settlements do not require the use of these currencies for cross-currency transactions, thereby reducing the demand for 'hard' currencies," he wrote.In the same article, Zadornov also named other <a href="https://finance.yahoo.com/news/former-kremlin-official-blames-rubles-041238520.html" target="_blank" rel="noopener">reasons for the ruble's slide</a>, including Russia's irredeemable <a href="https://markets.businessinsider.com/news/currencies/russia-dollar-currencies-india-yuan-rupee-china-trade-sanctions-moscow-2023-5?utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=yahoo.com">stockpile of rupees</a>. Kremlin officials <a href="https://tass.com/economy/1666967" target="_blank" rel="noopener">opposed the idea</a>, citing that issues with rupee conversion have little impact on the ruble.

Complete de-dollarization in Russia is 'impossible and irrational,' former Kremlin minister says

<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> founder-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay Shekhar Sharma</a> is on a roll, literally. He’s rolling out one service after another. <keyword id="6357120" type="UNKNOWN" weightage="80" keywordseo="PayTM">Paytm</keyword>’s <a href="http://www.businessinsider.in/searchresult.cms?query=payments+bank&amp;sortorder=effectivedate">payments bank</a> operations are expected to start by August and its Wallet users can pay for <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> rides globally by the end of the month. 
 
The company will soon launch cards with QR codes to enable users to make financial transactions, and Vijay has accepted the company will have physical banking outlets soon. He reveals they’re also working on an ‘interesting concept’ he calls Paytm Ka ATM (Paytm’s ATM). 
 
Business Insider caught up with <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay</a> to get an idea of what’s next from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a>: 
 
When will you enable <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+Wallets&amp;sortorder=effectivedate">Paytm Wallets</a> on <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>? 
<a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a> is figuring out its consumer-merchant strategy. 
 
When they’re ready to go global, we will integrate them as a merchant. 
 
Any time-lines? 
I can’t talk on behalf of <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>. 
 
We will be integrated on retail B2C for sure by the end of the year. 
 
What about forex issues? 
Money deducted from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+wallet&amp;sortorder=effectivedate">Paytm wallet</a> will always be in Indian Rupee, and cannot be foreign currency. Alipay will take Indian currency and make it into dollars. 
 The RBI restricts payments debited in rupees. However, when we have a <keyword id="2324069" type="UNKNOWN" weightage="60" keywordseo="Payments-Bank">payments bank</keyword>, we can debit in dollars directly. 
 
Will Indian consumers be charged a premium for payments made overseas? 
It would be standard conversation rate. We don’t charge the consumer ever. The merchants pay the charge. 
 
It will definitely be cheaper than on-counter rupee or dollars handed over. That’s the edge mobile payment companies bring. 
 
You’re planning to launch physical banking stores? 
Every city we launch in will have a branch. 
 
People have more peace of mind when they know there’s a physical footprint to their banking organization. We’re also working on a concept of an ATM. 
 
However, our distribution will be focused on the app. 
 
What about consumers without smartphones 
People who don’t have smartphones can have our electronic cards with QR Code. Call it the Paytm Card. 
 
<a href="http://economictimes.indiatimes.com/photo/51033957.cms">Image Source</a>

Exclusive:
Paytm founder-CEO Vijay Shekhar Sharma talks about his plans to go global

