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Tag: Rupee

  • Rupee Closes 3 Paise Higher at 83.87 Against US Dollar | Economy News

    Mumbai: The rupee pared its initial gains and settled for the day 3 paise higher at 83.87 against the American currency on Monday, weighed down by a surge in crude oil prices.

    Forex traders said the Indian rupee gained in morning trade on rise in domestic markets and a weak US dollar. However, a surge in crude oil prices capped sharp gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.80 against the US dollar and a low of 83.91.

    The domestic currency finally settled at 83.87, 3 paise higher from its previous close. On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 per cent higher at 100.78. The US dollar had witnessed a sharp correction and fell to the lowest level since July 2023, on dovish comments by Fed Chair Jerome Powell at the Jackson Hole Symposium.

    “We expect the rupee to trade with a slight positive bias on risk in global risk sentiments amid dovish Fed speak and rising expectations of a rate cut by the Fed in September. However, geopolitical tensions in the Middle East and rising crude oil prices may cap the sharp upside,” said Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas.

    Meanwhile, Brent crude, the global oil benchmark, advanced 0.92 per cent to USD 79.75 per barrel. On the domestic equity market front, Sensex advanced 611.90 points, or 0.75 per cent, to close at 81,698.11 points. The Nifty rose 187.45 points, or 0.76 per cent, to 25,010.60 points.

    Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 483.36 crore, according to exchange data.

    India’s forex reserves had jumped USD 4.546 billion to USD 674.664 billion during the week ended August 16, the Reserve Bank of India said on Friday. In the previous week, the forex kitty had dropped USD 4.8 billion to USD 670.119 billion.

  • Opposition slams Sitharaman’s observation that rupee has now not weakened 

    Through PTI

    NEW DELHI: Opposition events on Sunday slammed Finance Minister Nirmala Sitharaman’s observation that the rupee has now not weakened however it’s the buck that has reinforced, pronouncing she can not disguise the ‘failure’ of her executive in dealing with the financial system.

    The ruling BJP defended the finance minister’s observation, noting that the buck has liked in opposition to maximum currencies.

    It additionally mentioned that if rupee depreciates in opposition to all currencies “find it irresistible took place throughout UPA in 2013”, it is known as “rupee getting weaker”, which isn’t the case now.

    Congress alleged that the folks have been paying the associated fee for the federal government’s “incompetence and mistaken insurance policies”.

    “For the way lengthy will RSS-BJP paintings to weaken India through deceptive the general public from truth?” Congress chief Rahul Gandhi mentioned.

    Relating to India being ranked 107 out of 121 nations within the International Starvation Index 2022, Gandhi tweeted: “Now the Top Minister and his ministers will say, ‘Starvation isn’t expanding in India, however folks don’t seem to be feeling hungry in different nations’.”

    Congress spokesperson Supriya Shrinate mentioned most effective the finance minister can provide an explanation for the that means of this ‘new concept’ and alleged that the federal government’s efforts to improve the rupee within the closing 11 months have now not succeeded as international buyers would not have religion in its insurance policies.

    The rupee is now on the cusp of crossing 83 in opposition to 1 USD and it kind of feels Top Minister Narendra Modi “will most effective forestall after it crosses 100”, she mentioned.

    Shrinate identified that 86 in step with cent of India’s business is in American bucks so when the rupee weakens it impacts the India’s financial system, business and import.

    “However the finance minister isn’t , she has get a hold of a brand new concept…Weakening rupee will increase costs. Rupee isn’t weakening and unemployment isn’t there, there’s no worth upward thrust, all that is being mentioned whilst the folks grapple with those problems,” Shrinate mentioned.

    Congress spokesperson Gourav Vallabh additionally hit out on the finance minister and asserted that the weakening of the rupee will additional push up costs.

    “Until when we will be able to must pay the associated fee in your (the federal government’s) mistaken insurance policies and incompetence,” he mentioned.

    In a observation, NCP spokesperson Clyde Crasto mentioned the ‘absurd’ observation through Sitharaman “won’t disguise the failure of her executive in taking good care of our nation’s financial system”.

    “She should pay attention extra on taking a look after her ministry and focal point much less on looking to win Lok Sabha constituencies for the Bharatiya Janata Birthday party in 2024. She should now not overlook that she is the finance minister and her accountability is to safeguard the financial system of India first,” he mentioned.

    Sitharaman had lately spent 3 days in Baramati as a part of the BJP plan to make bigger base within the 2024 Lok Sabha polls.

    Baramati is the house turf of NCP leader Sharad Pawar and the Lok Sabha seat is lately represented through his daughter Supriya Sule.

    Aam Aadmi Birthday party’s Rajya Sabha MP Raghav Chadha additionally took a swipe on the finance minister.

    “My economics is not susceptible, yours is more potent,” he tweeted whilst sharing a video of Sitharaman.

    BJP spokesperson Sambit Patra defended the minister’s remarks. When rupee will get weaker in opposition to all currencies find it irresistible took place throughout UPA in 2013, it is known as ‘Rupee getting weaker’, he tweeted.

