Let's take a look at the performance of some of the major currencies around the world.
The Indian IT services sector is staring at a second consecutive year of muted revenue growth due to modest increase in tech spends in Europe and the US, a domestic rating agency said on Wednesday. Crisil Ratings said it expects the sector to grow at 5-7 per cent in FY25, after a growth of 6 per cent estimated to have been achieved in FY24. The overall industry size is pegged at $250 billion and it creates over 50 lakh direct jobs.
A new series of coins will be unveiled soon carrying the Rupee symbol, Finance Minister Pranab Mukherjee announced in the Budget.
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
At a time when exporters and IT companies are worried about the Rupee getting stronger against the US Dollar, subsequently "affecting business", Shiv Nadar, founder of software and hardware major HCL said things are doing fine.
The Indian rupee slid to a fresh low of Rs 55.32 against the US dollar in the afternoon trade on Tuesday as foreign funds pulled out from emerging markets avoiding risky assets.
The rupee fell by 49 paise to close at 81.89 (provisional) against the US dollar on Monday as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit.
'India's fundamentals are a lot better (than those of other emerging market economies).' 'India will suffer (witness a fall in its stock market) what I call the second order effect.' 'And the second order will happen when these funds (belonging to macro and hedge fund investors and which have leveraged Japanese yen-carry trades), because they lose money elsewhere as lot of their positions were financed by borrowing Japanese yen, will have to book profits in investment destinations where they are making money, including in markets like India.' 'They (these investors) will have to effectively sell in countries like India and which is the consequence (the crash in equity markets) that Indian markets might see.'
The rupee rise may halt if interest rates are raised by the US Fed and the European Central Bank, and Indian domestic interest rates are lowered.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
Forex market was closed on Thursday on account of Ganesh Chaturthi.
The partially convertible rupee closed at 61.31/32 per dollar, unchanged from its Tuesday close.
Relentless fall of the rupee has not dampened demand for rough diamonds in India.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
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.
Most Asian currencies are on a slide on worries about the withdrawal of US stimulus.
Indian rupee washed out initial losses against the greenback.
Last month saw DGCX record the highest volumes, as trades in futures contracts across the bourse crossed one million contracts.
The five-member jury set up to finalise symbol for the rupee is said to have selected the design presented by IIT-ian D Udaya Kumar, said The Indian Express.
He had taken charge as the 25th director general of the Indian Coast Guard on July 19 last year.
The Centre was seized of the issue of the continuing appreciation of the rupee against the dollar adversely affecting the exporting community, Union Commerce and Industry Minister Arun Jaitley said on Saturday.
Rupee hits 2-month low against dollar on US rate hike fears.
'If you want to win you need to perform.' 'Governments have found a way to buck anti-incumbency, but one policy intervention will not pay in all elections.'
A sojourn in Seoul, one of Asia's largest metropolises, where the ultra-modern coexists with the ancient -- temples and palaces with futuristic skyscrapers climbing to the stratosphere, K-pop with Buddhism, a village within city limits.
With the rupee crossing Rs 72/dollar in recent times, things suddenly don't look too good on several counts.
A weak rupee, though seemingly good for exporters, would push up input cost further for Indian companies.
The dollar index recovered its early losses and was trading up by 0.11 per cent against a basket of six major rivals.
'If you see another 1000-point correction, people may start panicking.'
Forex dealers said besides heavy selling of the American currency by banks and exporters, a higher opening in the domestic stock market, supported the rupee.
Globally, the dollar index was trading up by 0.1 per cent against the basket of six major currencies on optimism that the US economy is improving.
US is not going to do the kind of sequential taper that was hinted in May, said FM.
The rupee shed 6 paise to hit a fresh 1-month low of 62.31 on Thursday.
The recent depreciation of the rupee against the US dollar is unlikely to ensure better margins for exporters as buyers in Europe and the US, facing lower demand in their countries, are asking for hefty discounts.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Software leaders are quite robust.
Rupee's misunderstood fall is far from over despite some near-term respite.
'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
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