<ul class="summary-list"><li>Payment issues have delayed shipments of Russian Sokol crude oil to Indian Oil Corp.</li><li>India prefers rupee payments, but Russia is unwilling to use the currency. </li></ul>Moscow has been on a drive to <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7">replace the use of the US dollar</a> in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies.Shipments of Russian Sokol grade crude oil to state-owned Indian Oil Corp, or IOC, have been delayed by payment issues, <a target="_blank" href="https://www.reuters.com/business/energy/payment-woes-delay-supply-russian-sokol-oil-india-sources-2023-12-26/">Reuters</a> reported on Tuesday, citing two sources familiar with the matter. The seller is the state-owned Russian oil company Rosneft.The problem arose because the Rosneft unit selling the oil hasn't been able to open a bank account in the United Arab Emirates to receive payments in the UAE dirham, per Reuters.This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. So the cargoes have mostly been lingering at sea around India and Sri Lanka.IOC and Rosneft did immediately respond to requests for comment from Business Insider and Reuters.It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue.Earlier this month, <a target="_blank" rel="noopener nofollow" href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp">Bloomberg</a> reported <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12">about five million barrels</a> of Sokol oil that were being shipped from Russia to India never arrived.The problems with paying for Sokol oil highlight issues of dealing with Russia amid sweeping sanctions over its invasion of Ukraine.India has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.However, Indian authorities have controls on the rupee, and the currency is not fully convertible — which means it can't easily be changed into another currency.This poses issues for Russia, which was stuck with billions of <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">rupees in Indian banks</a> earlier this year. India encourages the rupees to be spent in India itself. The <a target="_blank" rel="" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">problem for Russia</a> is that there's not much it wants to buy from India.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan. It's also subject to controls and is not fully convertible, but Russia imports a lot more from China.Yet the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">Indian government</a> is increasingly uncomfortable with yuan trade since there are currency conversion charges involved and <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">geopolitical rivalry</a> between Delhi and Beijing.Another currency Russia could use to trade with India is the UAE dirham — but the UAE is <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-23/uae-tightens-scrutiny-on-russian-firms-amid-pressure-from-us">increasing its oversight</a> of Russian companies.<a target="_blank" href="https://www.businessinsider.com/russia-economy-top-central-banker-nabiullina-more-sanctions-ukraine-war-2023-12">Russia's central bank governor</a> Elvira Nabiullina acknowledged challenges with <a target="_blank" rel="" href="https://www.businessinsider.com/china-russia-alternative-swift-payment-cips-spfs-yuan-ruble-dollar-2022-4">cross-border payments</a> in a recent interview with local media, but added the country's economy has been restructuring rapidly to deal with international sanctions.

Russia wants to topple dollar dominance, but it isn't even able to deliver oil to India with alternative currencies

New Delhi, Jan 3 () Following are the top business stories at 1812 hours:

 
DCM13 BIZ-SC-RATAN-TATA-MISTRY
Ratan Tata moves SC against NCLAT order reinstating Mistry as Tata Sons chairman
New Delhi: Ratan Tata on Friday filed a petition in the Supreme Court seeking to quash a company law appellate court order directing Tata Sons to rehire the chairman it had fired in 2016, saying the judgment was "wrong, erroneous and contrary to the record of the case." 
 
DEL30 BIZ-GOLD-PRICE
Gold zooms Rs 752 on strong global trends, weak rupee
New Delhi: Gold prices zoomed Rs 752 to Rs 40,652 per 10 gram in the national capital on Friday on strong global trend and weak rupee, according to HDFC Securities.
 
DCM17 BIZ-NCLAT 2NDLD TATA-MISTRY
MCA says no illegality in conversion of Tata Sons into pvt co; NCLAT reserves order
New Delhi :The Ministry of Corporate Affairs on Friday told the company law appellate court that it did not commit any illegality in granting permission to convert Tata Sons -- the holding company of the USD 110 billion salt-to-software conglomerate -- into a private company.

DEL45 BIZ-LD INDIGO-PROMOTERS
IndiGo promoters' feud simmer; shareholders meet on Jan 29 to discuss AoA changes
New Delhi: In signs that promoters' feud are far from over, InterGlobe Aviation on Friday announced convening a meeting of shareholders on January 29, at the request of co-promoter Rakesh Gangwal, for removing various provisions in a key document of the company.

DEL41 BIZ-RUPEE-CLOSE
Rupee plunges 42 paise to 71.80 against US dollar amid spike in crude prices
Mumbai: The rupee plunged by 42 paise to settle at a one-and-a-half-month low of 71.80 against the US currency on Friday due to a spike in crude oil prices after US President Donald Trump ordered strike on an Iranian commander.

