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Rupee declines 12 paise against US dollar in early trade
Posted on 16th August 2019
The rupee slipped 12 paise to 71.39 against the US dollar in the early morning trade on Friday. On Wednesday, the domestic currency rebounded from a six-month low to end at 71.27, up 13 paise.

The forex market was closed on Thursday on account of Independenece Day.

"The Indian rupee has now become Asia's worst performing currency so far this month, Chinese yuan depreciated amid trade worries and foreign investor outflows," said V K Sharma, Head-PCG & Capital Market Strategy at HDFC Securities.

However, a recent poll by Reuters suggested rupee will recoup this year’s losses against the dollar over the coming 12 months as the issuance of sovereign bonds in foreign currencies may help prop it up.

“In the second half of the year, what we are looking for is some sort of positive news on the US-China trade war and maybe a little bit more (rupee) gains if the sovereign bonds issuance comes through,” Reuters reported quoting Sakshi Gupta, senior Treasury economist at HDFC Bank, as saying.

On the domestic front, data showed India’s trade deficit was at $13.43billion as compared to $18.63 billion in the same period last year. Gold imports declined 42.2 per cent to $1.71 billion in July. Oil imports fell 22 per cent to $9.6 billion, while non-oil slipped by 6 per cent to $30.16 billion.

"Weakness in emerging market currencies also accelerated as the interest rates on some long-dated government bonds have fallen below the level for short-term debt. The inversion rattled investors already worried that a US-China trade war might trigger a slowdown in global growth. Today, USD/INR pair is expected to quote in the range of 71.10 and 71.80," said Motilal Oswal Financial Services (MOFSL) in the daily currency report.

On the global front, Asian shares were heading for weekly losses on Friday as conflicting messages on the Sino-US trade war only added to worries for the global economy, while talk of aggressive central bank stimulus drove bond yields to fresh lows, said a Reuters report.

In the commodities market, oil prices were trying to bounce after two days of sharp losses. Brent crude futures added 23 cents to $58.46, while US crude rose 33 cents to $54.80 a barrel, the report added.


Other Latest News
Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.


ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019
Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes.

The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion.


SBI to adopt repo rate as external benchmark for all floating rate loans from October 1
Posted on 23rd September 2019
State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.


Rupee slips 9 paise to 71.03 against U.S. Dollar in early trade
Posted on 23rd September 2019
The Rupee opened marginally lower by 9 paise to 71.03 against the U.S. Dollar in opening trade on September 23, as rising crude oil prices and concerns regarding U.S.-China trade war kept investors edgy.

Forex traders said reports that the U.S. is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency.


Power struggle: RK Singh asks NTPC to buy stressed units
Posted on 23rd September 2019
The power ministry has asked state-run NTPC to bid for potentially viable projects in the National Company Law Tribunal (NCLT) and acquire them if the prices are attractive.

Power minister RK Singh told FE that he had asked NTPC to take a look at all the plants undergoing the CIRP process. “I have asked them to identify the ones with good machinery,” Singh said.


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