Currency mechanisms are the fundamental frameworks that govern the exchange of monetary units in global financial systems.
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Currency depreciation refers to the decline in the value of a country’s currency relative to another currency or a basket of currencies in the foreign exchange market
Currency appreciation refers to an increase in the value of a country’s currency relative to other currencies in the foreign exchange market.
The exchange rate is the price of one currency in terms of another currency. For instance, an exchange rate of approximately 75 rupees for $1 US
Currency swap agreements involve two central banks exchanging currencies at a fixed exchange rate. It functions as a credit line from one country to another,
The internationalization of the rupee refers to the process of making the rupee a globally accepted and traded currency. This involves using the rupee for international trade transactions
The Foreign Exchange Management Act (FEMA) was enacted in 1999 with the primary objective of consolidating and amending the laws related to foreign exchange in India.
Economy Notes
Currency Convertibility and Rupee Convertibility: Key Points – UPSC Economy Notes
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Currency convertibility refers to the ease with which a currency can be exchanged for another currency or converted into other forms of assets without restrictions or limitations
A Current Account Deficit (CAD) is a fundamental economic indicator that measures the difference between a country’s total exports of goods and services and its total imports.
Remittances to India play a vital role in the country’s economy, serving as a significant source of foreign exchange inflow and contributing to household income and poverty alleviation.