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Rupee closes stronger against US dollar
Posted on 4th January 2016
Mumbai: The Indian rupee on Wednesday gained 0.42%, most in one month, against the US dollar tracking gains in the Asian currencies markets.

The rupee closed at 68.05 per dollar—up 0.42%, its maximum gains since 6 December, from its previous close of 68.33. The home currency opened at 68.28 against the dollar. Since 1 April 2016 till date, rupee has fallen 2.5%.

Traders are cautious as it will look to US Federal Reserve meeting minutes on Wednesday and US employment figures on Friday to gauge whether the rally can gain momentum. The minutes will be closely watched for signs of any potential change in fiscal policy and any impact on the monetary policy.

India’s benchmark Sensex index closed at 26,633.13 points—down 0.04% or 10.11 points from its previous close. Since 1 April till date, Sensex has gained 4.9%.

The 10-year bond yield closed at 6.382%—a level last seen on 6 December, compared to Tuesday’s close of 6.445%. Bond yields and prices move in opposite directions.

So far this fiscal year, foreign institutional investors bought $1.69 billion in equity, while they sold $5.72 billion in debt.

Most of the currencies were trading higher. China Offshore spot was up 0.89%, Singapore dollar 0.53%, China renminbi 0.38%, Thai Baht 0.34%, Japanese yen 0.28%, Indonesian rupiah 0.27%, Philippines peso 0.11%. However, South Korean won was down 0.24%, Malaysian ringgit 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 102.89, down 0.31% from its previous close of 103.21.


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With the dispute between the Odisha government and Indian Oil Corp (IOC) over the value-added tax (VAT) being resolved, the oil marketing firm has firmed up plans to increase its investment in the state including expansion of the refining capacity in Paradip by 3-4 million tonne (MT) per annum. “Very soon we may be evaluating refinery expansion in Paradip. It is a greenfield 15 MT plant and we intend to expand by 3-4 MT,” said Sanjiv Singh, chairman of IOC, adding that the company has massive plans for further investment in the state.

 
MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment.

"We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.


 
NEW DELHI: In a bid to ensure Air India does not run out of cash before it is sold off, the government has ensured that the Maharaja gets a loan of up to Rs 6,000 crore to meet expenses. The airline was supposed to get Rs 2,500 crore this fiscal according to the equity infusion plan and is facing a shortfall of Rs 700 crore.

“We have obtained government guarantee to enable AI to borrow up to Rs 6,000 crore for meeting cash deficit in the run-up to disinvestment. Our expectation is that the AI management will improve fleet utilisation and ontime performance to improve its valuation prior to the disinvestment,“ aviation secretary R N Choubey told TOI.


 
Succumbing to losses for the fifth consecutive session on Monday, markets witnessed across-the-board selling with key indices logging huge losses.

Weak currency and dismal earnings revival amid global cues roiled the sentiment. Foreign capital exit ahead of derivatives expiry on Thursday also hit sentiment on the domestic front.


 
As major e-commerce platforms -- Flipkart, Amazon India, Jabong, Myntra and Paytm Mall -- concluded their festive season sales, segments like mobiles, electronics, and large appliances, followed by fashion, witnessed huge traction.

According to CashKaro, the overall e-commerce industry GMV (gross merchandise volume) rose by over 1,000 per cent during the sale period.


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