Rupee falls 15 paise to close at 83.21 against U.S. dollar
The Hindu
Rupee depreciated 15 paise to close at 83.21 against U.S. dollar on October 3, 2023 due to strong U.S. dollar and weak domestic equities. Muted domestic macro data and FII outflows mounted downside pressure
The rupee depreciated 15 paise to close at 83.21 (provisional) against the U.S. dollar on Tuesday (October 3), as a strong U.S. dollar and weak domestic equities dented investor sentiments.
Forex traders said muted domestic macroeconomic data and sustained FII outflows also mounted downside pressure on rupee.
At the interbank foreign exchange market, the local unit opened at 83.21 against the U.S. dollar and moved in a range of 83.23 to 83.17.
The rupee finally settled at 83.21 (provisional) against the U.S. dollar, down 15 paise from its previous close.
On Friday, the rupee appreciated 13 paise to settle at 83.06 against the U.S. dollar.
On Monday, the domestic forex market was closed on account of Mahatma Gandhi Jayanti.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.14% to 104.05.
Bangladesh asks Adani Power to resume full supplies from Jharkhand plant amid payment disputes and low demand.
Rupee strengthens to 86.84 against the dollar amid trade war fears, market volatility, and RBI intervention.
WazirX announced the completion of its asset rebalancing process and urged investors to support its restructuring scheme.
Vespa introduces luxury scooter portfolio in India, unveiling special editions inspired by Indian artistry and opulence.
Dentzz Dental utilizes AI for precision care, leading to increased efficiency, accuracy, and patient satisfaction in dental treatments.
Former CEA Arvind Subramanian critiques RBI policies, fiscal framework, income tax cuts, and weak private investment in India.
President Trump imposes 25% tariffs on steel and aluminium imports, affecting India and prompting concerns over trade relations.
CEA highlights Southern States' economic prowess, urging benchmarking against global standards and emphasizing need for skill improvement.
The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
IHCL unveils Taj Bandstand luxury hotel project in Mumbai after 17 years, set to be iconic landmark.
Government and LIC selling majority stake in IDBI Bank, with due diligence process underway for potential investors.
Prime Minister Modi's meetings with President Trump may lead to tariff reductions on U.S. goods like pecan nuts.
President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.