A man from the Hong Kong Special Administrative Region was caught attempting to carry 580,000 U.S. dollars in cash undeclared from Shenzhen City, south China`s Guangdong Province, to Hong Kong on Wednesday.
After witnessing two years of strong returns, Indian hedge funds started their 2011 campaign with two months of negative returns. It should be noted, however, that despite these losses, they managed to beat the market by significant margins.
The risk is that a plunging rupee will be seen by investors as reason enough to pull capital out of the country, adding yet more downward pressure on the currency and setting off a balance of payments crisis.
Japanese stocks led Asian equities higher on Monday and the US dollar climbed against major currencies on optimism that US employment figures later in the week will reflect a sustained economic recovery.
Standard gold prices crossed Rs 16,700-level for the first time in the history on the bullion market in the early trade on hectic stockists How to invest in gold buying triggered by rise in the global market.
The Reserve Bank of India on Tuesday
fixed the Reference rate for the US currency at Rs 46.83 per
dollar and the single European unit at Rs 69.80 per euro from
Rs 46.58 per dollar and Rs 70.01 per euro respectively
The Indian rupee on Wednesday strengthened by
9 paise to quote at almost six-week high of 47.86 against the
US dollar in early trade on hopes of more capital inflows as
local bourses may open on a strong note.