Gandhi cited the example of Maharashtra assembly elections, claiming there was an addition of 65 lakh voters to the voter list in two hours, "which was impossible."
Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
Sliding for the fifth straight session, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar on Thursday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 78.92 against the greenback and witnessed an intra-day high of 78.90 and a low of 79.07. It finally settled at 79.06, down 3 paise over its previous close of 79.03.
The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close.
In New York market, the US dollar pared losses on Wednesday amid reports that cut into optimism that Washington lawmakers are close to a deal to avoid going over the fiscal cliff.
The Reserve Bank of India (RBI) is expected to cut interest rates for the first time in nearly five years in Governor Sanjay Malhotra's first monetary policy committee (MPC) meeting on Wednesday. The meeting of the six-member MPC, which will culminate on Friday, aims to boost sluggish economic growth, which is seen falling to a four-year low. Malhotra took charge as the 26th RBI governor in December last year.
'Could the impending new crisis, vibe coding, similarly create not a disaster like what befell Indian handlooms during the Industrial Revolution but another opportunity like what the Y2K crisis created?' asks Ajit Balakrishnan.
Investors would track a host of macroeconomic data announcements scheduled this week, including inflation numbers, and also monitor global market trends, and trading activity of foreign institutional investors, analysts said. The ongoing quarterly earnings announcements and the rupee-dollar trend would also influence the markets.
The rupee rose by 12 paise to close at 79.78 against the US dollar on Monday due to a weak dollar in overseas markets and an improved appetite for riskier assets. Stronger regional currencies also supported the rupee sentiment ahead of the US Fed policy decision on Wednesday. Weak domestic equities and FII outflows, however, capped sharp gains. At the inter-bank forex market, the local unit opened at 79.86 against the greenback and moved in a range of 79.70 to 79.87 in the day trade.
As one of the world's oldest currencies, the Indian rupee's new symbol deserved a more dignified debut.
If you redeem your investments when prices have fallen sharply, you will be selling at low prices and may make a permanent loss. On the other hand, if you remain patient and remain invested, you give your investment the time to recover, says Dwaipayan Bose
The week's losses wiped out investor wealth worth Rs 18.43 trillion, with the total market capitalisation of BSE-listed firms now at Rs 441 trillion.
Global trends, tariff-related updates and trading activity of foreign investors would be the key drivers for the equity market movement this week, analysts said. Markets witnessed a strong rebound last week, with the benchmark indices surging over 4 per cent.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
Trading sentiment in the equity market will largely be driven by domestic corporate quarterly earnings, any update related to US tariffs and foreign fund movements this week, analysts said. Investors would also focus on world market trends, movement of global oil benchmark Brent crude and the rupee-dollar trend for further cues, experts noted.
Since October, FPIs have offloaded Indian equities worth Rs 2.1 trillion.
One of the key factors contributing to the decline in the value of the rupee against the US dollar is the tightening yield spread between the 10-year India government bond and the US government bond. The yield on 10-year Indian government bonds is now only 295 basis points higher than that of US 10-year treasury bonds, the lowest since January 2007. Lower spread means lower incentive for foreign investors to invest in rupee assets, which adversely affects foreign capital inflows into the country and weighs on the rupee-dollar exchange rate.
Vanuatu Prime Minister Jotham Napat has directed the Citizenship Commission to cancel the passport issued to former Indian Premier League (IPL) founder Lalit Modi, citing his attempt to avoid extradition. Modi had applied to surrender his Indian passport to the Indian High Commission in London, but the Vanuatu government stated that Interpol twice rejected India's request for an alert notice due to lack of evidence. The statement emphasized that holding a Vanuatu passport is a privilege, not a right, and applicants must seek citizenship for legitimate reasons, which does not include evading extradition.
India's stock markets are experiencing a shift in investor sentiment, with a 30 per cent surge in Chinese stocks, prompting investors to move money from domestic markets to China. This reversal of fortunes is a notable change from the past three years, where China's losses benefited India.
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The rated oil and gas companies, Fitch said, have a significant proportion of foreign currency-denominated debt.
Rs 1,000 now buys $13.5 against $14 a year ago.
