Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
The rupee had firmed up 16 paise to close at 67.52 on Thursday.
Over 85 per cent of SIP AUM, or Rs 5.8 trillion, is in equity schemes, compared to just Rs 6,100 crore in debt.
The domestic unit had recovered to 68.65 in early trade on Friday as against Thursday's closing of 68.72.
The rupee has lost 37 paise or 0.55 per cent in two days.
'I have saved your name on my phone, but I cannot read or pronounce it.' 'I am able to recognise my wife's name today because after seeing it for so long, it has been imprinted in my mind as a picture and not the letters.'
'It will be the end of the Congress after the Lok Sabha election.' 'Many Congressmen and even Communists will move to the BJP.'
Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90 per cent. Economic growth projection for FY23 cut to 7% from 7.2% estimated in August. GDP expected to grow at 6.3% in September quarter, 4.6% each in December and March quarters.
A firming trend in domestic stock markets, however, capped the rupee fall to some extent
The rupee on Friday fell by 9 paise to 67.64 per dollar on fresh demand for the American currency.
The battered rupee gained 225 paise to 66.55 against the dollar today, the most in at least 15 years, after the Reserve Bank of India eased pressure in the currency market by starting a facility for state-run oil refiners to buy foreign exchange.
Forex dealers said that weakness in the dollar against other currencies overseas also supported the rupee.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
Fund houses are exploring ways to differentiate themselves in the hybrid space. A relatively unknown hybrid fund variant, Balanced Hybrid, is about to see its first launch since the introduction of mutual fund (MF) scheme categorisation norms in 2017. WhiteOak Capital MF has filed papers with the regulator for this scheme, which comes amid increasing interest in the hybrid space. MFs anticipate that hybrids will become the preferred category for investors with a lower risk appetite following changes in debt fund taxation.
The rupee had gained by 50 paise or 0.75 per cent in two weeks.
In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report. The number of dollar millionaires in India fell from 7,64,000 in 2019 to 6,98,000 solely because of the rupee's fall, while their cumulative wealth stood at $12.833 trillion, down $594 billion or 4.4 per cent from the previous year, according to the report by Credit Suisse Research Institute. The country is home to just 1 per cent of the global rich, whose number rose by 5.2 million to 56.1 million in the COVID-hit year. However, the report expects the number of millionaires in India to soar 81.8 per cent to 1.3 million by 2025.
Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier.
Falling for the first time in three days, the rupee today erased initial gains to end 15 paise lower at 62.43 against dollar on fag-end demand of the US currency from banks and importers, amid a tepid stock market.
Unwinding of long-dollar positions by speculative traders and the currency's strong underlying fundamentals buoyed the home unit
NTPC was the biggest loser in the Sensex pack, tumbling 2.25 per cent, followed by Tata Motors, Bharti Airtel, PowerGrid, HDFC, Reliance Industries, Hero MotoCorp and M&M that shed up to 1.85 per cent.
The rupee recovered by 11 paise to trade at 60.84 against the US dollar in early trade today on selling of the American currency by banks and exporters.
Fiscal pressure for the Indian economy is gradually rising, suggested analysts at Jefferies in a recent note, as oil prices (Brent) - which are close to the $100 a barrel mark - continue to climb ahead of a busy election calendar. They added that the sharp rally in the equity markets during the last few months has made valuations costly. As a result, Jefferies expects the Indian markets to remain choppy in the near term.
Firm equity market failed to restrict the rupee's fall against the dollar
The dollar's weakness against rivals overseas supported the rupee.
Sustained capital inflows supporting the rupee sentiment, a forex dealer said.
They all seem to forget that the Music Academy is as much an independent institution as T M Krishna is an individual musician. In drawing those red lines for the Academy management, they do not even seem to recognise that they too have crossed a red line themselves, points out N Sathiya Moorthy.
On Wednesday, the rupee had dropped by 26 paise.
A smart rebound in the stock market and sustained capital inflows restricted the rupee loss
This is the biggest one-day fall in the rupee since August 3, 2016
The three hour long meeting was attended by Secretaries of departments of Revenue, Expenditure, Financial services and Disinvestment.
The rupee ended almost flat against the dollar.
Falling for the second day, the rupee on Friday weakened by 12 paise against dollar to end at 62.68 weighed down by demand for the American currency from importers and data showing fiscal deficit crossed 95 per cent of the annual target during April-December.
There was fresh selling of the American currency by banks and exporters
RBI fixed the reference rate for the dollar at 66.2930 and euro at 74.8978.
The Jaipur Municipal Corporation has taken possession of the two heritage havelis that were purchased by the former Indian Premier League commissioner Lalit Modi four years ago in the protected Amber Fort area, a senior official said on Thursday.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Firm equity markets and foreign capital inflows failed to restrict rupee's fall against the dollar
The rupee ended weaker against the greenback on domestic worries.
The rupee had recovered by 8 paise to close at 66.91 in Tuesday's trade.
After a day's respite, the rupee on Wednesday fell by 29 paise, its biggest single day fall in a week, to end at 56.73 today due to heavy dollar demand from importers amid renewed concerns over withdrawal of US monetary stimulus.
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