Rupee rises 26 paise to close at 10-week high of 71.67 against US dollar on high forex inflows, dip in oil prices
The rupee has gained 1.68 percent to scale 10-week high levels in the five-day rally since 13 November as foreign funds returned to capital markets and oil prices retreated.
On reform front, Surjit Bhalla said the government should consider income transfer instead of higher minimum support price (MSP) and loan waivers
NIIT Technologies Q2 net profit jumps 66% to Rs 111.8 cr on strong demand across BFSI, travel, transportation
NIIT Technologies' revenues grew 23.1 percent to Rs 907.4 crore in the reported quarter from Rs 737.2 crore in the year-ago period
Stock market and rupee slump due to external factors; govt to take action at appropriate time: Finance ministry official
Attributing the slump in stock and currency markets to external factors, a finance ministry official on Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate.
This is the second consecutive week of major fall in the reserves which indicates that the RBI has been selling the greenback to fight the fall in rupee, which had crossed the 73-mark earlier this week. The local unit closed at 71.84 on Friday.
The rupee had on Thursday breached the 69-mark against the US dollar for the first time due to multiple headwinds like weak global cues and inflation concerns. It finally ended at an all-time low of 68.79, slumping 18 paise.
GDP decline: Economy needs tariff cuts, weaker rupee not govt spending boost, says Arvind Panagariya
Arun Jaitley last Wednesday had said the government is considering additional measures to bolster the economy without giving details on the likely steps
Forex reserves stood at $351.73 billion for the week ended November 6
The current volatility in domestic market may have taken some sheen off the second-rung stocks, but the market still has a lot of appetite for quality mid-cap players
In all likelihood, RBI rate cut will again be one of the key talking points today at the meeting
Market breadth was extremely weak with 1,618 stocks declining against 436 advances on BSE
Maruti Suzuki India, country's largest car maker, on Wednesday said it will increase the prices of its entire range of models by up to Rs 10,000 from October first week, mainly due to depreciation of rupee.
The fall in rupee value against the US dollar was the worst compared to its peers across Asia, Americas, Africa, Europe and the Middle East in August, as per the latest data compiled by the World Federation of Exchanges (WFE).
Swamy, a noted economist, alleged that the move shows Rajan's short-sightedness and foreign mentality and demanded his immediate removal.
Companies such as Indian Oil Corp , Tata Steel Ltd and Tata Power Company Ltd will remain highly leveraged over the next 12 months because of weak industry dynamics and resulting constraints on cash flows, it said.
Hyundai Motor India today said rupee's depreciation against the dollar has not impacted the company's production as it has been compensating the shortfall in the domestic market by exploring newer global markets.
The fall in purchases from India is forcing Indonesian suppliers to seek other buyers or dump cargoes into the spot market, putting more pressure on international benchmark prices that are already near their lowest in four years.