Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
Indian rupee appreciated by 35 paise to end at two-week high of 63.03 against the greenback.
The rupee had lost 31 paise to close at one-month low of 61.07 on Wednesday on sustained dollar demand from banks and importers.
'We used to get Rs 250 for a Test match, and if the match was over in 4 days, 50 rupees were cut.'
The rupee had closed barely steady at 63.75 on Wednesday.
The share of non-resident Indians (NRIs) and overseas investors in Indian mutual funds has been declining over time, despite adding half-a-trillion rupees to holdings over the last five years. Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period.
Airfares on major domestic routes such as Kolkata-Bagdogra, Delhi-Bengaluru, and Delhi-Mumbai have witnessed an increase of up to 12.7 per cent year-on-year (Y-o-Y) in May this year, according to data by Thomas Cook (India) and SOTC Travel. The recent increase in aviation turbine fuel prices, rupee depreciation, reduction of flights by key players, and grounding of planes due to engine supply issues have contributed to the rise in airfares, said aviation industry experts. However, the data also shows that summer airfares on key routes such as Delhi-Leh and Delhi-Kolkata have significantly decreased due to the introduction of new flights.
The immediate concern for the rupee is the sharp spike in oil prices
Rising for the second session, the Indian rupee on Thursday climbed by 50 paise to nearly four-week high of 62.67 against the greenback on persistent selling of dollars by banks and hopes of capital inflows in view of a strong equity market.
'In the new coalition government, India's reform agenda may prioritise job creation and factor market reforms.'
Asserting the Indian National Developmental Inclusive Alliance (INDIA) wants a constructive debate on the NEET issue, Leader of Opposition in Lok Sabha Rahul Gandhi on Friday said it is unfortunate that they were not allowed to raise it in the Parliament.
In New York market, the dollar continued to weaken against its rivals yesterday on a day devoid of major data releases out of Europe and the US.
In order to facilitate purchase of crude oil from Iran, the Finance Ministry has issued a notification exempting payments made in Indian rupee for such imports from any local tax.
The rupee had jumped by 16 paise to end at over two-month high of 61.71 against the greenback on good inflows in local markets and sustained dollar sales by exporters.
In New York, the dollar was up last Friday against its major rivals following weak German economic data.
The overseas market has developed into a significant competitor for India's two biggest markets -- rupee and stocks, the pre-Budget Economic Survey 2013-14 said, adding that ten years ago, the global market was practically absent in both these fields.
From the time he first rose to prominence during the movement against the then UPA government, Arvind Kejriwal has regularly grabbed headlines for his surprise moves and decisions. Here are 10 such instances.
Profits of India's top listed companies have been growing at a faster pace than those of their American peers, but when it comes to revenue growth, the order has reversed recently. The combined net profit of the S&P 500 companies was up 14.1 per cent year-on-year (Y-o-Y) during the trailing 12 months (TTM) ended December 2023, as against 17.4 per cent profit growth logged by the BSE 500 companies in the same period. This is the second consecutive year of faster profit growth for the BSE 500 companies.
Delhi Chief Minister Arvind Kejriwal on Wednesday appealed to Prime Minister Narendra Modi to have photos of Lord Ganesh and Goddess Lakshmi on currency notes.
The domestic currency resumed higher at 62.30 per dollar as against the last closing level of 62.41 at the Interbank Foreign Exchange Market and firmed up further to 62.20 a dollar.
The rupee's strength against its competitor could come to haunt exporters.
The rupee extended its fall for the fourth consecutive day by losing another 6 paise to hit a fresh one-month low of 62.31.
The concessional swap windows have attracted about $25 billion, RBI deputy governor HR Khan said on Monday.
The first major devaluation of the rupee happened in 1966 when it was pegged against the US dollar at Rs 4.75/$
The rupee has depreciated 2.35 per cent in the past three months and one per cent in the past month, despite strong capital flows and falling oil prices.
The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
The rupee had gained two paise to close at one-month high of 62.14 against the dollar in Tuesday's trade.
In New York market, the dollar fell against euro late yesterday, as European Central Bank President Mario Draghi said that central bank officials had discussed quantitative easing as an option to fight falling inflation.
Heavy dollar demand from some banks and importers, mainly oil refiners, weighed on the rupee's fortunes.
Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
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Domestic shares jumped nearly 1.5 per cent on Monday to an all-time high, surpassing their previous record hit just last week, as lenders including ICICI Bank extended a recent rally.
Concerns related to capital outflows in the aftermath of the first US interest rate hike in nearly a decade predominantly weighed on the rupee trade.
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
Just because India has outperformed the US markets in a short recent period, it does not mean that this is based on fundamental reasons that are here to stay, points out Debashis Basu.
The Reserve Bank is working with the government to thrash out a payment settlement solution for Indo-Russian trade, which is hit by the economic sanctions imposed on Moscow after it invaded Ukraine, but asserted that any such solution will be 'sensitive' to the prevailing economic blockade, the central bank said. RBI Governor Shaktikanta Das was quick to add that it is a matter that the government has to deal with first, and as far as the central bank is concerned, obviously, we will not do anything which goes against the sanctions. RBI Deputy Governor T Rabi Sankar said since the Ukraine war has disrupted trade and payments, we are discussing with all stakeholders, and at the same time, we are sensitive to the economic sanctions.
On Tuesday, the domestic currency had gained 13 paise to close at nearly four-week high of 60.43 against the American unit following fresh dollar selling by exporters and sustained investments by foreign funds.
Ravichandran Ashwin has taken criticism on the chin and has responded with a bagful of wickets, refusing to let that 'outside noise' disturb the equilibrium of his mind.
The appreciating value of the Indian rupee against the US dollar is unlikely to have any major impact on Indian exports, Union Commerce Minister Arun Jaitley said on Monday.
The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.
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