This election will be remembered for being the first election where the Election Commission failed to take action on gross violations involving the ruling party that repeatedly used religion, communal slurs, lies and undocumented allegations, observes Ramesh Menon.
The rupee opened steady at 63.30 per dollar at the Interbank Foreign Exchange; but, firmed up to 63.22 before quoting at 63.23 per dollar at 1000 hours.
The rupee touched a high and low of 65.91 agaisnt the greenback during the day.
Hopes of more foreign funds on the back of sharp recovery in domestic equity market also boosted the value rupee against the dollar
With the rupee crossing Rs 72/dollar in recent times, things suddenly don't look too good on several counts.
'After multiple days of losses, any relief rally is welcome. However, the trend hasn't changed.'
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
Abhishek, Head or Klassen? Whose batting caught your fancy last night?
Overseas, the US dollar took a breather against basket currencies
The rupee depreciated further by 7 paise to 65.12.
Weakness of the dollar against other currencies overseas gave the rupee more muscle.
A weak dollar in overseas markets also strengthened the rupee sentiment
Weakness in the dollar against some currencies supported the rupee.
A weak dollar overseas supported the rupee sentiment.
The rupee had lost 11 paise to close at 66.44 against the dollar.
Strong month-end demand for the US currency mainly from oil importers along with currency futures expiry related purchases predominantly weighed heavily on the forex market and haunted investor sentiment.
A 32-ground land parcel in Chennai worth crores of rupees and owned by a Shiva temple was taken over by authorities on Sunday while officials were directed to initiate action to take possession of nearly 100 more grounds of land belonging to the same shrine, the government said.
The petition came up for hearing before a bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula which granted time to the petitioners' counsel to place certain judgments on record.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
We should not see a strong rupee as strength but target a fairly priced rupee for restoring our competitiveness, says Rashesh Shah.
The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them.
If the REER is to be restored to its 2004-05 level, the rupee has to depreciate a lot, says V K
SIP top-ups are especially beneficial for young investors, who may start with a small SIP installment and grow it over their working careers, says Dwaipayan Bose.
Bearish dollar overseas also supported the rupee
The rupee slipped from its initial gains by 5 paise against the US currency to 67.89 in late morning deals on bouts of dollar demand from importers.
The rupee is expected to remain volatile in the new financial year.
the rupee had closed steady at 67.95 per dollar on Monday.
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
Rupee down 13 paise to 66.72 against dollar
on Monday, the rupee ended lower by 4 paise.
Rupee ends day stronger against the dollar.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
The rupee depreciated by 19 paise to trade at almost seven-month low of 61.94 against the US currency in early trade today at the Interbank Foreign Exchange on capital outflows amidst the dollar's gain against other currencies overseas.
Going by the real effective exchange rate, the rupee is overvalued
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
A strong currency helps in fighting some of the import-led inflation.
Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani.
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