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Rupee recovers, opens 25 paise up against US dollar
Posted on 10th October 2018
The rupee on Wednesday opened 25 paise up at 75.14 against the US dollar. The domestic unit fell 33 paise on Tuesday to finish at a fresh lifetime low of 74.39 against on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

Government bonds on Tuesday declined sharply as the rupee weakened to new lows amid a rise in oil prices as well as tightening US yields.


Forex dealers said besides strong demand for the American currency from importers, concerns over rising fiscal deficit and capital outflows weighed on the domestic currency.

Foreign institutional investors (FII) were net sellers to the tune of Rs 3,402 crore on October 8, 2018. FIIs have been net sellers to the more than Rs 14,807 crore in October 2018.
"The balance of payments (BoP) turning negative has led to a sharp depreciation in rupee in the past two months. With steep depreciation over the past two months, the rupee is now the worst performing currency against the US dollar in Asia so far this year, down 13.4 per cent," PTI reported quoting global brokerage firm Nomura as saying in a research report.

Nomura further noted that policy responses to the depreciating currency have been muted thus far and with limited policy response, the concerns on the rupee have risen significantly.

On the global front, Asian shares steadied in early Wednesday trade after world stocks hit eight-week lows the previous day on worries about global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent, while Japan's Nikkei gained 0.25 per cent. The Australian benchmark was up 0.11 per cent.

Oil prices edged lower after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of nearly 40 per cent of US Gulf of Mexico crude output, Reuters reported.

Back home, the S&P BSE Sensex opened 91 points higher at 34,391 while NSE Nifty 50 index opened at 10,333, up 31.50 points.
Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
DLF’s operating cash flow to rise in coming quarters
Posted on 25th May 2019
DLF’s net sales bookings stood at `650 crore in Q4 – ahead of expectation for `600 crore. The mManagement guided for conservative 10% growth in pre-sales in FY20 mainly due to subdued NCR market and very low inventory in Crest project which contributed significantly to sales in FY19. Management guided for exit rentals of `37.5-40 bn at DCCDL (`27 bn currently), driven by addition of `4.5 bn of rentals from commencement of Cyberpark and Rs 4.25 bn of rentals from transfer of assets from DLF.

ITC Q4 results broadly in line with estimates
Posted on 25th May 2019
Q4 was broadly an in-line quarter led by modest performance in core cigarette business (8% volume growth/2-year CAGR at 2.5% and 10% Ebit growth), sustained profitability enhancement in FMCG and broad-based robust growth in other businesses. Punitive taxation notwithstanding, we believe, improving volume trajectory and pricing action in core cigarette business remain key catalysts. Inexpensive valuations (our reverse math suggests core cigarette business adjusted for other parts in our SoTP valuation trades at 21x Mar-21e earnings) and undemanding expectations lend additional comfort.

Bajaj Auto: Q4 was in keeping with expectation
Posted on 25th May 2019
Bajaj auto’s Q4FY19 Ebitda at Rs 11.6 bn was in line with estimates (Nomura: `11.6 bn, Consensus: Rs 11.8 bn). While revenues were 2% higher than our estimate, Ebitda margin at 15.7% was a bit below our estimate of 16%. Management refrained from giving any volume guidance for FY20 given tough market conditions in India. It said 3W demand is likely to remain tepid in the near term due to a slowdown in India and Egypt. 2W exports are doing well in Africa but stagnant in LatAm and declining in the Middle East.

Nepal Police arrests Dawood aide Yunus Ansari, fake Indian currency worth Rs 7.5 cr million seized
Posted on 25th May 2019
Nepal police on Friday arrested underworld don Dawood Ibrahim's associate Yunus Miya Ansari along with three Pakistani and two Nepalese citizens possessing counterfeit Indian currency amounting to over Rs 7.5 crores, from the Tribhuvan International Airport in Kathmandu.

As per the police, Ansari along with others was arrested at 9:30 AM on Friday from the airport when they came to receive the counterfeit Indian Bank Notes.


Surat fire: Gujarat CM Vijay Rupani orders fire safety audit of schools, malls after 20 die at coaching centre
Posted on 25th May 2019
Gujarat Chief Minister Vijay Rupani Friday ordered a fire safety audit of schools, colleges and coaching centres following a massive blaze which engulfed a four-storey commercial complex in Sarthana here, killing at least 20 teenage students, many of whom jumped and fell to their deaths while some were suffocated.

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