Rupee at 72: Currency recovers 10 paise against dollar amid volatility in early trade, fall in crude prices
The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange.
With the rupee breaching the 68 mark against US dollar, Finance Ministry today said it is keeping a close watch, along with RBI, on the domestic currency's movement and hoped that market volatility will stabilise soon.
The rupee will remain volatile for more time now. Unless the RBI drastically goes back on the earlier invoked liquidity tightening measures, or starts lowering interest rates, which again does not look probable presently. The rupee cannot recover sharply due to just positive sentiment.
In his last public speech yesterday, Subbarao blamed the government for the rupee's worries, defended his interest rate defence and also hoped some day the finance minister will recognise the RBI's action were correct too.
It is not going to be easy rescuing the rupee in the short-term, but the whole world can learn how not to deal with a currency crisis from our example
There is no deduction for painting charges by insurer now. But with Irda's order by which car paint has been brought under the purview of depreciable parts, you will have to bear a part of the cost
Driven by an increase in prices and higher volumes, cement companies are expected to report an 18 percent growth and IT service providers a growth of around 25 percent due to an increase in offshore volumes and rupee depreciation.
The rupee, which has been Asia's worst-performing currency against greenback, has fallen by a whopping 15 percent since July this year and is presently hovering above Rs 51 a dollar.
CIOs will have to chart a long term strategy to implement IFRS to align the IFRS rollout, with the overall IT strategy.