    “When lots of the currencies are depreciating in opposition to buck because of fed fee hikes is known as buck getting more potent that is what taking place at this time, it will have to even be famous that rupee has liked in opposition to lots of the currencies subsequently it should not be referred to as as rupee getting weaker,” he mentioned in every other tweet.

    Talking with newshounds after attending the once a year conferences of the World Financial Fund (IMF) and the Global Financial institution in the United States, Sitharaman mentioned that the rupee has now not weakened however it’s the buck that has reinforced, as she defended the 8 in step with cent slide within the price of Indian foreign money in opposition to the dollar this 12 months.

    She asserted that the basics of the Indian financial system have been robust and that inflation used to be low in comparison to different portions of the arena.

    NEW DELHI: Opposition events on Sunday slammed Finance Minister Nirmala Sitharaman’s observation that the rupee has now not weakened however it’s the buck that has reinforced, pronouncing she can not disguise the ‘failure’ of her executive in dealing with the financial system.

    The ruling BJP defended the finance minister’s observation, noting that the buck has liked in opposition to maximum currencies.

    It additionally mentioned that if rupee depreciates in opposition to all currencies “find it irresistible took place throughout UPA in 2013”, it is known as “rupee getting weaker”, which isn’t the case now.

    Congress alleged that the folks have been paying the associated fee for the federal government’s “incompetence and mistaken insurance policies”.

    “For the way lengthy will RSS-BJP paintings to weaken India through deceptive the general public from truth?” Congress chief Rahul Gandhi mentioned.

    Relating to India being ranked 107 out of 121 nations within the International Starvation Index 2022, Gandhi tweeted: “Now the Top Minister and his ministers will say, ‘Starvation isn’t expanding in India, however folks don’t seem to be feeling hungry in different nations’.”

    Congress spokesperson Supriya Shrinate mentioned most effective the finance minister can provide an explanation for the that means of this ‘new concept’ and alleged that the federal government’s efforts to improve the rupee within the closing 11 months have now not succeeded as international buyers would not have religion in its insurance policies.

    The rupee is now on the cusp of crossing 83 in opposition to 1 USD and it kind of feels Top Minister Narendra Modi “will most effective forestall after it crosses 100”, she mentioned.

    Shrinate identified that 86 in step with cent of India’s business is in American bucks so when the rupee weakens it impacts the India’s financial system, business and import.

    “However the finance minister isn’t , she has get a hold of a brand new concept…Weakening rupee will increase costs. Rupee isn’t weakening and unemployment isn’t there, there’s no worth upward thrust, all that is being mentioned whilst the folks grapple with those problems,” Shrinate mentioned.

    Congress spokesperson Gourav Vallabh additionally hit out on the finance minister and asserted that the weakening of the rupee will additional push up costs.

    “Until when we will be able to must pay the associated fee in your (the federal government’s) mistaken insurance policies and incompetence,” he mentioned.

    In a observation, NCP spokesperson Clyde Crasto mentioned the ‘absurd’ observation through Sitharaman “won’t disguise the failure of her executive in taking good care of our nation’s financial system”.

    “She should pay attention extra on taking a look after her ministry and focal point much less on looking to win Lok Sabha constituencies for the Bharatiya Janata Birthday party in 2024. She should now not overlook that she is the finance minister and her accountability is to safeguard the financial system of India first,” he mentioned.

    Sitharaman had lately spent 3 days in Baramati as a part of the BJP plan to make bigger base within the 2024 Lok Sabha polls.

    Baramati is the house turf of NCP leader Sharad Pawar and the Lok Sabha seat is lately represented through his daughter Supriya Sule.

    Aam Aadmi Birthday party’s Rajya Sabha MP Raghav Chadha additionally took a swipe on the finance minister.

    “My economics is not susceptible, yours is more potent,” he tweeted whilst sharing a video of Sitharaman.

    BJP spokesperson Sambit Patra defended the minister’s remarks. When rupee will get weaker in opposition to all currencies find it irresistible took place throughout UPA in 2013, it is known as ‘Rupee getting weaker’, he tweeted.

    “When lots of the currencies are depreciating in opposition to buck because of fed fee hikes is known as buck getting more potent that is what taking place at this time, it will have to even be famous that rupee has liked in opposition to lots of the currencies subsequently it should not be referred to as as rupee getting weaker,” he mentioned in every other tweet.

    Talking with newshounds after attending the once a year conferences of the World Financial Fund (IMF) and the Global Financial institution in the United States, Sitharaman mentioned that the rupee has now not weakened however it’s the buck that has reinforced, as she defended the 8 in step with cent slide within the price of Indian foreign money in opposition to the dollar this 12 months.

    She asserted that the basics of the Indian financial system have been robust and that inflation used to be low in comparison to different portions of the arena.

