21
Saturday
July 2018
11:20 AM IST
News Headlines
Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        Unidentified 'intruder' killed at Indo-Pak border: official        Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers        Centre Forcing AgustaWestland Middleman To Frame Sonia Gandhi: Congress        We were clinical, says England captain Eoin Morgan        Growth has been solid, hope Olympiad will demonstrate it: Anand        Govt working on another verison of UDAN, says Sinha        Talks on between India, Singapore for cruise tourism: Gadkari        'Not too late to save Brexit': ex-foreign secretary Johnson        
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Business News
Rupee halts 2-day fall; capital inflows come to rescue
 
Mumbai, Jul 26 (PTI) Snapping its two-day downtrend, the rupee today managed to cross over to positive territory by finishing at 64.37, up by a marginal one paisa in a cautious trade on a day domestic equity markets scripted history.

Besides, weak US dollar overseas along with abundant capital inflows into domestic equities largely supplemented strength to the local currency.

Currency traders and speculators preferred to stay on the sidelines as attention shifted towards the US Federal Reserve's policy statement with regards to rate hikes.

The home currency resumed lower at 64.43 as compared to the Tuesday's closing of 64.38 at the Interbank Foreign Exchange (forex) market.

It weakened further to hit an intra-day low of 64.45 in late morning deals due to month-end dollar demand from importers.

However, reversing its downtrend, the domestic unit staged a smart recovery towards the fag-end trade to touch a fresh high of 64.35 before settling at 64.37, showing a gain of one paisa.

It had lost 6 paise in the last two days.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.4208 and for the euro at 74.9214.

In cross-currency trades, the rupee remained under immense pressure against the pound sterling and finished at 84.07 from 83.96 per pound but rebounded against the euro to end at 74.96 as compared to 75.05 earlier.

The local currency also firmed up further against the Japanese yen to close at 57.61 per 100 yens from 57.77 yesterday.

The US dollar is lacking momentum ahead of the Federal Open Market Committee (FOMC) meet outcome and traded little changed against major world currencies while US political woes continue.

Unwinding of dollar short positions by speculative traders ahead of the policy event also supported the rupee.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 270.77 crore yesterday.

It was an historic moment for Indian markets as confident investors propelled the NSE-benchmark Nifty to close above the historic 10,000 mark for the first time, while the nation's most widely watched stock index Sensex conquered another record high of 32,382.46.

The stock markets have been on a roll and hitting multiple records this year amid optimism over government reform measures and expectations of healthy quarterly results.

On the global front, the dollar struggled to regain ground against a basket of currencies ahead of FOMC meet outcome, with markets paying close attention to details of when and how the US Federal Reserve will start reducing its USD 4.5 trillion balance sheet.

The dollar index, which measures the greenback against a basket of currencies, was down at 93.92 during Asia trade.

In forward market today, premium for dollar edged lower owing to persistent receipts by exporters.

The benchmark six-month premium payable in December eased to 123-125 paise from 124-126 paise and the far-forward June 2018 contract also moved down to 268.5-270.5 paise from 270-272 paise.

On the International commodity front, crude prices rallied for the third-straight session on Wednesday to trade above the psychological USD 50-mark following a fall in US inventories bolstered expectations that the long over-supplied market was moving toward balance.

The brent crude futures were up 17 cents to USD 50.37 a barrel in early Asian trade. Both contracts rose to near eight-week highs earlier in the session.


Third party insurance for two, four-wheeler be made mandatory: Supreme Court
Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys
Indo-Pacific must be free, open and and inclusive region: Swaraj
Govt working on another verison of UDAN, says Sinha
Talks on between India, Singapore for cruise tourism: Gadkari
Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Trump invites Putin to White House in the fall
 WASHINGTON: The White House announced Thursday that Vladimir Putin has been invited to Washington th
Indian man shot dead in Canada, two suspects arrested
Trump says looking forward to 'second meeting' with Putin
'Not too late to save Brexit': ex-foreign secretary Johnson
NATIONAL NEWS
Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates
 New Delhi: The Supreme Court on Friday stayed the Madras High Court directive to the Central Board o
Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards
Unidentified 'intruder' killed at Indo-Pak border: official
Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers
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