Rupee sees range-bound trade in morning session
The Hindu
Rupee holds steady within RBI-defined range, expected to trade between 83.70 to 84.05, amid improved risk sentiment.
The Indian rupee witnessed range-bound trade in the morning session on Thursday (September 12, 2024) and appreciated by 2 paise to 83.97 against the U.S. dollar, amid a positive trend in domestic equities and foreign fund inflows.
Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI).
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency, registering a rise of 2 paise over its previous close.
On Wednesday, the rupee settled 1 paisa lower at 83.99 against the American currency.
"The central bank has been steadily absorbing inflows, and unless the RBI eases its grip, the rupee is likely to stay within this range," CR Forex Advisors MD Amit Pabari said.
In the near term, the rupee is expected to trade within a narrow band of 83.80 to 84.05, while the medium-term outlook slightly broadens the range to 83.70 to 84.05, Pabari added.
Forex traders said risk sentiment has improved post the U.S. Aug CPI data. The US Aug headline CPI came in lower than expectations at 2.5% year-on-year. Core CPI came in line with expectations at 3.2%.
Swiggy shares drop 8% to record low due to wider loss from quick commerce expansion against Zomato.
Sensex and Nifty trade lower amid RBI caution, foreign fund outflows; market awaits rate cut decision.
Rupee hits record low against U.S. dollar on anticipation of RBI rate cut, weak economic data, and foreign fund outflows.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.