The Indian rupee closed at a record low of 84.0725 against the US dollar on Monday, pressured by outflows from local equities and debt and a stronger dollar index. However, likely RBI intervention in the form of dollar sales reigned in losses for the rupee, traders said. Outflows caused by Hyundai routing back funds to … Read more
Domestic gold surged to a fresh all-time high as the most active MCX near-month futures boomed to Rs 63350 per ten grams last week. Firm overseas prices, weak Indian rupee and expectations of an increase in jewelry demand and peak wedding season propelled the sentiment towards the metal. The Indian trade body is expecting business … Read more
Unveiling the much-awaited Foreign Trade Policy, Commerce Ministry on Friday broke the tradition of a policy lasting for five years and will instead adopt a ‘long-term’ focus. There is no end date to the policy and will be updated as and when necessary, the ministry said. Source link
The dollar’s value has risen to a record level as a result of aggrieved tightening by the Fed. With the objective of reducing volatility in the rupee’s movement, the RBI has been actively intervening in the forex market. Since Mar’22, when the US Fed undertook its first rate hike, the RBI net sold ~USD90bn worth … Read more
The Indian rupee is likely to strengthen to 78.50-79.50 against the dollar by March 2023, as commodity prices stabilise globally and improving domestic fundamentals lure back foreign portfolio inflows, the country’s top private lender said. The rupee has has weakened 7.5% so far in the 2022 calendar year, trading close to a record low of … Read more
The Indian rupee‘s fair value is around 80 against the U.S. dollar, given the country’s balance of payment challenges and the Reserve Bank of India‘s interventions, JPMorgan‘s head of emerging Asia local markets strategy said. India‘s balance of payments, a measure of how much the country relies on money from abroad, has been squeezed by … Read more
The Indian rupee weakened past 79 per dollar, plumbing record lows in early trade, as investors retreated from Indian share markets on Friday with the greenback staying strong against major peers due to prospects for higher U.S. interest rates and fears of a widespread recession. By 0352 GMT, the partially convertible rupee was trading at … Read more
The debt of Jaguar-owner and mining giant Resources Ltd. suffered their biggest drop on record last week, among a handful of Indian companies whose bonds plummeted as the rupee sank to a record low. In addition to those two dollar notes maturing in 2024, Energy’s foreign currency bond tumbled the most since March while GMR … Read more
With the Indian rupee falling to an all-time low, the Congress on Monday shot a barb at the Modi government, saying the Indian legal tender is in the “ICU”. In a sharply-worded Facebook post, Rahul Gandhi said the prime minister cannot keep the economic and social realities of India “hidden forever”. He asked Prime Minister … Read more
NEW DELHI: As global financial markets reel under the impact of the largest military conflict seen in Europe since the Second World War, India faces the return of a much feared spectre – the twin deficit challenge. The economic damage inflicted by the COVID-19 crisis has compelled the government to delay fiscal consolidation and widen … Read more