Should we not be creating roles in India for the talented, asks Ajit Balakrishnan.
The local currency had lost 119 paise in the past five sessions on rising worries over current account gap and fears that withdrawal of US stimulus will hit inflows from overseas.
Reflecting nervousness over the prospect of the Federal Reserve tightening policy and event risk, traders stayed on the sidelines
Unwinding of long dollar positions by banks too aided the sentiment
The rupee weakened by 27 paise to trade at six-week low of 60.45 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
The rupee on Wednesday snapped its two days of losses and edged up two paise to end at 59.27 against the dollar following late selling of the US currency by exporters.
Currently, trades on the Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner.
India's sad export figure put pressure on the rupee
In October, the contribution through SIPs rose to Rs 79.85 billion, up 42% compared to the same month last year.
In overseas trade, the American currency traded lower against the yen and the euro in an Asian session as well as modest profit-taking after recent sharp gains
Rupee fell to its 9-month low of 62.03 against the dollar.
Fresh dollar demand from banks and importers amidst volatile equities triggered the fall
00 hours. The overall investors' wealth, measured in terms of valuation of all listed stocks, was down by nearly Rs 6 lakh crore in early morning trade, from nearly Rs 111.44 lakh crore at the end of Tuesday's trade.
In the global market, the US dollar index, which tracks the greenback against a basket of six major rivals, was up by 0.33 per cent.
Does intervention by central banks in the currency markets, with a view to keeping the home currency weak and help the exports, constitute a subsidy? Some US legislators think so.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 114,855.97 crore, according to depositories data. The exodus of foreign investors was largely owing to inflationary pressures and deepening global macroeconomic conditions following the Russia-Ukraine war, experts said.
The longest winning streak was the six years between 2002-2007 when the Nifty moved from around 1,000 to over 6,000.
Fresh dollar selling by banks and exporters largely helped the home currency to recover from early losses
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