Currency in circulation rises 7.8% to ₹33.48 lakh cr in FY23
₹500 and ₹2000 notes together accounted for 87.9% of the total value of banknotes in circulation as on March 31, 2023.
₹500 and ₹2000 notes together accounted for 87.9% of the total value of banknotes in circulation as on March 31, 2023.
The year proved to be a roller-coaster, not only from the geo-political perspective but also from the point of view of asset management and economics.
The U.S. rate hike trajectory and crude oil prices to keep currency on the boil for now.
Cash has grown in prominence despite a very swift rise in digital payments in India over the last few years.
Since April 2001 foreign exchange reserves grew 11.15 times to $476.09 billion in mid-February; the RBI may add $21 billion more by March 2021, according to a BofA Securities report.
Without undermining the importance of a stable government with sustained focus on development and growth, one should take cognisance of the present economic scenario which requires urgent attention.
The fall in the deal activity is attributed to the recent uncertainty around trade and Brexit, exchange rate volatility and rising crude oil prices.
The government is the first to blink after a war of words between the finance ministry and the RBI hit stocks, currency, money and bond markets.
Despite a rate hike being priced in by the markets, the RBI’s MPC kept the repo rate unchanged at 6.5% in October.