DEL36 BIZ-LD STOCKS
Markets recoil as Mideast tensions flare up; post weekly losses
Mumbai: Indian equity indices tumbled in tandem with global markets on Friday after the killing of a top Iranian general by the US ratcheted up geopolitical tensions, triggering a flight from riskier assets. 
 
 
 RUJ
RUJ

Business highlights

<ul class="summary-list"><li>The BRICS group of countries are brewing up a challenge to <keyword id="13653780" type="UNKNOWN" weightage="60" keywordseo="dollar-dominance" source="Orion">dollar dominance</keyword> with a new <keyword id="13524903" type="UNKNOWN" weightage="60" keywordseo="reserve-currency" source="Orion">reserve currency</keyword>.</li><li>But it's unlikely to challenge the dollar, as four of the five <keyword id="11931696" type="UNKNOWN" weightage="60" keywordseo="currencies" source="Orion">currencies</keyword> are managed against the greenback.</li></ul>China started cooking up fresh challenges to the <keyword id="6368584" type="UNKNOWN" weightage="60" keywordseo="us-dollar" source="Orion">US dollar</keyword>'s role in international trade in recent days, but the signs are it's unlikely to make much headway.The <a href="https://www.businessinsider.com/putin-china-india-brics-summit-shows-russia-allies-despite-ukraine-2022-6?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">BRICS</a> countries — Brazil, Russia, India, China, and South Africa — plan to develop a new <keyword id="13653782" type="UNKNOWN" weightage="60" keywordseo="global-reserve-currency" source="Orion">global reserve currency</keyword> based on a basket of their currencies, President Vladimir Putin said. Meanwhile, China said it will <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-china-currency-reserve-to-combat-us-2022-6">build a fresh yuan reserve alongside Hong Kong, Singapore and three other states</a>, with each contributing around $2.2 billion.Beijing likely hopes that these moves will threaten the <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar</a>'s position as the world's reserve currency, used in contracts to oil international trade. But the greenback has seen off such challenges before.In 2016, the <keyword id="12305409" type="UNKNOWN" weightage="60" keywordseo="yuan" source="Orion">yuan</keyword> joined the basket of currencies that make up the International Monetary Fund's international reserve asset, the <a href="https://markets.businessinsider.com/news/commodities/russia-ukraine-vladimir-putin-oil-natural-gas-shell-mitsui-mitsubishi-2022-7">special drawing rights</a>."That was meant to be the gun being fired on the yuan becoming a major international reserve," ING's global head of <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, Chris Turner, told Insider. "But the pick-up in yuan's use as a reserve currency has been quite disappointing."Only one-quarter of the shift away from dollars has been into the renminbi in recent years, according to the <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-shrinking-alternative-currencies-krona-won-more-attractive-imf-2022-6?utm_medium=ingest&amp;utm_source=markets">IMF</a>. Central banks have instead pivoted to holding <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-shrinking-alternative-currencies-krona-won-more-attractive-imf-2022-6?utm_medium=ingest&amp;utm_source=markets">non-traditional reserve currencies like the Australian dollar, Swedish krona, and South Korean won</a>, and the yuan still accounts for just 2.9% of global reserves.The yuan is also pegged the dollar via a reference rate, with the Chinese central bank maintaining a broadly seven-to-one ratio<a href="https://www.investopedia.com/articles/forex/09/chinas-peg-to-the-dollar.asp"> to make China's exports more competitive</a>. That means it's unlikely to threaten its American counterpart as a global reserve asset."The BRICS reserve currency will be a challenging plan," Oanda senior market analyst Jeff Halley told Insider. "Four out of the five currencies are managed currencies, and in China's case, the yuan is not convertible and is managed against a basket of currencies, of which the US dollar has the largest weighting."In addition, there's the question of conversion — that is, whether there are restrictions on how a currency is traded on the foreign exchange market. Those who want to trade high amounts of India's rupee, for instance, must get approval first.So while investors might be concerned about this apparent fresh threat to dollar dominance, these factors suggest the greenback won't face losing its pole position any time soon."I hear this story all the time," Halley said. "There is no threat in the foreseeable future to the dominance of the US dollar. It is the currency of the largest economy, used in the largest and deepest capital markets in the world, and is freely convertible.""None of that applies to the BRICS currencies," he added. "I'd rather be paid in US dollars than rand, real, rubles, rupees, or yuans."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-ideas-inflation-investing-strong-dollar-goldman-2022-6?r=US&amp;IR=T">Goldman Sachs: Buy these 37 outperforming stocks to profit as inflation and climbing interest rates give the US dollar overwhelming strength</a>

