Rupee nears 64 level against US dollar, falls 14 paise
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The Indian rupee neared 64 level against US dollar on Monday after falling as much as 14 paise in the early trades. The Indian rupee lost 14 paise against US dollar at 63.9987 against the US dollar at the interbank foreign exchange market on Monday. The domestic currency lost 5 paise in the opening session to start the day at 63.89 apiece US dollar on Monday. The Reserve Bank of India had fixed the reference rate of the rupee at 63.7183 against the US dollar on Friday. In the 5-day period of last week, the rupee lost about 20 paise and on Friday, the domestic currency surrendered most of its early gains but managed to end slightly higher by a modest 2 paise at 63.84 against the US dollar in highly volatile trade.
In the meantime, Prime Minister Narendra Modi has left for Davos, Switzerland today to attend the World Economic Forum 2018. The annual conference will see some of the major names from across the world. US President Donald Trump, Israeli PM Benjamin Netanyahu, German Chancellor Angela Merkel, UK Prime Minister Theresa May are a few world leaders who will be a part of the forum. Prime Minister Modi will give the opening address at the forum where he will be speaking to the world leaders and business tycoons on the first day of the conference, that is tomorrow January 23.
Shares of Asian Paints, Axis Bank, Dewan Housing Finance, Havells India, Rallis India, Vakrangee and Justdial will be in close watch ahead of their respective third-quarter earnings later today. Going ahead in a holiday-shortened week ahead, earnings of blue-chip companies such as Axis Bank and Maruti Suzuki as well as derivatives expiry will likely to steer the domestic equities. Companies which are scheduled to announce their Q3 results this week include Axis Bank, Maruti Suzuki India, Canara Bank, Idea Cellular, Coal India, and Dr Reddy’s Laboratories.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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