Regarding the GBP/INR exchange rate specifically, Singh suggests that it is likely to find support in the 101-100.50 range and has the potential to rise towards a target of 103.00-103.65. 'The pound is expected to trade with a positive bias amid weakness in the dollar and on expectations that the BoE may continue to raise interest rates by 25 bps to control stubbornly high inflation,' he adds. Based on these factors, Singh expects the Pound to maintain its positive momentum. The UK's inflation rate has consistently exceeded the BoE's 2% target for almost two years, which has also contributed to the strengthening of the Pound. 'Britain's central bank still cannot be sure that it has raised interest rates enough to tame inflation,' says Raj Deepak Singh. Raj Deepak Singh, Derivatives Research Head at ICICI Securities notes that the Pound Sterling has been experiencing an upward trend, which can be attributed to a combination of factors such as weakness in the US dollar and a sharp rise in UK 10-year bond yields.įurthermore, the Bank of England's (BoE) Chief Economist, Huw Pill, has also played a role in supporting the Pound with his recent remarks. Forex cards, travel cards fee should be settled in rupees, not in foreign currencies: RBI May 10, 2023, 11:21AM ISTĪll fees assessed on store value cards, travel cards, and foreign prepaid cards payable in India must be settled in rupees.Currency exchange analysts at ICICI Securities suggest the Pound to Rupee (GBP/INR) exchange rate could rise to 103.00 handle in their near-term outlook.Read on to know 10 tips about buying foreign currency before travelling abroad. However, if you are travelling abroad for the first time, then it is important to know certain things about buying forex. 10 tips about buying forex you should know before travelling abroad for vacation May 12, 2023, 11:50AM ISTĪfter the novel coronavirus pandemic, many individuals are making plans to travel either in the country or in foreign places.India's forex reserves reached a 10-month-high of $588.8 billion in the week through April 28, recovering from a drop to $524.5 billion last October, when the rupee hit a record low against the U.S. India's foreign exchange reserves saw a rise of $7.196 billion to $$595.98 billion as on May 5, 2023, data from the Reserve Bank of India showed on Friday. India's forex reserves rises to 11-month high of $595.98 billion May 12, 2023, 05:11PM IST.The central bank intervenes in the foreign exchange market to rein in excessive volatility in the exchange rate. India’s forex reserves surge to a 11-month high of $595.9 May 13, 2023, 10:34AM ISTĪnalysts said the Reserve Bank of India had taken the opportunity to build up its reserves amid weakness in the US dollar, which had eased pressure on emerging market currencies such as the rupee.Though still the dominant global reserve currency, the US dollar is losing its importance as countries increasingly look at other alternatives. The de-dollarization trend is accelerating: How it will impact your investments May 15, 2023, 06:30AM IST.Budget 2023 has increased TCS for foreign remittances under the LRS from 5 per cent to 20 per cent (except for education and medical purposes).

Further, it will be subject to tax collected at source (TCS). Credit card forex payments under LRS: You have to pay 20% TCS on these transactions from JMay 18, 2023, 03:20PM ISTĬredit card spending in a foreign currency will now be a part of LRS's annual limit of $2,50,000 per person.If the TCS payee is a taxpayer, he or she can claim credit and adjust it against his/her I-T or advance tax liability. The ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at source (TCS) at applicable rates.

Changes in FEMA rules: Debit, credit cards to have parity business visits of employees exempted from LRS May 18, 2023, 05:57PM IST.

The Ministry of Finance on Friday, May 19, clarified that no TCS will be levied on individual payments using international debit and credit cards of up to Rs 7 lakh in a financial year from July 1, 2023.

No TCS on debit card, credit card forex payments of up to Rs 7 lakh from July 1, 2023: Govt May 19, 2023, 07:38PM IST.

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