Friday, October 7

Month: June 2022

In Early trade saw 4 paise decline in rupee against the US dollar, tying up with quiet markets
Forex

In Early trade saw 4 paise decline in rupee against the US dollar, tying up with quiet markets

In early trade on Wednesday, the rupee fell 4 pence to 78.17 against the US dollar, after a flat domestic share market and a strong US currency. However, lower oil prices on the global market strengthened the local currency and limited its decline, according to FX brokers. The rupee began flat at 78.13 versus the US dollar on the interbank foreign exchange, before slipping to 78.17, a 4 paise drop from the previous finish. The rupee's closing price versus the US dollar in the previous session was 78.13. The 30-share Sensex was down 364.12 points, or 0.69 percent, at 52,167.95 on the domestic equities market, while the larger NSE Nifty was down 123.10 points, or 0.79 percent, at 15,515.70. The dollar index, which measures the value of the dollar against a basket of six di...
As crude oil prices fall, the rupee climbs 12 paise to 77.93 against the dollar
Forex

As crude oil prices fall, the rupee climbs 12 paise to 77.93 against the dollar

In early trade on Monday, the rupee rose by 12 paise to 77.93 versus the US dollar, owing to lower crude oil prices. However, currency dealers claimed that unrelenting foreign money outflows, a lackluster trend in local stocks, and a strong US dollar overseas limited the gain. The rupee began strongly at 77.98 versus the US dollar on the interbank foreign exchange, then inched higher to 77.93, a gain of 12 paise over the previous day. The rupee gained 5 paise versus the US dollar in the previous session, settling at 78.05 cents. The dollar index, which measures the strength of the greenback against a basket of six currencies, dropped 0.30 percent to 104.38. Brent crude futures fell 0.26 percent to USD 112.83 a barrel, the global benchmark. According to Sriram Iyer, Senior Rese...
Adani’s planned wind project has sparked a protest in Sri Lanka’s capital
Companies

Adani’s planned wind project has sparked a protest in Sri Lanka’s capital

On Thursday, a protest was staged in the Sri Lankan capital against the proposed windmill project in the northeastern district of Mannar, which is being developed by India's Adani business. The Gotagogama (President Gotabaya, go home) demonstrators congregated in the bustling Bambalapitiya district south of Colombo. They carried signs protesting the lack of transparency in the project's awarding to the Adani Group, as well as yelling chants against the Indian firm. Following last week's parliamentary oversight committee meetings, the 500 MW wind turbine proposal made quite a stir. His resignation was driven by statements made during the committee hearing and subsequent action by MMC Ferdinando, the state power entity's chair, to withdraw them. President Gotabaya Rajapaksa w...
Gold prices are down Rs 270 per kg, while silver is up Rs 60,000 per kg
Commodity

Gold prices are down Rs 270 per kg, while silver is up Rs 60,000 per kg

On Thursday morning, gold prices in India fell by Rs 270 per gramme. After a Rs 250 drop, 10 gramme of 24-carat gold is trading at Rs 51,440, while 10 gramme of 22-carat gold is trading at Rs 47,150. The drop in gold prices comes after the US Federal Reserve raised interest rates for the first time since 1994 and warned of economic concerns. Silver, on the other hand, has seen a price increase. After a 200-rupee hike, 1 kilogramme of silver now costs Rs 60,000. The price of a gramme of 24-carat gold is Rs 51,440 in Delhi, Mumbai, Kolkata, Bangalore, and Hyderabad. Meanwhile, a gramme of 22-carat gold costs Rs 47, 170 in Delhi, Bangalore, Bhubneshwar, and Mangalore. In Chennai, a gramme of 24-carat gold costs Rs 51,500 while a gramme of 22-carat gold costs Rs 47,200. In Delhi, ...
Oil prices are falling as a result of Beijing’s Covid warning and global inflation fears
Oil

Oil prices are falling as a result of Beijing’s Covid warning and global inflation fears

On Monday, oil prices fell more than $2 as a flare-up in COVID-19 cases in Beijing dampened prospects for a quick increase in China's fuel demand, while concerns about global inflation and economic development weighed on the market. Brent oil futures were down $2.06, or 1.7 percent, to $119.95 a barrel at 0033 GMT, while West Texas Intermediate crude was down $2.13, or 1.8 percent, to $118.54 a barrel. Prices plummeted after Chinese officials warned of a "ferocious" COVID outbreak in Beijing on Sunday and announced plans to undertake widespread testing in the capital until Wednesday. Concerns about more interest rate rises after Friday's significant increase in US inflation figures are also impacting global financial markets. Last week, both global oil benchmarks rose more ...
The rupee falls to an all-time low of 77.74 per dollar
Forex

The rupee falls to an all-time low of 77.74 per dollar

The rupee fell to a new all-time low against the US dollar on Wednesday, ending at 77.74, slightly lower than its previous close of 77.71. Despite continued foreign capital outflows and higher global crude oil prices, the local currency traded in a limited range. The previous low was set on May 19, when it closed at 77.73 against the dollar, but it had hit 77.80 levels during intraday trade on May 17. "USD-INR volatility may continue to be minimal. Anindya Banerjee, the vice-president, of currency options & interest rate derivatives, Kotak Securities, stated, "A range of 77.40 to 78.00 remains in play in the short term." Bond prices climbed following the Reserve Bank of India's monetary policy committraiseding the policy repo rate by 50 basis points (bps) — in line with market...
RBI boosts repo rate to 4.9 percent, predicting higher inflation over the next three quarters.
Economy

RBI boosts repo rate to 4.9 percent, predicting higher inflation over the next three quarters.

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) unanimously decided on Wednesday to raise the benchmark policy rate by 50 basis points, bringing the repo rate to 4.90 percent, following a surprise rate hike in an off-cycle meeting in May. As a result, the standing deposit facility (SDF) rate has been changed to 4.65 percent, while the marginal standing facility (MSF) rate has been adjusted to 5.15 percent, and the bank rate has been adjusted to 5.15 percent. The MPC also unanimously agreed to keep focusing on the removal of accommodation to keep inflation in check while boosting growth in the future. While the real GDP growth prognosis for FY23 has been kept at 7.2 percent, with Q1 at 16.2 percent, Q2 at 6.2 percent, Q3 at 4.1 percent, and Q4 at ...
International

Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates. The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country's central bank will raise Australia's key interest rate by a quarter-point later in the day or opt for something bigger. The Australian dollar fell 0.15 percent to $0.7183, continuing its decline from a six-week high of $0.72825 reached last Friday. The dollar rose to 132.305 yen on Tuesday, a level not seen since April 2002, boosted by a surge in the 10-year Treasury yield above 3.05 percent for the first time in almost four weeks. The curre...
In Prague, Jaishankar meets Indians and discusses the state of bilateral relations
Current Affairs

In Prague, Jaishankar meets Indians and discusses the state of bilateral relations

External Affairs Minister S Jaishankar met with members of the Indian community here on Sunday and briefed them on recent events in India as well as the health of the bilateral relationship. Jaishankar is in town on the final phase of a two-nation journey to Slovakia and the Czech Republic, where he hopes to bolster ties between the two Central European nations. Jaishankar sent out a tweet,  "Delighted to meet the Indian community in Prague. Good to see many of them doing so well. The expansion of the community has also been encouraging. Shared with their developments at home and the state of our bilateral relationship. Count on their continuing support," The minister of foreign affairs arrived in Prague on Saturday from Bratislava, Slovakia's capital. Jaishanakar met with the Cz...