India

USD/INR is trading near 95.6700 as August begins, holding close to recent elevated territory after touching nearly 96.6680 last Friday. FXCOINZ examines why technical traders are watching a potential 94.9000 to 97.2000 range as energy costs, Reserve Bank of India influence and fragile global sentiment drive the outlook.

Tether’s USDT stablecoin is trading at an unusually high premium on Indian crypto exchanges, with some market participants seeing prices well above the usual one-dollar peg. Executives at CoinDCX and CoinSwitch say the gap is being driven by demand and supply imbalances, not exchange pricing tactics or hidden fees.

Binance is contesting an $86 million showcause notice issued by Indian tax authorities, alleging non-compliance with Goods and Services Tax (GST) regulations. The exchange asserts that its operations comply with local laws and is engaging in discussions with authorities to resolve the issue. This development highlights the complex regulatory landscape for cryptocurrencies in India and could significantly impact the local crypto market.