According to police, a first information report (FIR) was registered under Sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union minister Nirmala Sitharaman, Enforcement Directorate officials, office-bearers of the Bharatiya Janata Party at state and national level, based on the order of a special court.
The Indian rupee could soon get a unique symbol, with the finance ministry holding a public competition for a design. The finance ministry, which has called for entries by April 15, would shortlist five designs. The five designers would have to make a presentation to the jury members, before a final decision is announced. But even if the design was not selected, the five shortlisted entries would be entitled to a prize of Rs 25,000 each.
The hapless voters fervently hope that they get to make a more equal choice in the next election and political discourse in the country becomes positive and more enlightened. One wonders if the masses would become more politically aware to discern good intent and performance from gimmickry, notes Biswajit Dasgupta.
Indian expatriates in the United Arab Emirates have demanded a compensation package from the Indian government as the appreciation of the Indian rupee had impacted their remittances back home. The demand follows a study conducted recently by the Centre for Socio-economic and Environmental Studies, Kochi, which had focused on the impact of rupee appreciation on the economy of Kerala.
Firms whose imports are in dollar denominated currencies are the major beneficiaries. Companies, which are being hurt the most with the rising rupee, are those whose revenues are generated in dollars and whose costs are denominated in rupees. A million rupee question (rather than a million dollar) is what strategies the Indian firms should adopt to make their business sustainable.
Foreign investors made a significant turnaround and injected over Rs 1,500 crore into Indian equities in February, reversing the massive outflows seen in the preceding month, primarily due to robust corporate earnings and positive economic growth. Additionally, Foreign Portfolio Investors (FPIs) continued to be bullish on the debt markets as they put in over Rs 22,419 crore during the month under review, data with the depositories showed. Looking ahead to March, the outlook for FPI flow appears promising, provided the current economic trajectory and corporate performance sustain their positive momentum, potentially continuing to attract foreign investment into Indian equities, Mayank Mehraa, smallcase manager and principal partner at Craving Alpha, said.
From the 30-share pack, Adani Port, Bharti Airtel, Asian Paints, IndusInd Bank, Bajaj Finserv, Reliance Industries, Infosys, UltraTech Cement, HDFC Bank, HCL Technologies and ICICI Bank were among the laggards. Tata Motors, Axis Bank, Maruti, Larsen & Toubro, ITC and Tata Steel were among the gainers.
Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
A theory that is doing the rounds is that with election nearing, this depreciation of the rupee will allow politicians of all hues to bring back their ill-gotten wealth.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
Indian airline industry is expecting to prune its net losses to Rs 3,000-5,000 crore in this fiscal from an estimated Rs 17,000-17,500 crore in FY2023 on the back of improved yields and stable cost environment, credit ratings agency ICRA said on Tuesday. At the same time, ICRA also estimated that domestic air passenger traffic will expand by 8-13 per cent each in FY2024 and FY2025. The rating agency has also maintained its stable outlook on the industry in view of healthy passenger traffic growth, improved yields and a stable cost environment.
A higher opening in the domestic equity market and the strengthening of euro and yen against the dollar overseas also aided the rupee, dealers said.
Trumponomics, poor growth, and high valuation certainly don't make a bullish recipe for Indian markets, warns Debashis Basu.
"It is a great honour to be a part of India's history," said an excited Udaya while speaking with rediff.com.
It fell 11 per cent in 2013, its third successive annual loss.
Like the American dollar and British pound sterling, the new symbol of Indian rupee will also be available in the computers by merely downloading a software provided free by the government.
Indians hoping to study in Canada should think twice because many students have ended up in substandard colleges with no job prospects despite spending lakhs of rupees, resulting in depression and suicide, India's top envoy there says.
The Indian rupee will bounce from its record low level of close to Rs 52 against the greenback and will gain about 10 per cent in 12 months once overseas borrowings resume, Goldman Sachs has said.
Government and Reserve Bank to take steps to arrest the fall of the currency.
'During his stint as prime minister, he got 270 million people out of poverty.' 'This, according to the World Bank, is the fastest compression of poverty anywhere in the world.' Arvind Mayaram, the former finance secretary, recalls his encounters with Dr Manmohan Singh.
The rupee dropped on renewed demand for the American currency.
The rupee had lost 21 paise on Tuesday's trade.
The Indian rupee recovered by four paise to 54.99 after touching all-time low of 55.07 against the American currency in the late morning trade due to mild selling of dollars by banks following following measures taken by RBI to curb the local currency's fall.
Lillian Carter, a trained nurse and a Peace Corps worker, spent two years of her life, when she was in her late 60s, serving the poor in India, in the 1960s. She was posted as a volunteer to Vikhroli, then a village 30 km outside of Mumbai and a Godrej township, and was there from 1966 to 1968.
If one has to analyse Ashwin the cricketer, it is very difficult to ignore Ashwin, the person, who had a very independent mind and a brain that probably ticked 24x7. He believed in de-construction of his art and became craftier one ball at a time.
The rupee appreciated 7 paise to 79.74 against the US dollar in early trade on Thursday as a positive trend in domestic equities supported the local unit. However, a strong American currency overseas and forex outflows restricted the rupee's gain, dealers said. At the interbank foreign exchange, the rupee opened at 79.72 against the American dollar, then went lower to trade at 79.74 against the greenback in early deals, registering a gain of 7 paise over the last close.
The Indian rupee has neared the record low of 57.32 per dollar that it hit in June 2012.
Extending losses for the fourth straight session, Indian rupee on Monday declined by ten paise to log over 13-month closing low of 63.67.
The Sittwe deal is more significant than Chabahar in Iran, where India has rights to operate only two terminals and not the port itself.
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
The rupee touched a high and low of 65.91 agaisnt the greenback during the day.
Emerging market currencies including Indian rupee are likely to remain under pressure, though depreciation is expected to slow from here, Barclays said in a research report.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
Tracking a steep fall in local share market, the Indian rupee on Tuesday washed out initial gains and ended with a loss of 16 paise
Rupee closed at 61.86 against the dollar on Tuesday.
The partially convertible rupee was trading at 65.87/88 per dollar.
The creative brains behind the design of the Rupee symbol speak about their experience and the logic they applied to their design.
Emerging markets, including India have been large beneficiaries of global monetary easing.
The rupee had closed flat at 54.85 against the US dollar in Tuesday's trade amid RBI keeping key rates unchanged in the mid-quarter policy review.
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