The dollar index surged to multi-year high.
State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
Gains were led by index heavyweights with Reliance Industries contributing the most.
The rupee declined marginally by 3 paise to 66.03 per dollar on fresh demand for the US currency from banks and importers.
Recovering from early losses, the rupee on Friday ended marginally higher at 64.81 against the US dollar.
If a holiday, banks will have to report the details on the next working day.
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Fag-end dollar selling by exporters helped the rupee to recover lost ground and settle at the day's high of 60.77, a gain of 11 paise. The rupee earlier touched an intra-day low of 61.21 on July 8.
Increased demand for the dollar weighed on the local currency.
The domestic currency had gained by 80 paise, or 1.19 per cent, in previous five trading days.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
'There are some encouraging signs.' 'Notice that we have not said 7%-plus, we are keeping it at 6% to 6.5%.'
The Rupee is expected to weaken further against the dollar.
The Reserve Bank said overseas direct investments by Indian companies, including Bharti Airtel, totalled $2.37 billion in February, up about 30.25 per cent year-on-year.
Fag-end selling of dollars by banks and exporters
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
China, the Ukraine crisis and Quad will dominate the discussions, observes Dr Rajaram Panda.
On Wednesday, the rupee had dropped by 26 paise.
The 2015 World Bank group's Doing Business index ranked India at 142, down from 140, which it was the year before.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
The rupee slipped marginally by two paise at 66.43 against the US dollar on good demand
In New York, the US currency fell against the Australian dollar and British pound on Monday as investors continued to weigh the potential weather drag on recent economic data, and whether or not it could sway monetary policy.
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
The rupee resumed higher at 64.40 a dollar from Friday's close of 65.24 and touched a low of 64.54 at the interbank foreign exchange market.
The rupee ended marginally higher by two paise at 62.24 against the dollar on Wednesday.
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Rupee rebounds 26 paise against dollar; snaps 2-day losses
Weakness in the greenback overseas against the backdrop of sluggish US macro data outcome helped the home currency move higher
The 30-share Sensex lost 12 points to end at 29,559 and the 50-share Nifty climbed 4 points to close at 8,914.
FPIs, which are holding large exposures in Indian debt, could also be expected to book some capital gains as yields slide down
The rupee on Monday failed to maintain initial gains and ended lower by five paise at 60.21 against the dollar on fag-end demand for the US currency from banks and importers.
RBI may hold rates steady as economic parametes are going strong, say experts.
In the global market, dollar fell against most of its rivals on Monday.
Financials are the top gainers along with index heavyweights.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
At the Interbank Foreign Exchange Market, the rupee resumed lower at 59.72 a dollar from the previous close of 59.67 and declined to a low of 59.88. It bounced back on dollar selling by exporters and some banks, touching a high of 59.30 before settling at 59.35, a rise of 0.54 per cent.
The rupee had shed 13 paise to close at 64.04.
Depreciating the rupee against the dollar to boost economic growth has fiscal constraints and monetary limitations
India leads global remittances in the year 2013 with a whopping $70 billion in its kitty, of which USD 65 billion were earned from the country's flagship software services exports, the World Bank reported.
Robust foreign capital inflows into upbeat domestic equity markets on the back of better macro fundamentals helped the rupee to gain
The rupee closed almost flat at 65.76 against the US dollar on some demand for the American currency from banks.
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
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