Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.
Bharti Airtel was the top loser in the Sensex pack, falling over 3 per cent, followed by Bajaj Finance, PowerGrid, SBI, HDFC Bank and Sun Pharma. HCL Tech was the top gainer, rallying around 10 per cent. TCS, Infosys, Tech Mahindra and Titan too ended with up to 5 per cent gains.
The total foreign exchange earnings in March this year were Rs 5,507 crore (Rs 55.07 billion) as compared to Rs 4,437 crore (Rs 44.37 billion) in the corresponding period last year and Rs 5,035 crore (Rs 50.35 billion) in March 2008, an official statement said.
Reliance is in the market with a benchmark issue to sell 30-year US dollar-denominated Reg S fixed rate senior unsecured notes.
IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Sun Pharma, Reliance Industries, Infosys, Kotak Bank and Tech Mahindra. On the other hand, HDFC, PowerGrid, Axis Bank, ICICI Bank, NTPC and L&T were among the laggards.
The Appellate Tribunal for Foreign Exchange has upheld the penalties imposed on 10 MNCs, including Ericsson, Nokia and Sony by the Special Director of Enforcement for violating foreign exchange regulations.
Strong month-end demand for the US currency mainly from oil importers along with currency futures expiry related purchases predominantly weighed heavily on the forex market and haunted investor sentiment.
Kotak Bank was the top loser in the Sensex pack, dropping over 2 per cent, followed by Sun Pharma, Bajaj Finserv, L&T, Bajaj Finance, HUL and Titan.
India's foreign exchange reserves surged by $1.26 billion to $292.33 billion in the week ended February 7 on the back of a healthy increase in the currency assets, the Reserve Bank said.
IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC, ICICI Bank and Reliance Industries are also among top gainers. SE Nifty jumped 52.35 points to finish at 11,322.50.
Foreign exchange reserves increased $675 million to $164.023 billion for the week
India's foreign exchange reserves are at an all-time high.
Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India's biggest share sale on Wednesday, making it one of the country's most valued companies. The initial public offering of Paytm's parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available from stock exchanges. While the portion set aside for retail investors was oversubscribed early, institutional buyers including FIIs flooded the share sale with offers on Wednesday, seeking 2.79 times the number of shares reserved for them.
Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains. NSE Nifty rallied 203.65 points to 11,095.25.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
IndusInd Bank was the top laggard in the Sensex pack, falling over 5 per cent, followed by HDFC, Axis Bank, PowerGrid, SBI, Bajaj Finserv and Bharti Airtel.
Foreign currency assets increase by $3.902 billion
These are the highlights of RBI Governor Shaktikanta Das's statement and resolution of the Monetary Policy Committee (MPC):
Ultratech Cement, TCS, Kotak Mahindra, M&M, Maruti, IndusInd Bank and Bajaj Auto were the prominent gainers. On the other hand, ICICI Bank, Nestle, Asian Paints, ONGC and ITC ended in the red.
ICICI Bank was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Axis Bank, Nestle India, SBI, HDFC, ONGC and Kotak Bank. On the other hand, Bajaj Auto, TCS, Bharti Airtel, M&M and Maruti were among the laggards.
Foreign exchange reserves have hit a fresh high.
Foreign exchange reserves moved up $845 million to $143.943 billion for the week ended December 9, 2005, according to the weekly supplement released by Reserve Bank of India
The reserves had dipped by $1.12 billion in the previous reporting week.
Bombay Stock Exchange and the National Stock Exchange, Forex and money market will remain closed on Thursday, February 13, on account of Id-ul-Zuha.\n\n
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
India's foreign exchange reserves strengthened by $544.7 million to $275.35 billion on a healthy increase in the core currency assets in the week ended September 13.
Forex dealers said weakness in the greenback against other currencies overseas gave the rupee some relief
India's foreign exchange reserves nearly hit a nine-month low and fell by $5 billion to $302 billion for the week ended December 16, on account of revaluation in foreign currency assets.
India's foreign exchange reserves declined $1.73 billion to $254.21 billion during the week ended May 15, 2009, mainly due to revaluation of currencies.
On the Sensex chart, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank and Bajaj Finance emerged as the major laggards, dropping over 6 per cent.
India's foreign exchange reserves grew by $297 million to $141.20 billion for the week ended April one 2005,
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
Shares of Reliance Industries climbed around 3 per cent to hit a record closing high of Rs 2,060.65. SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the other winners. NSE Nifty advanced 82.85 points, or 0.74 per cent, to close at 11,215.45.
Although the RBI's open market operations have ensured sufficient system-level liquidity, some sectors are finding liquidity to be a challenge owing to their credit profile.
India's foreign exchange reserves touched nearly $133 billion due to record buying by the central bank and revaluation of international currencies.
Foreign exchange reserves increased $1.066 billion to $129.98 billion for the week ended February 11, 2005 from $128.914 billion in the previous week, according to the weekly supplement released by the Reserve Bank of India on Saturday.
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The BofAML report said that five year money can be raised by issuing the 7 to 9 per cent coupon bonds to stabilise markets, just as it was done in 1998 and 2001.
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