The rupee had dropped by 18 paise to end at 66.40
One should appreciate the sagacity and audacity of JRD and Nani Palkhivala in founding TCS on April 1, 1968. At that time there was no Microsoft or Intel, SAP or Accenture, much less Google.
They needed a person who could build and execute their vision: A frontiersman; a problem solver and an institution builder. It was their and India's good fortune that Faqir Chand Kohli more than measured up to their requirements and indeed laid the foundation to take TCS to unimaginable heights and to the giant success that it is today. Shivanand Kanavi salutes the incomparable F C Kohli, who passed into the ages last week.
'A 2018 murder may lead to shifts in the geopolitical order and impact at least one monarchy,' says Devangshu Datta.
Achieving inflation target of 4 per cent, recovery after remonetisation and hardening profile of oil prices are some of the risks which the RBI is watching closely, says Gaurav Kapur.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
The US currency's decline against major world currencies alongside fag-end dollar supply largely helped the rupee recoup some of its initial losses
Dealers attributed the rupee's fall to fresh demand for the US currency from importers
The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.
In worldwide trade, the US dollar continued its highly bullish trend against all major emerging market currencies
The dollar maintained its bullish momentum in Asian and early European trade
Sluggish domestic equities and persistent capital outflows largely pressurised the Indian unit
In the last policy review in December, RBI had decided to keep policy rate unchanged.
Robust capital inflows alongside a slightly weaker greenback too reinforced the dominance of the home currency
A weakening dollar against other currencies overseas supported the rupee.
Just as very high oil prices looked an anomaly in a sluggish world, so now do record high equities.
Investors will keenly watch US Fed meet starting Tuesday
The Indian currency had appreciated by a whopping 85 paise in three-day surge
Falling sales since demonetisation has alarmed CEOs, who want to save cash till the economy recovers.
Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated.
'The surge of Saudi nationalism is the last thing Washington wants,' says Ambassador M K Bhadrakumar.
Sustained dollar unwinding from exporters and banks amid weak overseas trend gave a boost to the rupee
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
Hardening prices of manufactured items during the month may refrain the Reserve Bank of India from cutting rates in its policy review on February 8.
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
Plenty of other factors are likely to keep a lid on prices.
Crude oil hit an all time high in rupee terms; Tuesday figures expected to be higher
Heavy selling of the US dollar by banks and exporters in the face of renewed capital inflows predominantly kept sentiment highly buoyant
S&P BSE Midcap and the S&P BSE Smallcap indices gained 2% and 1.6% respectively
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
The 30-share Sensex ended 53 points higher at 28,439 and the 50-share Nifty closed 18 points higher at 8,494.
The gains were capped due to month-end dollar demand from importers, mainly oil firms
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances