Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen & Toubro and Mahindra & Mahindra, Axis Bank and Titan. On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
India's foreign exchange reserves dropped by $6.05 billion to $593.48 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion.
The rupee's stability in the last 12 to 18 months made corporates reduce hedging
Seeking to guard investor returns from excessive exchange rate movements, RBI Governor Raghuram Rajan on Thursday said a move towards an inflation target of 4 per cent will help contain the currency market volatility.
The depreciating Indian rupee creates new opportunities.
With dollar demand rising, it dropped further to 55.49, before ending slightly better at 55.43 -- a loss of 22 paise or 0.39 per cent over Wednesday.
India's forex reserves dropped by $2.164 billion to $584.248 billion for the week ended April 21, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The overall reserves had jumped by $7.2 billion to $595.98 billion for the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
The rupee was hovering in a range of 66.65 and 66.89 in morning trade.
'And a majority will be in the top-end vehicle range.'
The deficit data was the latest in a run of positive signs for the sluggish domestic economy and could put India in a better position should the Fed start tapering, than in the summer when the rupee hit a record low.
While high interest rates, huge inventory of unsold stock is making one feel the prices of homes would come down, a fall in the Indian rupee over the past four months is making your dream homes expensive. Here's how.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion.
Credit rating agency Crisil on Wednesday said depreciation in the rupee will shave off up to Rs 4,000 crore (Rs 40 billion) from the profits of Nifty companies in the December quarter.
The rupee has had a volatile run in the past one week.
Recent measures by the Reserve Bank of India and the Securities and Exchange Board of India are being seen by observers as an attempt to reverse the inexorable decline of the rupee.
Following the 11.4 per cent decline in the dollar value of the rupee over barely a quarter, the sharp slump of last week has further complicated an already tricky situation for the Reserve Bank of India (RBI).
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.
Need for much more investment; sector would like govt help
Month end dollar demand from oil importers has forced rupee to trade weak.
After oscillating over 486 points, the 30-share Sensex settled 38.44 points, or 0.10 per cent, lower at 39,020.39. It hit an intra-day low of 38,840.76 and a high of 39,327.15.
US interest rate normalisation policy is likely to keep global FX markets volatile.
The Indian stock market benchmark Sensex, which was down till afternoon session, recovered later and closed up by 38.37 points or 0.21 per cent after Europe opened higher.
The domestic electronic product manufacturers depend heavily on imports for hardware components like hard drive and displays.
The steep depreciation of rupee will not give an immediate advantage to the country's exporters.
After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 per cent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47.
The Indian currency has depreciated 6.86 per cent since April.
For all the worries among investors and policymakers over the rupee's sudden plunge to record lows, the Indian economy is in better shape to handle a depreciation than it was when the currency last hit the buffers a year ago.
Forex dealers said besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.
HDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013.
The domestic currency had lost 10 paise to close at 59.03 against the dollar in Thursday's trade amid capital outflows linked to fall in equities.
The country's current account deficit is likely to hit a three-year high of 1.8 per cent or $43.81 billion in FY22, as against a surplus of 0.9 per cent or $23.91 billion in FY21, a report said on Thursday. According to an assessment by India Ratings, the Current Account Deficit (CAD) has moderated to $17.3 billion or 1.96 per cent of GDP in the fourth quarter of FY22 as against $8.2 billion or 1.03 per cent in the year-ago period, and massively down from $23.02 billion or 2.74 per cent in Q3, which was a 13-quarter high. The improvement in the key numbers are due to the remarkable improvement in merchandise exports in FY22, when it grew 42.4 per cent as against a negative 7.5 per cent in the pandemic-hit FY121.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Forex traders said a stronger dollar also dragged the rupee down.
India's forex reserves increased by $6.31 billion to $584.76 billion for the week ended April 7, the RBI said on Friday. In the last reporting week, the forex kitty snapped a two-week rising trend to decline by $329 million to 578.45 billion. It can be noted that in October 2021, the country's forex kitty reached an all-time high of $645 billion.
Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.
Chartered flights may increase 34% from last year as more Russian tourists come calling.
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