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Attacking the Centre over its inability to arrest the declining rupee against the US dollar, Gujarat Chief Minister Narendra Modi said the Centre was neither concerned about the economy nor the falling rupee but only worried about saving its chair.
The currency's relatively stable performance even as the US announced tapering showed India's better preparedness to deal with any fallout of such foreign fund outflows.
In recent sessions, shares have rallied on hopes Hindu nationalist opposition leader Narendra Modi, a more business-friendly candidate, is seen coming to power on promises of economic revival and jobs.
The rupee had gained 10 paise to close at 60.11 against the dollar in Tuesday's trade on fag-end selling of the US currency by banks and exporters.
Travelling and studying will become more expensive. Even your stock portfolio is likely to suffer.
Since most Indian firms have kept their forex exposure unhedged, credit profile of companies in the highly sensitive sectors such as oil & gas, metal & mining, airlines could weaken substantially, says Anup Roy.
The domestic currency had lost 63 paise to close at over four-month low of 61.18 against the dollar in Friday's trade on weakness in global stock markets and a strong US currency overseas.
Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5 per cent in July, put pressure on the rupee.
The rupee has declined by 24 paise in four days of losses.
On Thursday, the rupee jumped 50 paise to close at 62.67 against the Greenback on persistent selling of dollars by banks and hopes of capital inflows in view of a strong equity market.
Lok Sabha Speaker Om Birla on Monday warned members against referring to anyone's caste and religion in the House after a Congress MP alleged that Finance Minister Nirmala Sitharaman made certain remarks about his proficiency in Hindi because he belonged to a lower caste.
Reserve Bank of India Governor Raghuram Rajan, in a hurriedly called press conference, said that the central bank has now routed back most of the dollar demand from oil companies to the market.
The currency lost six paise on sustained dollar demand from importers.
Forex dealers said besides increased selling of the American currency by exporters and banks, a higher opening in the domestic equity market and the dollar's weakness against other currencies overseas supported the rupee.
The rupee had ended 13 paise higher at 60.92 against the greenback in Wednesday's trade following sustained dollar selling by exporters.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
Rupee rises by 16 paise against dollar on fresh selling.
Forex dealers said strengthening of dollar against other currencies in the global market also put pressure on the rupee but a higher opening of the domestic equity market limited the fall.
If the REER is to be restored to its 2004-05 level, the rupee has to depreciate a lot, says V K
For these dedicated folk, cosplay is more than just masks and costumes. Months of effort -- they often create their costumes from scratch -- go into making their outfits. Some even invest thousands of rupees to perfect their look.
Some investment bankers expect the Indian currency to touch 60-65 by the end of the year
'Since there is no photo-op, or quick fix solutions, politicians do not want to address climate change. It is very unfashionable.'
After hitting a record low of 68.85 to the dollar last week, a Reuters poll suggests the rupee will stabilise at 66 to the dollar by the end of September, while technical charts also point to a period of relative calm.
He alleged that besides Modi and Shah, Finance Minister Nirmala Sitharaman had also commented on the stock markets ahead of elections, which has never happened in the past.
The local currency had gained five paise to close at 66.35 in Monday's trade.
Enterprising creator, Ishwar Deen who poured in over two-and-a-half lakh rupees into his labour of love was ordered to dismantle the rotor that he had welded on to the roof of an old car to make it resemble a chopper.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
'If I were to say, I had the best vegetarian food in my life in Vietnam, nobody would believe me.' 'When I proclaimed this to my friends, they didn't believe me. I had to show them the pictures and make them drool!!'
Amid all the gloom on the economic and financial front, Sandesh Kirkire, CEO, Kotak MF, suggests five bold measures to get the Indian economy back on the growth path, arrest the rupee's downfall and address India's bulging current account deficit.
The Indian rupee, however, saw the largest bullish bets in one year as worries about inflation eased.
Forex dealers said a slew of measures like plunging stock markets, dollar gaining strength against its rivals in the overseas market weighed against the local currency which lost a whopping 81 paise against the Greenback on Monday.
Stock markets would take cues from the upcoming macroeconomic data announcements and global trends besides keeping a watch on the trading activity of foreign investors, analysts said. The last batch of the ongoing earnings calendar would trigger stock-specific action, traders said. "This week, we have to deal with macroeconomic data on both the domestic and global front.
RBI will now increasingly shift focus to domestic parameters
Failing to get any reprieve from the Delhi high court, the Aam Aadmi Party on Tuesday said Chief Minister Arvind Kejriwal will move the Supreme Court soon against his arrest by the Enforcement Directorate and maintained the excise policy case was the 'biggest political conspiracy of the country' to finish the party.
Congress leader Rahul Gandhi on Wednesday dubbed the electoral bonds as the 'world's biggest extortion scheme' and alleged that Prime Minister Narendra Modi is the 'champion of corruption'.
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The depreciation of the rupee, it said, reflects the wider CAD as well as lower net capital inflows.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
'When the rupee was at 65 a dollar, we wanted to go to Thailand for a holiday.' 'Now at 72, we may find Goa much more attractive.' 'That's how correction happens.' 'If you don't let that correction happen, then it's a pressure cooker that bursts one day.'
The rupee closed at 60.76/77 on Tuesday.
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