Rupee gains 9 paise against dollar in early session
The Hindu
Rupee rises 9 paise to 83.10 vs US$ on Fri; foreign investors' selling, higher oil prices cap rise. CAD drops to 1.1% of GDP in Q1 FY24; dollar index down 0.19%, Brent crude up 0.05%. BSE Sensex up 0.13%, Nifty 0.2%; FIIs net sellers, offload ₹3,364.22 cr.
The rupee rose 9 paise to 83.10 against the US dollar in early trade on Friday, September 29, 2023 amid a retreating dollar versus major rivals and positive cues from the equity markets.
Massive selling of equities by foreign investors and an upward trend in crude oil prices, however, capped the rise of the domestic currency, forex dealers said.
The Indian unit opened strong at 83.13 against the US dollar and touched the highest level of 83.09. It later traded at 83.10 against the greenback, registering a gain of 9 paise from its previous close.
On Thursday, the rupee settled 3 paise higher at 83.19.
Analysts said higher interest rates and US bond yields were prompting foreign investors to stay in the selling mode in Indian capital markets, while the rupee witnessed some recovery due to a significant decline in India's current account deficit (CAD).
CAD has dropped to $9.2 billion, or 1.1 per cent of GDP in the first quarter of the current fiscal, from $17.9 billion (2.1 per cent of GDP) a year ago, the Reserve Bank of India said on Thursday.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined by 0.19 per cent to 106.02.
Air India has signed an agreement with Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), to develop a built-to-suit facility for the AME program that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.