China is doubling down on its bid to challenge the dollar's global dominance. Analysts lay out why it's unlikely to succeed.

With the <keyword id="35208" type="ORGANIZATION" weightage="20" keywordseo="dollar">dollar</keyword> remaining strong, studying in a reputed foreign institution seems to be a distant dream. While most banks are willing to offer education loans for higher studies, but is it enough for us to just sign the documents without any planning? 
	 We list down a few tips for a better financial planning before you go overseas for your <keyword id="6375224" type="ORGANIZATION" weightage="20" keywordseo="higher-education">higher education</keyword>. 
	 
	Scout for the best <keyword id="6360217" type="PERSON" weightage="20" keywordseo="Loan">loan</keyword> option 
	 
	It is a tedious job but it is extremely important for anyone to go through and compare the various loan options available to you. And once, you zero in on the offer that you feel suits you, you can negotiate the terms and conditions. 
	 
	Remember fluctuating rupee 
	 
	It is important to remember that fluctuation in rupee value will impact your loan. One must remember that the loan will be rupee denominated and hence on conversion into your desired foreign currency, the amount will be lower. 
	 
	“A student has to be prepared to bear this foreign exchange risk. For example, a student applies for an education loan of Rs 20 lakh. However, if the rupee weakens further due to exchange rate fluctuations, there would be an increase in the cost of education from the rupee perspective,” said Harshala Chandorkar, senior vice president, Consumer Services at <keyword id="6380215" type="ORGANIZATION" weightage="20" keywordseo="CIBIL">CIBIL</keyword>. 
	 
	Plan your course of action 
	 
	In most cases, parents often sign up as a guarantor for the loan availed by you. So, its better to plan your course of action beforehand because if you delay the EMIs or default on them, it will adversely impact their CIBIL report as well. 
	 
	“Rupee depreciation also adds to the woes of many parents who fund their children’s education from their savings as they have to shell out more money. As a guarantor on your education loan your father / mother is liable for its repayment in case you fail to pay the EMIs. His / her credit report will show the details of this education loan and defaults will also show if you do not repay the EMIs on the loan. Thus, your repayment behavior will also impact your parents’ credit score,” she added. 
	 
	Spend carefully 
	 
	While you are overseas, pursuing your higher studies, it is important to do budgeting and know how much can you spend. Becoming a spend thrift can put additional burden on your financials, thus forcing you to delay or default on your loan repayments, negatively affecting your CIBIL report. In case, you cannot avoid certain expenses, consider taking up a job to meet your additional expenses. 
	 “If you have taken a loan to study abroad, timely repayment should be the top most priority. Like any other loans and credit cards, education loans are also reported to the CIBIL and get reflected in the borrower’s CIBIL Report. Transactions related to repayment of your education loan will also get reflected in your CIBIL Report and impact your CIBIL <keyword id="3332419" type="UNKNOWN" weightage="20" keywordseo="TransUnion-score">Transunion Score</keyword>. Irregular or non-repayment of EMIs on your education loan will lead to an unhealthy CIBIL Report which can hamper your chances of availing any other loan or credit card in the future,” said Chandorkar.

