Skip to main content

Rupee slips 3 paise to 4-month low of 65.20 ahead of key US Fed meet

By
 Rupee slips 3 paise to 4-month low of 65.20 ahead of key US Fed meet
Foreign investors, however, put in Rs 3.44 billion on net basis in the domestic stock markets
The rupee slipped by 3 paise to finish at a four-month low of 65.20 against the US currency on Tuesday on some dollar buying by importers and banks ahead of the US Federal Reserve's key policy meet.The home currency opened at 65.2150 and touched a low of 65.2450, before ending at 65.20, down 0.05 per cent from Monday's close of 65.17.
Meanwhile, the 30-share BSE Sensex rebounded by 73.64 points or 0.22 per cent at 32,996.76.The greenback's gains against major global currencies ahead of the US Federal Reserve's key policy meet that kicks off later in the day, in which it is expected to hike interest rates, weighed on the domestic unit, dealers said.
The rupee started on a negative note at the Interbank Foreign Exchange (forex) market and remained under pressure for the better part of the session on a firm dollar overseas.It finally settled at 65.20, revealing a loss of 3 paise, or 0.05 per cent. The rupee had closed at this level on November 16 last year.
On Monday, the rupee had tumbled 23 paise to close at 65.17 against the dollar due to concerns over a widening current account deficit.Foreign investors, however, put in Rs 3.44 billion on net basis in the domestic stock markets.The 10-year bond yield was at 7.608 per cent compared to its previous close of 7.607 per cent. Bond yields and prices move in opposite directions.The Reserve Bank of India on Tuesday fixed the reference rate of the rupee at 65.1993 against the US dollar and 80.4625 for the euro.
In cross currency trade, the rupee fell against the pound to close at 91.4942 from 90.5582 earlier. It also lost against the euro to finish at 80.4625 from 79.7750. The rupee traded at 61.33 per 100 Japanese yens from 61.50 on Monday.In the forward market, the benchmark six-month forward premium payable in August moved down to 122.50-124.50 paise against 124-126 paise earlier. The February 2019 contract eased to 240-242 paise against 243.50-245.50 previously.

The Business Standard, New Delhi, 21st March 2018

Comments

Post a Comment

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more