Rupee rises 37 paise to close at 81.36 against U.S. dollar as RBI raises rates by 50 bps
The Hindu
On Thursday, the rupee recovered from record lows to settle 20 paise higher at 81.73 against the dollar.
The rupee extended its initial gains and settled 37 paise higher at 81.36 against U.S. dollar on Friday, after the Reserve Bank of India raised the benchmark lending rate by 50 basis points.
At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intra-day high of 81.17 and a low of 81.69 during the session.
It finally ended at 81.36, up 37 paise from its previous close.
On Thursday, the rupee recovered from record lows to settle 20 paise higher at 81.73 against the dollar.
The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points, the fourth straight increase since May, as it extended its battle to tame stubbornly high inflation.
The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90% — the highest since April 2019 — with five out of the six members voting in favour of the hike.
"Rupee strengthened sharply in today's session after the RBI decided to raise rates by 50 bps," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.