A little financial planning will help you to study abroad

<ul class="summary-list"><li>Deliveries of Russian weapons to India have been on hold due to a currency dispute.</li><li>The countries are in a standoff over which currencies to use, sources told Bloomberg.</li></ul>Deliveries of Russian weapons to India have been on hold due to a currency dispute between the two countries, <a href="https://www.bloomberg.com/news/articles/2023-04-21/russian-arms-sales-to-india-stall-due-to-fears-over-us-sanctions" target="_blank" rel="noopener">sources told Bloomberg</a>.The standoff has frozen more than $2 billion in payments from India for about a year, while Russia has halted credit needed to purchase $10 billion in spare parts and two S-400 air-defense systems, according to the report.The problem stems from Western sanctions on Russia for its war on Ukraine. Last year, the Kremlin's foreign-currency reserves were frozen, and Russia was shut out of the SWIFT network, effectively closing it off from the global financial system.India won't pay Russia in US dollars over concerns that it may face secondary sanctions and won't pay in rubles because of worries about obtaining Russia's currency on global markets at a fair rate, Bloomberg said.Meanwhile, Russia won't take Indian rupees because of exchange-rate volatility, the report added. Moscow has also rejected an idea from New Delhi for the Kremlin to invest rupees from arms payments back into Indian capital markets so the currency doesn't pile up.Another possibility is using euros or the UAE's dirham, but that also invites the risk of sanctions and unfavorable exchange rates for India, an Indian official also told Bloomberg. Indian refiners have already been <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-india-refiners-uae-dirham-russia-crude-oil-sanctions-2023-2">using the dirham to purchase Russian crude</a> instead of dollars.Officials in India and Russia didn't respond to Bloomberg's requests for comment. Russia is the top supplier of weapons to India, which uses the Su-30 and MiG-29 fighter jets as well as T-90 tanks, among other Russian-made arms.Last month, <a href="https://www.businessinsider.com/india-says-russia-not-delivering-weapons-everything-to-ukraine-2023-3">India complained that Russia isn't delivering weapons</a> it owes because it's throwing everything at Ukraine. Meanwhile, Russia's state-owned Rosatom had initially insisted on payment in rubles for <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-bangladesh-russia-yuan-china-dollar-dominance-nuclear-loan-2023-4">loan payments on a nuclear power plant in Bangladesh</a> but eventually agreed to take Chinese yuan despite concern over potential conversion losses.

Russian sales of weapons to India are being held up by a dispute over which currency to use

New Delhi, Jan 30 () Bajaj Auto on Thursday reported 8.33 per cent increase in consolidated net profit at Rs 1,322.44 crore in the third quarter ended December 31, 2019.
 The company had posted a consolidated net profit of Rs 1,220.77 crore in the same period last fiscal, Bajaj Auto said in a regulatory filing.
 Total revenue from operations stood at Rs 7,639.66 crore as compared to Rs 7,435.80 crore in the corresponding period last fiscal, a growth of 2.74 per cent, it added.
 The company said driven by reduction in cost of material, increase in prices and additional realisation from US dollar to rupee conversion, there was an improvement in its EBIDTA margin during the quarter.
 Total vehicle sales were at 12,02,486 units as against 12,59,828 units in the year-ago period, down 5 per cent, Bajaj Auto said.
 Motorcycle sales during the third quarter stood at 10,27,161 units as against 10,78,384 units in the corresponding period last fiscal, a decline of 5 per cent.
 Commercial vehicle sales were also down 3 per cent at 1,75,325 units as compared to 1,81,444 units a year ago, the company said.
 Motorcycle sales in the domestic market were down 16 per cent at 5,42,978 units, as against 6,44,093 units in the same quarter a year ago, it added.
 Overall exports however grew by 7 per cent to 5,62,772 units in the third quarter as compared to 5,24,717 units in the corresponding period last fiscal. The company said this was its highest ever quarterly export volumes.
 Overseas motorcycle sales also grew by 11 per cent, clocking its highest ever volume at over 4,84,000 units in the third quarter. This was driven by growth in Africa markets such as Nigeria, Congo, Uganda and Ethiopia and Latin America. RKL DRR
DRR

You Searched For "rupee dollar conversion" and got 12 results

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