The seized currency comprises Indian currency to the tune of Rs 1.01 crore, foreign currency having INR equivalent of 33.34 lakh, 16 gold bars, and 168 silver bars.
The report highlighted that the USD/INR strengthened from recent lows of around 92 to approximately 90.6 following the trade deal with the United States and the Free Trade Agreement (FTA) with the European Union.
Capital flows could also turn more favourable. Potential inclusion of Indian government bonds in global bond indices, stabilisation in corporate earnings, and the likelihood of renewed FPI equity inflows may ease pressure on the rupee.
Nepal has lifted its ban on Rs 200 and Rs 500 Indian currency notes, allowing their import and export with India up to a limit of Rs 25,000 per person, the government said, easing restrictions imposed after India's 2016 demonetisation.
Congress MP Manish Tewari on Friday moved an adjournment motion in the Lok Sabha, demanding that the poor performance of the rupee be discussed in the Lower House after the Indian currency continued to decline to a new low of 90.43 against the dollar.
Tewari said that during the time of the UPA leadership, the BJP had mocked the government for the falling rate, with BJP spokesperson Ravi Shankar Prasad saying in 2013, "The worth of the Indian rupee against the dollar was equivalent to Rahul Gandhi's age when the United Progressive alli
Congress leader Salman Khurshid on Wednesday said the recent fall of the Indian rupee, which breached the 90 mark against the US dollar, reflects the impact of US sanctions and tariffs.
Indian rupee breached the 90 mark against USD on Wednesday morning, extending its depreciation run through sessions now, and in the process hitting a fresh all-time low for the Indian currency.
India's currency rupee, may finally have bottomed out after a persistent weakness, according to Jefferies. In its latest GREED & fear report, the global financial services firm highlighted a "growing likelihood that the rupee has bottomed" following its months-long depreciation.
Broader consumption demand in India may take one more quarter to recover fully, even as some sequential improvement is expected in high-frequency economic indicators, according to a report by Axis Securities.
The Chandigarh Police Crime Branch has busted an inter-state syndicate involved in printing and circulating Fake Indian Currency Notes (FICN) across northern states, recovering counterfeit currency worth Rs 24.27 lakh.