Foreign investors have poured Rs 57,359 crore into Indian equities in September, making it the highest inflow in nine months, mainly driven by a rate cut by the US Federal Reserve. With this infusion, foreign portfolio investors' (FPIs) investment in equities has surpassed the Rs 1 lakh crore mark in 2024, data with the depositories showed. Going ahead, FPI inflows are likely to remain robust, driven by global interest rate easing and India's strong fundamentals.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
All about IPL 2025 which kicks off on March 22, Saturday.
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
Senior Congress leader Shashi Tharoor said on Tuesday that judging by US President Donald Trump's initial statements, there is never going to be a dull moment during his presidency, and expressed hope that the Indo-US ties are in a "good shape". He also raised concerns about the potential impact of Trump's policies on trade and illegal migration on India. Tharoor said that there might be pressure on India to either remove tariffs on American goods or suffer high tariffs on Indian exports to America.
In an eventful week ahead, stock markets may face volatile trends before the RBI's interest rate decision and the US inflation data announcements, as investors continue to assess the broader implications of US tariffs on global economy and inflation, analysts said. Investors fear that a full-blown trade war will impact global trade and economic growth, according to market experts.
'Retail investors have to stick to their asset allocation plans and continuously do portfolio reviews.'
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
India's trade deficit with China neared $100 billion in FY25, amid escalating concerns of dumping, data released by the commerce department on Wednesday showed. Chinese imports rose by 11.5 per cent to $113.45 billion, while outbound shipments to the neighbouring country saw 14.5 per cent contraction to $14.2 billion.
Foreign investors have adopted a cautious stance and infused Rs 7,320 crore in the Indian equities in August owing to high valuation of stocks and the unwinding of the Yen carry trade after Bank of Japan raised interest rates. This investment was way lower than Rs 32,365 crore in July and Rs 26,565 crore in June, according to data with the depositories. While September is likely to see continued interest from FPIs, the flows would be shaped by a combination of domestic political stability, economic indicators, global interest rate movements, market valuations, sectoral preferences, and the attractiveness of the debt market, Vipul Bhowar, Director Listed Investments, Waterfield Advisors, said.
A US plane carrying 119 illegal Indian immigrants is expected to land at Amritsar airport on February 15, the second such batch of Indians deported by the Trump administration as part of a crackdown on illegal immigration. The plane is expected to land around 10 pm on Saturday. The 119 deportees include 67 from Punjab, 33 from Haryana, eight from Gujarat, three from Uttar Pradesh, two each from Goa, Maharashtra and Rajasthan, and one each from Himachal Pradesh and Jammu and Kashmir. Another US plane carrying deportees is also expected to land on February 16. This development comes days after a US military aircraft carrying 104 illegal Indian immigrants landed at the Amritsar airport last week. Most of the deportees hailing from Punjab said they wanted to migrate to the US for a better life for their families. However, their dreams were shattered when they were caught at the US border and brought back in shackles. The Trump administration has launched a crackdown against illegal immigrants since taking office, leading to the deportation of many people who entered the US through illegal means. Several political leaders in Punjab have questioned the landing of US aircraft in Amritsar, with Punjab Finance Minister Harpal Singh Cheema alleging that the BJP-led Central government wants to defame Punjab. The Punjab government has formed a special investigation team to probe the issue of illegal human trafficking following the deportation of Indian citizens domiciled in Punjab from the US. The SIT has so far registered 10 FIRs against fraudulent immigration consultants based on statements from deportees.
The overall breadth was positive as 1,643 stocks advanced while 1,027 stocks declined.
The quantum of fake Swiss francs remained much higher.
Global trends, trading activity of foreign investors and news flow on tariffs are expected to influence movement in the equity market in a holiday-shortened week ahead, analysts said. Equity markets would remain closed on Wednesday for 'Mahashivratri'.
Whether it's navigating the labyrinthine Cu Chi Tunnels, boating on the Mekong, marveling at ancient Champa temples, or the Mekong Bay, Vietnam promises a journey like no other.
The rupee plunged 20 paise to close at an all-time low of 78.13 against the US dollar on Monday, as a lacklustre trend in domestic equities and stronger greenback overseas weighed on investor sentiments. Forex traders said weak Asian currencies and persistent foreign capital outflows were the other major factors that dragged the local unit down. At the interbank foreign exchange market, the local currency opened at 78.20 and witnessed an intra-day high of 78.02 and a low of 78.29 against the US dollar.
The combined wealth of India's dollar billionaires is now equivalent to 33.81 per cent of India's nominal GDP.
From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
