India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
A day after BRICS (Brazil, Russia, India, China and South Africa) nations agreed on a $100-billion foreign currency reserve pool to tackle the volatile foreign exchange markets, India on Friday said the pool would act as a buffer arrangement, adding it might not withdraw anything from this reserve.
The BSE benchmark Sensex on Wednesday plunged about 275 points to close at 25,246 on across-the-board selling as costlier oil due to rising conflict in Iraq threatens to hurt the India economy.
All policy planners want low interest rate, says Jaitley
Reserve Bank of India Governor Raghuram Rajan took charge of India's central bank when the rupee seemed to be in a tailspin while the country was facing runaway inflation.
Fundraising through qualified institutional placement (QIP) has revived this year, led by commercial banks, after a lacklustre 2022. According to data compiled by Prime Database, Indian companies have raised Rs 53,070 crore in 2023 so far, of which seven banks - Union Bank of India, Indian Bank, Bank of India, Federal Bank, IDFC First Bank, Bank of Maharashtra, and J&K Bank - account for Rs 21,290 crore, or about 40 per cent. If other financial institutions are included, the figure surges to Rs 26,690 crore.
'New record for the Nifty50 is only a question of when.'
As markets complete the first half of the calendar year 2022 (CY22) with a fall of around 9 per cent, the interest-rate hike trajectory by global central banks, paired with the conundrum of inflation and growth, will move the needle for the market, observe experts. Here's a quick rundown on what they'll react to over the next six months.
Tech Mahindra was the top gainer in the Sensex pack, rising around 2 per cent, followed by Bharti Airtel, Maruti, ICICI Bank, SBI, HDFC Bank, Asian Paints and Reliance Industries.
At least 3,787 people were killed and more than five lakh were affected physically after a toxic gas leaked from the pesticide factory on the intervening night of December 2 and 3, 1984.
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'.
Inflation is expected to remain low in the near term, in part because of the further declines in energy prices.
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.
'When I came here in 2002, I said you can grow at 8%.' 'And I was told that was crazy, and (now) here we are.'
Foreign institutional investors added $20.10 billion in equities while they pulled out $7.97 billion from the debt market, resulting in total net flows of $12.13 billion.
The BSE mid-cap and small-cap indices ended flat against Sensex's 0.4% up-move.
The Bombay Stock Exchange benchmark Sensex has lost 478.60 points, or -2.80 per cent, to slip to 16,586.55 in afternoon trade on Thursday amid panic selling in markets worldwide following the US Federal Reserve's warning that the outlook for the world's largest economy is grim.
