The rupee closed at Rs 66.21 in its last trading session.
The Reserve Bank in its first mid-quarter policy review on Monday kept the key interest rates unchanged because of elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows.
HCL was followed by Tech Mahindra, Asian Paints, Bharti Airtel, HDFC Bank, L&T, TCS, M&M, Nestle India and Infosys. NSE Nifty rose 23.75 points or 0.20 per cent to 11,896.80.
Forex dealers said month-end dollar demand from oil importers and dollar's gain against other currencies overseas, also put pressure on the rupee.
HCL Tech was the top gainer in the Sensex pack, rising around 4 per cent, followed by Kotak Bank, Infosys, Reliance Industries, UltraTech Cement and Tech Mahindra. On the other hand, Titan, Sun Pharma, ICICI Bank, Axis Bank, SBI and Bajaj Finance were among the main laggards.
The country's forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by $3.79 billion to $586.91 billion in the previous week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Markets across the world are increasingly turning volatile on concerns over the global economic impact of the coronavirus after China announced sharp increases in the number of people affected in the outbreak, analysts said.
Maruti was the top loser in the Sensex pack, shedding around 3 per cent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and HDFC. On the other hand, HCL Tech, TCS, Sun Pharma and Tech Mahindra were among the gainers.
'It is time to allow the rupee to move towards its true value, as it is hurting Indian exports, investment and SMEs associated with export sectors that create jobs,' argues Pravakar Sahoo.
India's forex reserves dropped further by $3.79 billion to $586.91 billion for the week ended September 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had declined by $2.33 billion to $590.70 billion as of September 22. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The year 2013 marks the third worst year for the rupee against the dollar in 10 years.
HUL was the top gainer in the Sensex pack, rising around 2 per cent, followed by TCS, ITC, Asian Paints, HDFC, HCL Tech and Nestle India.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
In a wide-ranging interview with Abhineet Kumar, SCI chairman and managing director S Hajara discusses the problems facing the shipping industry.
India's forex reserves dropped by $4.992 billion to $593.904 billion for the week ended September 8, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty had jumped $4.04 billion to $598.9 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
M&M was the top gainer in the Sensex pack, rallying around 6 per cent, followed by PowerGrid, Tata Steel, IndusInd Bank, Reliance Industries, HCL Tech, ONGC and Infosys. On the other hand, Bajaj Auto, Asian Paints, Sun Pharma, HDFC and Nestle India were among the laggards.
Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
Top losers in the Sensex pack included Tata Steel, Vedanta, Maruti, SBI, Coal India, Tata Motors, Sun Pharma, HUL, RIL, IndusInd Bank, Axis Bank, HDFC duo, ICICI Bank, M&M, Kotak Bank, and Infosys, falling up to 2.89 per cent.
The Rajya Sabha chairman asked him to authenticate his assertions and refused to accept newspaper clippings that the Congress leader showed to buttress his points.
Rajan's appointment will be perceived as a positive development.
India's forex reserves jumped by $4.039 billion to $598.89 billion for the week ended September 1, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $30 million to $594.86 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
HCL Technologies and Infosys should benefit more than TCS and Wipro
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.
IndusInd Bank was the top gainer in the Sensex pack, rallying around 7 per cent, followed by ICICI Bank, Axis Bank, HDFC, Bharti Airtel, SBI, Bajaj Finance and HDFC Bank. On the other hand, RIL was the top laggard, crashing over 8 per cent. HCL Tech, TCS, Tata Steel, Asian Paints, Bajaj Auto, Maruti and UltraTech Cement also ended in the red.
India's forex reserves dropped by $30 million to $594.858 billion for the week ended August 25, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $7.27 billion to $594.89 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The onus rests on the government to help industry take advantage of depreciation.
Realisation due to a strengthening dollar exceeds the losses inflicted by export duty hike.
India's forex reserves dropped by $7.27 billion to $594.89 billion for the week ended August 18, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $708 million to $602.16 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
Bosch Ltd, a supplier of automotive components to original equipment makers, has reported 69.4 per cent drop in net profit to Rs 49.3 crore for its first quarter ended March 2009, compared with the corresponding quarter last year. Its net sales for the quarter dropped 20.6 per cent to Rs 991.6 crore.
ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by IndusInd Bank, PowerGrid, Axis Bank, HCL Tech, NTPC and ITC. On the other hand, UltraTech Cement, TCS, Tata Steel, Titan and HDFC were among the gainers.
The Indian rupee has fallen by almost 11 per cent since August 1, thanks to rising risk aversion.
To tide over fund crunch, students are either looking at alternative sources of funding like scholarships or picking up part-time jobs.
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While cost pressures could partly offset the expected gains, given the currency hedging by companies the gains will not accrue immediately.
The Indian textile industry, hit hard by recession in the United States and the European Union, said a steep 20 per cent rupee depreciation and the Rs 1,400-crore (Rs 14 billion) package has not helped in boosting sagging exports and demanded that the government should do more to help it come out of the woods.
Rupee has depreciated 8 per cent against the US dollar since beginning May'13.
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The depreciation of the rupee, it said, reflects the wider CAD as well as lower net capital inflows.
There were also concerns over whether a depreciating rupee would increase the fiscal deficit by increasing expenditure on subsidies and jeopardise the repayment schedule for external commercial borrowings.
Exporters body FIEO said the slide in rupee, which closed at all-time low of 60.72 against the dollar, was a "serious" matter and asked traders to use derivatives to hedge the currency risk.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
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