The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close.
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
A United States federal appeals court in New York has reserved the decision in connection with the 1984 anti-Sikh riots case against Congress President Sonia Gandhi.
Nikhil Gupta, 52, has been charged with murder-for-hire, which carries a maximum sentence of 10 years in prison, and conspiracy to commit murder-for-hire, which carries a maximum sentence of 10 years in prison, US Attorney for the Southern District of New York Matthew G Olsen said.
When the Centre tries to encroach upon the subjects that are under the prerogative of the state, or where the centre tries to evade from any responsibility guaranteed to a state through a constitutional provision/obligation, it poses a threat to federalism.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
The rupee had plunged by 48 paise, logging its biggest fall in more than five weeks, to close at over one-month low of 61.13 against the greenback on Monday following demand for the US currency from importers.
A United States judge has reserved his orders on submissions by the Congress party that the 1984 anti-Sikh riots case filed against it by a rights group in New York be dismissed as the Manhattan court does not have jurisdiction over the case.
Stock markets opening with losses too put pressure on the domestic unit.
He takes over at Mint Road at a time when the governor's job is even less easy than it is normally.
The Z+ security cover of Central Reserve Police Force (CRPF) personnel has been extended to Khan and Raj Bhavan, his office said in a post on 'X'.
Winding down quantitative easing will be messy for the West and a big problem for India.
After a spirited eight-hour debate in which 60 members participated, the Lok Sabha passed the Constitution (128th Amendment) Bill, with 454 members voting in favour and two against it.
Sensex witnessed the biggest single day gain since May 2009 in absolute terms.
A Bangladeshi man with alleged links to Al Qaeda, who was arrested in New York on terror charges, was in the United States on a student visa to attend a legitimate academic programme, an American official said. Quazi Mohammad Rezwanul Ahsan Nafis was arrested after an undercover operation by the Federal Bureau of Investigation foiled his plot to detonate a 1,000-pound bomb and blow up the city's Federal Reserve Building.
Health officials in United States on Friday confirmed that a resident of Oregon has tested positive for coronavirus with no known history of travel to countries severely affected by the outbreak and no known contact with infected individuals.
Buffett said the economy is benefiting from improvement in areas that had not previously performed well, particularly homebuilding.
Improvements in the labour market has triggered this sentiment.
The rupee on Thursday plunged by a whopping 130 paise to hit life-time low of 60 against the US dollar in early trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers
However, the national party count has gone down to six from 14 in over seven decades.
He said the people are looking for an alternative and the Congress' victories in Himachal Pradesh and Karnataka elections are clear proof of this.
The Sensex ends up 16 points to end at 20,514.
Fresh demand for the American unit from importers put pressure on the rupee.
Most Asian currencies are on a slide on worries about the withdrawal of US stimulus.
In Phase 6, indications are that the BJP, which is defending 40 seats, will lose in double digits and gain in single digits. Not good, if you are the ruling party scrambling to earn a working majority, with just one phase left to go, argues Prem Panicker.
Heavy unwinding by foreign portfolio investors and lacklustre equities dampened the sentiment
Finance plays a key role in bringing the ambitious growth plans of dynamic businesses to life.
Tourism is badly affected. Entire apple orchards have been washed away. 2 million people are threatened with loss of livelihood.
Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
Silver also dropped by Rs 800 to Rs 40,600 per kg on reduced offtake by industrial units and coin makers.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 1.4 per cent to $1,278.94 an ounce and silver by 2.8 per cent to $19.55 an ounce.
Traders said persistent selling by stockists in line with a weakening global trend after Federal Reserve Chairman Ben Bernanke signalled that the central bank may start curbing stimulus programme this year, mainly dragged gold and silver prices down.
US employers stepped up hiring in May in a show of economic resilience that suggests the Federal Reserve could begin to scale back the amount of cash it is pumping into the banking system later this year.
Even as rupee fell below 56-level against dollar intra-day, Chief Economic Adviser in the Finance Ministry Raghuram Rajan said, there is no need to panic, and RBI takes decisions on whether to intervene in forex markets or not to stabilise the local currency.
Indian stocks and the rupee have benefitted from dollar liquidity induced by the US Fed stimulus.
"I see a third to fourth of a chance of a double dip (in the US economy)," noted American economist and former chairman of the Federal Reserve of the United States, Alan Greenspan, said while addressing an audience through video-conferencing during an award function in Mumbai on Wednesday.
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
A 21-year old Bangladeshi man, who came to the United States aiming to 'destroy America', has pleaded guilty to attempting to carry out a terrorist attack for the Al Qaeda at the Federal Reserve Bank here using a 1,000-pound bomb.
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