'This resilience should be viewed as reflecting the strength of the structural story.'
Year-to-date, the rupee is the worst-performing currency in Asia, weakening 4.184 per cent against the US dollar.
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A weak rupee makes imports costlier, including oil and other commodities.
Dollar's strength against other currencies overseas capped the rupee's gain
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
The rupee resumed lower at 63.65 per dollar as against previous closing of 63.58 at the Interbank Foreign Exchange (Forex) market.
Heavy unwinding by foreign portfolio investors and lacklustre equities dampened the sentiment
Benchmark indices ended on a flat note on Thursday as fag-end selling wiped out intra-day gains amid weak global trends. The BSE benchmark Sensex slipped 8.03 points or 0.02 per cent to settle at 53,018.94. During the day, it had gained 350.57 points or 0.66 per cent to 53,377.54. Similarly, the broader NSE Nifty fell 18.85 points or 0.12 per cent to close at 15,780.25.
While RBI may cut rates by 25 basis points in the February policy review, global monetary policies hold the key to much of the financial assets flow in 2017
The recent currency volatility - rupee's depreciation against international currencies - may have given heartburns to automakers that rely on imports or pay royalty to parent companies abroad. But for Maruti Suzuki India, favourable movement of the yen - the currency that matters the most - against the Indian rupee, has given it reasons to cheer. The yen's sharp fall against the rupee and the rupee's depreciation against the US dollar, which in turn will bump up export realisations, are set to give a margin boost to the maker of Baleno and Brezza, said analysts. The softening of commodity prices and slew of new SUV launches in the coming months will also aid margins, they said.
Tech Mahindra was the top loser in the Sensex pack, shedding over 2 per cent, followed by TCS, Maruti, Reliance, Sun Pharma and Infosys. NSE Nifty fell 16.10 points to 15,818.25.
Forex market was shut on Tuesday on account of 'Mahavir Jayanti'.
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
Oil edged up on Tuesday, steadying after a 5 per cent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
If you are planning for a long-term goal like your child's education in a foreign university, invest about 20% of your portfolio in foreign assets that can provide a hedge against the rupee's depreciation.
Despite the persistent weakness of constrained demand in the global economy, international travel is growing strongly.
Asian Paints was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, ICICI Bank, Hindustan Unilever, IndusInd Bank, Infosys and HDFC Bank.
Frantic dollar demand from corporates along with an aggressive hedging strategy adopted by importers in the wake of the currency volatility predominately took a toll on the domestic unit despite moves by the central bank to stabilise the currency.
Domestic fund houses are of the view that the US Fed's status quo stance on rates is a positive indication for RBI to lower its lending rates.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
Gold prices in the country may even dip to Rs 20,500 per ten grams.
In line with rally in stocks, the Indian rupee on Monday appreciated for the second straight session and closed with a eight paise gain at a one-week high of 61.36 against the Greenback.
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
Weakness in the greenback overseas against the backdrop of sluggish US macro data outcome helped the home currency move higher
The ballooning of crude prices has significantly increased the country's oil import bill and it can also lead to a worsening of the current account deficit and fiscal deficit for the domestic economy.
Inflation data, both at domestic and global level, interest rate scenario in the US, geopolitical situation and general elections in 2024 are some of the major factors that would influence trading in the equity market this financial year, analysts said. Besides, foreign fund trading activity and global trends will also dictate terms in the equity market going ahead. Equity markets across the globe faced major challenges in FY23 due to concerns over high inflation, which resulted in increase in interest rates around the world, lowering investor sentiment, experts added.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
'Hope they don't tinker around with capital gains tax in any way.'
Srinivas Bhogle and Purnendu Maji present Rediff.com's Most Valuable Player of IPL 2023.
Amazon has reclaimed the top spot as the world's most valuable brand despite its brand value falling 15 per cent this year from $350.3 billion to $299.3 billion, said a new report. According to brand valuation consultancy Brand Finance's report, "Global 500 2023", while Amazon is back at No 1, its brand value has fallen by over $50 billion this year, with its rating slipping from AAA+ to AAA. This is as consumers evaluate it more harshly in the post-pandemic world. Brand Finance's research has found that perception of customer service at Amazon has fallen - at the same time as delivery times have lengthened.
