Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
Overseas Indians deposited around $4 billion in non-resident Indian (NRI) deposit schemes in April - June FY25, up 79 per cent over the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Monday showed. In April - June FY25, inflows into the NRI schemes stood at $3.95 billion, compared to $2.21 billion during the same period a year ago. With this, the total outstanding NRI deposits as of June stood at $155.71 billion.
In a falling market, the value of your investment keeps going down. However, the reduction in value is purely a notional loss if you remain invested. When you redeem in a falling market, the notional loss becomes a permanent loss, explains Anamika Pareek.
The rupee gained 11 paise to 82.68 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities.
Trumponomics, poor growth, and high valuation certainly don't make a bullish recipe for Indian markets, warns Debashis Basu.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Mindmine Summit 2022, she said this along with other steps taken by the government is towards full capital account convertibility. "It isn't the rouble-rupee which was in the old format. "Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time which was so critical," she said when asked if India is ready for capital account convertibility.
The Congress hit back at Nadda, saying his letter to Mallikarjun Kharge is a "4D exercise - denial, distortion, distraction, and defamation".
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
'If you see another 1000-point correction, people may start panicking.'
Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure. At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money. "This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.
'I did not charge a rupee for that show, but Rohit (Bal) gifted me the suit I had walked in. 'I still have it as a memento of a man who was an institution and an inspiration.'
Indian rupee has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the dollar, the Lok Sabha was informed on Monday. The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, Finance Minister Nirmala Sitharaman said in a reply quoting RBI data. The exchange rate of the Indian Rupee against the dollar was Rs 78.94 per dollar as of June 30, 2022, Finance Minister Nirmala Sitharaman said in a written reply.
Allegedly charging patients Rs 2 instead of the stipulated fee of Re 1 at a Community Health Centre (CHC) has cost a contractual employee his job in Maharajganj in eastern Uttar Pradesh, officials said.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
Macroeconomic data announcements, global trends and trading activity of foreign investors would be the major driving factors for the equity markets this week, according to analysts.
'Crores of rupees have been spent on paper but nothing has actually happened on the ground.'
'If you want to win you need to perform.' 'Governments have found a way to buck anti-incumbency, but one policy intervention will not pay in all elections.'
Indians hoping to study in Canada should think twice because many students have ended up in substandard colleges with no job prospects despite spending lakhs of rupees, resulting in depression and suicide, India's top envoy there says.
Troubled edtech firm Byju's founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him. During a two-and-a-half-hour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues. "If they are willing to work with me, I am willing to give them money back before I take a single rupee out.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering. In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems. "Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e?) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion," the paper said.
In his maiden public speech eight months after announcing the launch of TVK, Vijay said the late veterans MG Ramachandran and NT Ramarao were ridiculed as mere cinema actors when they made their political plunge "but they continue to remain in the hearts of the people" of the respective states, i.e Tamil Nadu and Andhra Pradesh.
Pakistan's sensational javelin thrower Arshad Nadeem who won the country's first individual Olympics gold in 40 years is being showered with cash awards by Punjab and other provincial governments and organisations.
Andhra Pradesh Deputy Chief Minister Pawan Kalyan has said that the laddu adulteration issue is just a tip of the iceberg and there are many more decisions taken during the previous regime that have to be investigated.
This would give BJP the chance to explore Constitutional options for government formation if there is no clear-cut mandate, explains Sheela Bhatt.
When asked about the Uniform Civil Code, Gandhi said he would comment on it only after he knows what is BJP's proposal.
Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman on Thursday said the Indian currency is relatively better placed than other global currencies against the greenback. Emerging market currencies have been falling against the dollar amid geopolitical tensions in the wake of the Russia-Ukraine war, concerns over growth, high global crude prices, sustained inflation and central banks worldwide adopting hawkish monetary policy approach. "We are relatively better placed. We are not a closed economy. We are part of the globalised world.
Foreign investors have poured Rs 57,359 crore into Indian equities in September, making it the highest inflow in nine months, mainly driven by a rate cut by the US Federal Reserve. With this infusion, foreign portfolio investors' (FPIs) investment in equities has surpassed the Rs 1 lakh crore mark in 2024, data with the depositories showed. Going ahead, FPI inflows are likely to remain robust, driven by global interest rate easing and India's strong fundamentals.
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
'Young investors should focus more on equity, while retired senior citizens should prioritise fixed income.' 'Mid-career investors should aim for a balanced allocation.'
Buoyed by regulatory overhaul and infrastructure boom, engineering conglomerate Larsen & Toubro (L&T) has identified realty business as one of its growth engines for the next 10 years and plans to acquire land parcels while expanding pre-sales, said a senior company executive. L&T Realty has started looking out to acquire land parcels and grab partnership development opportunities across markets to scale up its business. "We are making some strides in that direction, albeit cautiously.
Reserve Bank and the finance ministry on Wednesday asked top management of banks and representative of trade bodies to push exports and import transactions in rupee. It was stressed during a meeting that banks should connect with their foreign counterparts for opening special rupee vastro accounts to facilitate cross-border trade in Indian currency rather than popular mode dollar, sources said. Trade associations and their foreign trading partners should explore opportunities to make use of the framework, sources added.
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
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