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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
RBI Governance: Under discussion – Board for further examination of framework
Posted on 15th December 2018
The central board of the Reserve Bank of India (RBI) on Friday discussed its governance framework and decided the matter required further examination, the central bank said in a statement on its website.

According to sources privy to the deliberations, Subhash Chandra Garg, economic affairs secretary, made a presentation at the meeting about how the governance structure for the RBI should be examined.


Microsoft’s bug bounty: How this Kerala-based security engineer won an undisclosed amount
Posted on 15th December 2018
In a huge achievement, a Kerala-based application security engineer has won bug bounty from global tech-giant Microsoft for discovering a series of vulnerabilities that left over 400 million Microsoft users’ accounts open to hacking. Reportedly, these accounts were from Office 365 to Outlook emails.

Sahad NK, who works as a security researcher with cyber security portal Safetydetective.com, came across multiple vulnerabilities and reported to Microsoft. Sahad, with the help of fellow security researcher Paulos Yibelo, reported the bug to the company in June and were fixed by November end.


ONGC board to consider share buyback on Dec 20
Posted on 15th December 2018
State-owned Oil and Natural Gas Corp (ONGC) Friday said its board will consider buyback of company shares at a meeting on December 20.

This follows Government pushing cash-rich PSUs to use their funds to buy back shares or pay a higher dividend. The Government is looking to bridge budgetary deficit through higher receipts of dividend as well as selling its shares in PSUs in the buyback programmes.


Indian Oil shares rise 3.10% on share buyback
Posted on 15th December 2018
Mumbai: Shares of Indian Oil Corp. Ltd rose over 3% Friday after India’s largest oil firm on Thursday said its board of directors approved the buyback of 29.76 crore equity shares of the company for ₹4,435 crore. The share buyback price represents a 8.6% premium to Indian Oil’s Thursday closing price of ₹137.20 on BSE. On Friday, Indian Oil shares rose 3.10%, or ₹4.25, to ₹141.45 apiece on the BSE while the benchmark Sensex closed flat at 35,962.93 points.

Relief to RCom: Supreme Court tells govt to let it sell spectrum to Reliance Jio, but with a condition
Posted on 15th December 2018
The Supreme Court on Friday asked the department of telecommunications (DoT) to grant a no objection certificate (NoC) to Reliance Communications to trade its spectrum with Reliance Jio Infocomm by Monday on the condition that its subsidiary, Reliance Realty, does not redeem the preferential shares without DoT’s nod.

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