The Indian rupee on Thursday appreciated by 12 paise to end at 66.71.
The home currency failed to keep momentum going and largely traded in a narrow range with positive bias in the absence of any market moving factors
India's economy is forecast to grow at 4.8 per cent in 2013, down 1.3 per cent from its earlier projection, the UN's World Economic Situation and Prospects 2014 report said.
On November 10, the US Federal Reserve had approved the application of credit card major to become a bank holding company and the change in status facilitated American Express to explore various government funding and lending programmes. In return to the said loan, American Express will issue and sell preferred stock of about $3.39 billion and warrants to purchase shares of common stock for up to 15 per cent of that amount to the Treasury.
Bouts of dollar demand from importers put pressure on the rupee
The Nifty ended at 5,060, down 94 points.
...helped by a Wall Street rally after the US Federal Reserve yesterday pledged to keep US interest rates low at least through mid-2013.
Hearing the Centre versus the Delhi government over the issue of demarcation of power, a constitution bench headed by Chief Justice D Y Chandrachud said an elected government needs to have control over the administration.
The rupee's gains came even as most emerging Asian currencies eased as the yuan fell beyond 6.20 to the dollar for the first time since April last year amid market speculation that the central bank will keep the currency weak as economic growth slows.
IMF has predicted a slowdown of world economic growth and approves of Fed Reserve's move of cutting its interest rate.
United States President-elect Barack Obama on Monday officially unveiled the economic team that will assist him in tackling what he termed 'an economic crisis of historic proportions'.Obama has named New York Federal Reserve President Tim Geithner as US Treasury Secretary and former Treasury Secretary Larry Summers as chief of the National Economic Council.
The world economy has been run for too long by finance enthusiasts. It is time that finance sceptics began to take over.
Unwinding of long dollar positions by banks too aided the sentiment
ICICI Bank, HDFC Bank, IndusInd Bank down between 0.2%-1.4% each.
A United States judge has reserved ruling on a lawsuit filed in New York by a Sikh rights group against the Congress party in the anti-Sikh riots after hearing arguments by it that the case should be dismissed since the incidents of 1984 are India's internal matters.
Given below, in the table, are the estimated losses that some of the world's largest banks have suffered on account of home loan defaults in the US.
The 94-year-old economist was a senior research fellow at the Hoover Institution at Stanford University from 1977 to 2006.
Healthy demand for the American unit from importers and corporate weighed on the rupee
Most Asian currency and equity markets too suffered steep losses due to US rate hike fears.
Under-Secretary-General and head of the Office for Internal Oversight Services Dileep Nair is accused of misusing funds from the UN oil for food program for Iraq.
In August, the Fed announced that it would develop a "new interbank 24x7x365 RTGS with integrated clearing functionality to support faster payments in the United States". The Fed Board asked for comments on FedNow by November. In reply to this, Google mentioned its experience of launching Google Pay -- Google's payments app which uses the UPI -- in India.
The dollar's strength against other currencies overseas limited the rupee's gain.
Unprecedented as it is, this steep cut in the interest rates effected by the Fed has the potential to dynamite the US dollar, the US economy and, by extension, the global economy.
Gold prices on Wednesday sky-rocketed by Rs 340 at Rs 11,510 per ten gram as investors directed their money to the precious metal after the dollar fell, sparked by Federal Reserve cutting key interest rates.
A firming trend in domestic stock markets, however, capped the rupee fall to some extent
Federal Reserve Chairman Alan Greenspan has said and warned that restrictions on free trade would also hurt US standards of living.
A three-member delegation of the Indian Banks' Association met senior executives of the US Federal Reserve and New York Banking Department to explore the prospects for increased presence of Indian banks in the United States.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
The Indian unit opened higher at 66.10 per dollar as against overnight level of 66.30 at the Interbank Foreign Exchange market and firmed up further to 66.04 on initial dollar selling.
With US Fed increasing interest rates to 3%, equity money flows into emerging markets like India could be impacted in the medium term.
The rupee has dropped by 60 paise or 0.89 per cent in the last three trading days.
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Traders say the outlook for the rupee has improved on the back of a sharp narrowing in the current account deficit after government and central bank emergency measures such as curbing gold imports.
In worldwide trade, the US dollar retreated from its recent multi-year highs to trade subdued against major rival currencies
"I probably wouldn't do much," Buffett said when asked what he would do if he ran the Fed.
United States is rich beyond dreams but at the same time swimming in debt, the latest figures released by the US Federal Reserve show.
Sustained dollar unwinding from exporters and banks amid weak overseas trend gave a boost to the rupee
ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by IndusInd Bank, L&T, UltraTech Cement, Titan, SBI and NTPC. NSE Nifty settled 32.10 points up at 14,707.80.
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