  • ‘Don’t see Sri Lanka taking place in India’: Yashwant Sinha

    By means of Specific Information Carrier

    BHOPAL: Ruling out an financial disaster very similar to Sri Lanka taking place in India, former union finance minister and opposition events’ presidential election candidate Yashwant Sinha stated on Thursday that the galloping depreciation of the Indian Rupee to the USA Buck is extremely alarming and relating to.

    “I don’t see a scenario very similar to Sri Lanka taking place in India, as our financial system isn’t depending on only some industries like Sri Lanka. The tourism trade on which the Sri Lankan financial system used to be in large part dependent, suffered an enormous jolt because of the COVID-19 pandemic, whilst the Sri Lankan tea marketplace too used to be adversely hit. I don’t see an identical issues taking place in India, as our financial system isn’t simply in line with a couple of industries,” Sinha advised reporters in Bhopal on Thursday.

    He, alternatively, added that what’s relating to is the continual decline within the Indian Rupee to the USA Buck.

    “By no means have I observed such stable depreciation within the worth of the rupee because it’s taking place right now. All the way through the tenure of the current High Minister, the Indian Rupee has suffered the steepest fall towards the USA Buck, from 58.44 in 2014 to 79.86 as I discuss. This has badly hit the typical other people mirrored via an unparalleled build up in costs of necessities, just like the LPG gasoline cylinder, which used to be priced at Rs 410 in 2014, however has risen through round 300 in step with cent to Rs 1129 right now.”

    “What’s much more being worried is the truth that our tough foreign currency reserves are rapid depleting. “Until a couple of days in the past, our nation’s massive foreign currency reserve used to be pegged at 641 Billion Greenbacks, however the RBI has needed to spend 45 Billion Greenbacks out of that to avoid wasting the sliding rupee. I’m most effective hoping that the worldwide stipulations don’t change into such that there’s a run at the rupee. So far as I do know, you’ll be able to by no means battle the marketplace, if the marketplace is made up our minds to take Rupee’s worth to 85 to 1 US Buck, then you’ll be able to’t battle it. We’re confronted with a disaster scenario, the place our massive foreign currency reserves are depleting very rapid,” Sinha maintained.

    Whilst talking about his opponent within the presidential election, the NDA candidate Droupadi Murmu, the previous union minister stated, “There may be not anything within the President’s put up, why doesn’t PM Modi appoint her the rustic’s High Minister.”

    He additional stated, “If the BJP management used to be so dedicated to tribal empowerment, why didn’t they make a choice a tribal chief for the presidential election from Madhya Pradesh, which has the most important tribal inhabitants within the nation.”

    BHOPAL: Ruling out an financial disaster very similar to Sri Lanka taking place in India, former union finance minister and opposition events’ presidential election candidate Yashwant Sinha stated on Thursday that the galloping depreciation of the Indian Rupee to the USA Buck is extremely alarming and relating to.

    “I don’t see a scenario very similar to Sri Lanka taking place in India, as our financial system isn’t depending on only some industries like Sri Lanka. The tourism trade on which the Sri Lankan financial system used to be in large part dependent, suffered an enormous jolt because of the COVID-19 pandemic, whilst the Sri Lankan tea marketplace too used to be adversely hit. I don’t see an identical issues taking place in India, as our financial system isn’t simply in line with a couple of industries,” Sinha advised reporters in Bhopal on Thursday.

    He, alternatively, added that what’s relating to is the continual decline within the Indian Rupee to the USA Buck.

    “By no means have I observed such stable depreciation within the worth of the rupee because it’s taking place right now. All the way through the tenure of the current High Minister, the Indian Rupee has suffered the steepest fall towards the USA Buck, from 58.44 in 2014 to 79.86 as I discuss. This has badly hit the typical other people mirrored via an unparalleled build up in costs of necessities, just like the LPG gasoline cylinder, which used to be priced at Rs 410 in 2014, however has risen through round 300 in step with cent to Rs 1129 right now.”

    “What’s much more being worried is the truth that our tough foreign currency reserves are rapid depleting. “Until a couple of days in the past, our nation’s massive foreign currency reserve used to be pegged at 641 Billion Greenbacks, however the RBI has needed to spend 45 Billion Greenbacks out of that to avoid wasting the sliding rupee. I’m most effective hoping that the worldwide stipulations don’t change into such that there’s a run at the rupee. So far as I do know, you’ll be able to by no means battle the marketplace, if the marketplace is made up our minds to take Rupee’s worth to 85 to 1 US Buck, then you’ll be able to’t battle it. We’re confronted with a disaster scenario, the place our massive foreign currency reserves are depleting very rapid,” Sinha maintained.

    Whilst talking about his opponent within the presidential election, the NDA candidate Droupadi Murmu, the previous union minister stated, “There may be not anything within the President’s put up, why doesn’t PM Modi appoint her the rustic’s High Minister.”

    He additional stated, “If the BJP management used to be so dedicated to tribal empowerment, why didn’t they make a choice a tribal chief for the presidential election from Madhya Pradesh, which has the most important tribal inhabitants within the nation.”