Current Affairs – November, 2013

Latest Current Affairs November, 2013 with Current Affairs, news summary on current events of National and International importance of November, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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“Selfie”: Oxford Dictionaries’ Word of the Year 2013

The word “selfie” has been recognized by the Oxford Dictionaries as the Word of the Year 2013. As per Oxford Dictionaries’ language research, use of the word, has surged 17,000% since this time last year – when “GIF” was conferred the Word of the Year 2012 honor.

What does the word “selfie” means?

The word “selfie” has been defined as “a photograph that one has taken of oneself, typically one taken with a smartphone or webcam and uploaded to a social media website”

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RBI’s special dollar swap facility receives over $25 billion

According to Reserve Bank of India (RBI), over $25 billion has been collected from special concessional swap windows for deposits by non-resident Indians and overseas foreign currency borrowings by banks.

The swap windows for Foreign Currency Non-Resident (Bank) FCNR (B) deposits and overseas borrowings by banks was introduced by the central bank on September 4, 2013 after the rupee plunged about 30% against the dollar between April and August 2013. The facility is open till November 30, 2013. The special facility allows banks to swap fresh FCNR (B) dollar funds, mobilised for a minimum period of 3 years, at a fixed rate of 3.5% per annum.

The RBI also permitted banks to borrow up to 100% of their tier-I capital from overseas, which can be swapped with the central bank at a concessional rate of 100 basis points below the rate existing in the market.

What is Currency Swap?

currency swap is a foreign-exchange agreement between two institutions to exchange aspects (namely the principal and/or interest payments) of a loan in one currency for equivalent aspects of an equal in net present value loan in another currency.

Currency swaps are over-the-counter derivatives, and are closely related to interest rate swaps. However, unlike interest rate swaps, currency swaps can involve the exchange of the principal.

What are the main uses of Currency Swap?

Currency swaps have two key uses:

  • To secure cheaper debt (by borrowing at the best available rate regardless of currency and then swapping for debt in desired currency using a back-to-back-loan).
  • To hedge against (reduce exposure to) exchange rate fluctuations.

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