New investors should not allow themselves to fall prey to FOMO and rush headlong into gold.
Crypto exchange WazirX has said customers affected by the recent cyber attack will not be able to recover their full funds even as the firm looks to restructure. At a virtual press conference, the firm's advisor said at best the company might look to return 55-57 per cent of the money. "This is what can be returned to users with the benefit of this restructuring," said Jason Kardachi, managing director (restructuring), Kroll.
Moody's on Monday upgraded India's local currency sovereign rating by a notch on the country's efforts toward fiscal reforms and the economy's capacity to face a crisis, a move that that will result in greater capital inflows and appreciation of rupee value.
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.
Tech giant Microsoft Corporation has invested nearly $5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis by the latter, according to a regulatory filing by the hospitality chain. An extraordinary general meeting of Oravel Stays Pvt Ltd (OYO), which runs the OYO Rooms chain of hotels, on July 16 approved issue of the equity shares and Series F2 compulsory convertible cumulative preference shares (Series F2 CCCPS) for "an aggregate consideration amounting to rupee equivalent of $4,971,650 to Microsoft Corporation on a private placement basis", as per an RoC filing by the company.
'You need to devalue the currency, ignite inflation, which then begins to oil the wheels of the economy.' 'Without that this severe recession is not going to reverse.'
Strong foreign fund inflows, a weakening dollar and slipping oil prices propped up the local unit.
Forex traders said a stronger dollar also dragged the rupee down.
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
As India's rupee hits record lows, some investors see it headed towards the mid-60s against the dollar, a reflection of weak economic fundamentals and expectations the government will struggle to implement meaningful measures to reverse capital outflows.
India is emerging Asia's canary in the 'hot money' mine.
India's rupee woes seem to have worked in favour of non-resident Indians (NRIs). Last week, the Reserve Bank of India increased the cap on foreign currency non-resident (FCNR) and non-resident external (NRE) interest rates.
The bigger worry is that the miss for FY19 is likely to be significant even after assuming macro factors such as crude oil prices, rupee, input costs, and interest rates, do not worsen from the current levels, reports Vishal Chhabria.
India's richest real estate entrepreneur Kushal Pal Singh on Monday became the country's third trillionaire in rupee terms with a sharp rise of four per cent in his group's flagship company DLF Ltd, pushing its market value to about Rs 1,14,744 crore
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
The Chinese currency too is expected to continue its fall.
India is Asia's third-best performing equity market.
A day after global brokerage firm Macquarie painted a rosy picture of the Indian economy and raised its target level for the stock indices for the next 12 months, Goldman Sachs said India is set to overtake China and become the fastest-growing emerging market during 2016-18.
The convertibility is RBI Governor's 'next big ambitious goal'.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
The broader markets were marginally higher with mid-caps and small-caps gaining 0.1-0.4 per cent on the BSE.
Investor confidence has evaporated amid fears over the rising cost of funding India's gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.
Group still far from coordinating monetary/forex policy
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