The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
During the reporting week, gold reserves increased marginally by $87 million to $26.796 billion.
Sri Lankan President Gotabaya Rajapaksa, who is under pressure to resign, was dealt a further blow on Wednesday when three more parliamentarians withdrew their support to the government.
During the week, gold reserves decreased by $200 million to $26.709 billion.
'Seven months he has been in jail for no reason.'
During the week, gold reserves declined by $443 million to $26.910 billion.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
The NCB claimed that 'incriminating' evidence comprising of digital evidence, call record details, WhatsApp chats, location tags, video and voice recordings, and several other documents had been submitted.
Speaker's media secretary Indunil Abeywardena said a resignation letter from President Rajapaksa has been received through the Sri Lanka high commission in Singapore.
At least 10 persons were admitted to the National Hospital after the confrontation between protesters who have currently been staying inside the prime minister's official residence, the Colombo Post news portal reported.
Sri Lanka's embattled President Gotabaya Rajapaksa would resign on Wednesday, Parliament Speaker Mahinda Yapa Abeywardena announced late on Saturday night, hours after thousands of protesters stormed the former's official residence, blaming his government for an unprecedented economic crisis that has brought the country to its knees.
Foreign currency assets, a major component of the overall reserves, declined by $3.208 billion to $395.276 billion.
The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018.
Reliance Infrastructure Ltd on Wednesday said its shareholders have approved raising funds up to Rs 550.56 crore through issuance of shares on a preferential basis. The funds raised would be utilised for long-term resources, for general corporate purposes and to fund future growth, the company said in a regulatory filing.
There have been growing calls for President Rajapaksa's resignation over the past few weeks over his government's mishandling of Sri Lanka's worsening economic crisis.
Continuing its heavy selling spree for the eighth consecutive month, foreign investors pulled out nearly Rs 40,000 crore from the Indian equity market in May on fears of an aggressive rate hike by US Federal Reserve that dented investor sentiments. With this, net outflow by foreign portfolio investors (FPIs) from equities reached at Rs 1.69 lakh crore so far in 2022, data with depositories showed. Going ahead, FPI flows will remain volatile in the emerging markets on account of rising geo-political risk, rising inflation, tightening of monetary policy by central banks, among others, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities said.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
'The High Commission would like to categorically deny speculative reports in sections of media and social media about #India sending her troops to Sri Lanka. These reports and such views are also not in keeping with the position of the Government of #India,' the Indian mission said on Twitter.
Anti-government protesters in Sri Lanka on Tuesday set up a checkpoint on the road leading to the Bandaranaike International Airport in Colombo to prevent the Rajapaksa family loyalists from fleeing the country, as violence and widespread protest continued against the regime over the country's worst economic crisis in decades.
Pakistan Prime Minister Shehbaz Sharif's wife and former premier Imran Khan's wife have financial assets worth more than their husbands.
Mayank Goyal, founder and CEO, moneyHOP, will answer queries related to how to best manage your money while travelling internationally.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy. "India is not defending the rupee... I don't think Indian fundamentals are such that we need to defend the rupee. "The rupee can take care of itself," he said at an event in New Delhi.
"No petrol, no gas, no milk powder, no electricity", "Go home Gota", placard carrying protestors were then seen walking towards the Rajapaksa private residence in Colombo at Pangiriwatte Lane.
Sri Lanka's main opposition party Samagi Jana Balavegaya (SJB) on Monday said it is ready to lead the next government to bring stability to the bankrupt island nation as it grapples with political and economic crises and any resistance to the move in Parliament will be seen as a 'treacherous act'.
Moody's Investors Service on Tuesday lowered India's GDP growth forecast for the 2020 calendar year to 5.3 per cent, on coronavirus implications on the economy. Moody's had in February projected a 5.4 per cent real GDP growth for India in 2020. This too was a downgrade from 6.6 per cent earlier forecast.
The protesters left the main anti-government protest camp at Galle Face promenade where they had been staging sit-ins since April 9, branding it as the 'Gota go home village' (Rajapaksa go home).
Sri Lankan authorities on Wednesday deployed troops and military vehicles in the streets to ensure public security in the capital amidst nationwide protests over the government's failure to tackle the worst economic crisis.
The whereabouts of Mahinda Rajapaksa is being speculated since his resignation on Monday.
The order was also imposed on parliamentarians Johnston Fernando, Pavithra Wanniarachchi, Sanjeewa Edirimanne, Kanchana Jayaratne, Rohitha Abeygunawardena, C B Ratnayake, Sampath Athukorala, Renuka Perera, Sanath Nishantha, Senior DIG Deshabandu Thennakoon among others.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Reserve Bank Governor Shaktikanta Das on Monday said with the country's foreign exchange reserves at $677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit. Over the last three years, the country's foreign exchange reserves have surged by $270 billion. He said as per the latest data, the foreign exchange reserves are $622 billion.
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
Rajapaksa arrived in Thailand with three other people on a chartered flight from Singapore at Wing 6 of the military airport adjacent to Don Mueang International Airport around 8 pm local time on Thursday.
Sri Lanka's ousted president Gotabaya Rajapaksa left Singapore for Thailand after his short-term visit pass expired on Thursday, according to a media report.
India on Sunday said it stands with the Sri Lankan people in their aspirations for prosperity and progress through democratic means, established institutions and constitutional framework.
The anti-government protesters in Sri Lanka on Sunday continued to occupy the residences of President Gotabaya Rajapaksa and Prime Minister Wickremesinghe, a day after they stormed into the premises and set on fire one of the buildings protesting over the nation's severe economic crisis even as the island nation is still in the dark about the embattled President's whereabouts.
Russia is among the top buyers of Indian tea, accounting for about 18 per cent of the industry's total exports.
The move is aimed at preventing masses from gathering in Colombo to protest the government's failure to provide relief to the public suffering from shortages of food, essentials, fuel and medicine amidst hours-long power cuts, the Colombo Page newspaper reported.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
After nearly two days of political deadlock, the stakeholders are engaged in prolonged talks to try and appoint a successor to Mahinda Rajapaksa.
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