The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency following a recovery in the domestic stocks and weakness in the greenback in overseas markets. The US dollar retreated from the two-decade high levels against a basket of six currencies which supported the rupee sentiment. At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade. ,
The rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments. Forex traders said the US Fed's rate hike and escalation of geopolitical risk in Ukraine sapped risk appetite. Moreover, the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off mood and firm crude oil prices weighed on the rupee.
The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
The Indian Premier League's media rights for the next five years have been sold for a whopping Rs. 48,930 crore, said BCCI secretary Jay Shah on Tuesday.
So what's special about the Kaziranga range? Rajesh Karkera and Hitesh Harisinghani find out.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
JP Morgan has downgraded the Indian information technology sector to 'underweight' as it believes the heydays of the sector are over. Rising margin headwinds in the near-term and the revenue headwinds in the medium-term from a potential macro slowdown, Ankur Rudra and Bhavik Mehta of JP Morgan said in the report, will mean that the sector's earnings upgrade cycle is behind. "We see peak revenue growth behind us and earnings before interest and taxes (EBIT) margins trending down from inflation, mean revision.
Continuing their selling spree for the sixth consecutive month, foreign investors pulled out a massive Rs 41,000 crore from the Indian equity market in March on anticipation of rate hikes by the US Federal Reserve and deteriorating geopolitical environment amid the Russia-Ukraine war. Further, flows from foreign portfolio investors (FPIs) are expected to remain volatile in the near term given the headwinds in terms of elevated crude prices and inflation, experts said. According to data available with the depositories, FPIs were net sellers to the tune of Rs 41,123 crore in the equity market last month.
Beware of spot offers and discounts aimed to lure you into binge buying.
Did you know that ethical hackers earn anything between Rs 800 to Rs 1,000 per hour?
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your mutual fund queries.
Surbhi cleans her home... Kavita does some yoga...
Mahendra Singh Dhoni, Virat Kohli, Rohit Sharma, Jasprit Bumrah, Sunil Narine, Andre Russell, and Glenn Maxwell are among some of the big names that the existing franchises have decided to retain for IPL 2022.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
Kia has entered the Indian market at a time when the domestic automotive industry is facing the worst slowdown in more than two decades.
Edible oil major Adani Wilmar Ltd (AWL) on Monday filed the draft red herring prospectus with markets regulator Sebi for an initial public offer to raise up to Rs 4,500 crore. The company, which sells cooking oils under the Fortune brand, is a major player in the edible oil industry.
The bidding for the two new Indian Premier League teams is set to take place on October 17. Interestingly, while the last day for queries in regards to bidding for the teams is September 21, the bids can be picked till October 5.
Earlier on Saturday, former India spinner Murali Kartik expressed anger over Manoj's fate at IPL Players Auction.
Foreign portfolio investors (FPIs) were net buyers to the tune of Rs 16,459 crore in Indian markets in August, with majority of investment coming in the debt segment. In equities, they invested just Rs 2,082.94 crore while debt segment saw inflow of Rs 14,376.2 crore between August 2-31, depositories data showed. The quantum of investment in the debt segment is highest in this calender year so far.
Emerging technologies like cybersecurity and the Internet of Things have the potential to add 1.4 million new IT jobs in India by 2027.
Any player with a Chess.com blitz or FIDE standard rating of under 2000 could play with former world champion Anand by donating US$150 and with the other four GMs by paying US$25 as registration amount.
BCCI announced cash awards of Rs 15 lakhs per match for each of the playing eleven that featured in India's maiden Test series win on Australian soil.
If your annual family income in less than Rs 2.4 lakhs, you can avail of these courses free of cost on a special scholarship.
Kings XI Punjab will be led by KL Rahul this year, and Kumble is well aware of the qualities of the Karnataka-born batsman having seen him from childhood.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Olympic sensation Neeraj Chopra's success on the final day of the 2020 Tokyo Olympics has turned the track and field star into a household name across the country.
Punjab Kings batsman Nicholas Pooran will donate a portion of his IPL salary to help the Indian people as the country battles a severe second wave of the COVID-19 pandemic.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
'Just a remarkable win...To go to Australia and win a Test series in this way will be remembered in the history of Indian cricket forever... BCCI announces a 5 cr bonus for the team ...The value of this win is beyond any number... well done to every member of the touring party,' BCCI President Sourav Ganguly tweeted.
UltraTech Cement was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Titan, Tech Mahindra, Nestle India, TCS, Bajaj Finserv and L&T. NSE Nifty advanced 54.75 points to 14,873.80.
Nikunj Saraf, Vice President Choice Wealth, answers your Mutual Fund queries.
'I have been training really consistently during the off season, and it (the upcoming season) is very important because I've been waiting for a big opportunity for a long time, and every year I've been getting only a few matches.'
Only Jos Buttler got going with the bat for the Steve Smith-led side as he played a knock of 70 runs. Bumrah emerged as a star with the ball for Mumbai as he returned with the figures of 4-20 in his four overs.
Nikunj Saraf, Vice President Choice Wealth, answers your mutual fund queries.
The scholarship for girls aged between 17 and 23 is a one-time reward of INR 25,000.
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