Under the trade agreement between India and Iran, the West Asian country can pay India in rupees for its imports against oil exports to India, which New Delhi pays for in Iranian rial.
Forex dealers said besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.
Tata Steel was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by Bajaj Finance, M&M, Bajaj Finserv and Reliance Industries. NSE Nifty advanced 33.95 points to a fresh high of 16,563.05.
Assume that the rupee will trend lower over the next 10 years as India increases overseas sovereign exposures, and your long-term asset allocation should be geared to deal with this trend, suggests Devangshu Datta
The gold reserves remained unchanged at $18.691 billion.
On the Sensex chart, L&T, ONGC, HCL Tech, NTPC, Axis Bank and Infosys were major gainers. NSE Nifty ended with a gain of 18.10 points at 14,956.20.
Top gainers in the Sensex pack included Ultratech Cement, TCS, HCL Tech, Infosys, HDFC Bank and Sun Pharma.
After falling for two consecutive weeks, foreign exchange reserves marginally rose to $319.39 billion, up by $43.3 million, for the week, driven by an increase in foreign currency assets.
'For all of us at Amazon, it is 'Bharat first'.' 'We are keeping the Indian customer at the centre of what we are doing.'
Subbarao said the flight of dollar being witnessed following the euro zone crisis is a 'natural reaction' when there is an uncertainty.
IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and ONGC. On the other hand, Kotak Bank, Infosys and TCS were the gainers.
IndusInd Bank was the top gainer in the Sensex pack, rallying over 7 per cent, followed by SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement. NSE Nifty soared 245.35 points to 14,923.15.
Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank, HDFC and SBI. NSE Nifty rose 36.55 points or 0.31 per cent to 11,971.05.
Tata Steel was the top loser in the Sensex pack, shedding over 4 per cent, followed by Bharti Airtel, Axis Bank, ONGC, SBI and Sun Pharma.
The Government also defended the President's decision to enforce a state of emergency, that had given him sweeping authority to act in the interests of public security and preserving public order, including suspending any laws, authorising detentions and seizing property, saying it was declared after attempts were made to attack the President's Office and other public property.
On the Sensex chart, Bajaj Finance, Bajaj FinServ, SBI, IndusInd Bank, Dr Reddy's, Tech Mahindra, ITC and Kotak Bank were the prominent gainers - rising up to 7.29 per cent. NSE Nifty climbed 102.40 points to end at 15,737.75.
In the previous week, reserves had declined by $1.03 billion to $353.33 billion.
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
On the Sensex chart, Reliance Industries fell 5.36 per cent, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid - dropping as much as 4.72 per cent. Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy's.
Foreign exchange reserves dipped marginally by $237.5 million to $355.221 billion in the week to June 26.
Gold reserves remained unchanged at $20.691 billion.
NTPC was the top gainer in the Sensex pack, rallying around 5 per cent, followed by PowerGrid, Asian Paints, HDFC Bank, Sun Pharma, Nestle India, SBI and Axis Bank.
Foreign currency assets rose $1.569 billion to $329.58 billion
Bharti Airtel was the top laggard in the Sensex pack, tanking around 8 per cent, followed by Tata Steel, IndusInd Bank, NTPC, PowerGrid, ONGC and TCS. On the other hand, Axis Bank, HUL, Infosys, Nestle India and HDFC Bank were among the gainers.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
A weaker rupee could aid corporate earnings through its positive impact on export intensive sectors such as information technology services, pharmaceuticals and commodity producers such as metal and mining, and oil and gas companies.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards - dropping up to 2.62 per cent. NSE Nifty closed with a loss of 164.85 points at 15,080.75.
Continuing their rising trend, the country's foreign exchange reserves increased by $1.350 billion to touch a record high of $361.601 billion in the week to April 22.
India's foreign exchange reserves declined by $2.599 billion to $293.11 billion in the week ended January 3 on account of a fall in foreign currency assets, RBI said.
Axis Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by HDFC twins, ICICI Bank, Bajaj Finance and SBI. NSE Nifty zoomed 274.20 points to end at 14,982.
The apex bank held 586.44 tonne of gold as on September 30, of which 294.14 tonne are held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining gold is held domestically
It plans to use it as collateral, along with forex reserves, to print currency.
The surge is a stark turnaround from 2013 when the country's current account gap hit a record high due to outflows on expectations the US Fed would rein in its stimulus programme
There has been a stellar rise for the Indian markets this far in calendar year 2021 (CY21) with the S&P BSE Sensex surging over 19 per cent. The gain in mid-and small-cap indices on the BSE has been sharper with both these indexes surging around 38 per cent and 54 per cent, respectively during this period. Rampant spread of Covid pandemic's Delta variant and the ensuing lockdown and mobility curbs across India, rising prices key commodities, including crude oil and its impact on inflation, possibility of tightening of policy stance by major global central banks, especially the US Federal Reserve (US Fed) have been some of the key headwinds that the markets successfully negotiated during this period.
Rise in reserves was predominantly on account of increase in FCAs
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
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