22
Saturday
September 2018
7:10 AM IST
News Headlines
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        Kannur International Airport: Kerala to be the first state with four international airports        Kim, Moon join hands on peak of sacred North Korean volcano        Birthday boy Rashid stars in Afghanistan's 136-run win against Bangladesh        Shahbaz Nadeem claims eight wickets; breaks List A world record        CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24        BAI distributes 1.6 crore to state Association        Rodrigues, Yadav help Indian women take 1-0 lead in T20 series        Sensex recovers over 100 points on value-buying, global cues        Deepak Kapoor Appointed the new Chairperson of Save the Children        Palestinian schools strive to modernize classrooms        Trump: Declassified Russia probe papers expose 'bad things'        2 history-sheeters arrested following encounter: Police        Attack on Cong workers in Chhattisgarh is political persecution: Rahul Gandhi        Cabinet clears ordinance to make triple talaq penal offence Law Minister        Instant Triple Talaq to be criminal offence        Viswasam- On set photos leaked        Aiswarya- Abhishek's Gulab Jamun would go on floor in mid 2019        
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Business News
Rupee tanks 35 paise to hit 1-wk low; crude plays spoilsport
 
(Mumbai, Nov 06, 2017):The rupee today plunged by 35 paise to end at a fresh one-week low of 65.03 a dollar owing to high demand for the American currency from importers amid political upheaval in Saudi Arabia.

Forex market sentiment endured a near-term crisis as nervousness took centre-stage stemming from a sharp spike in crude prices to the highest level since July 2015 as an anti- corruption purge launched by of Saudi Arabia's crown prince stoked supply disruption fears.

This is the biggest single day fall for the home currency since September 26.

The latest developments in Saudi Arabia sparked a rally for the international oil benchmark to trade above the USD 64 -a-barrel mark -- a two-year high level.

Global crude oil are showing strength and rising faster in the second-half of 2017 than it had previously expected after recovering from its sharp decline last year.

Adding heaviness, the domestic bourses succumbed to a massive profit-taking and wiped out all their early strong gains on renewed worries about the inflation outlook and also renewed geopolitical uncertainty.

The economy is just taking off after recent bad patch and geopolitics or a supply constraint set oil prices zooming, could derail the government's fiscal math, a forex dealer said.

The flagship Sensex tanked 360 points to end at 33,370.76, while Nifty plunged nearly 102 points at 10,350.15.

Meanwhile, the dollar is trading stronger across the board on growing expectations for an upcoming US rate hike even as investors continued to monitor progress on a US tax bill.

Earlier, the rupee resumed higher at 64.65 as compared to Monday's close of 64.68 at the Interbank Foreign Exchange (FOREX) market on bouts of dollar selling by exporters.

It gained further ground to touch a high of 64.6050 before retreating sharply in midst of strong dollar buying pressure.

Breaking the key 64-level triggered panic dollar buying from corporates and importers in late afternoon deals, dragging down the local unit to hit an intra-day low of 65.07 before concluding at 65.03, showing a steep loss of 35 paise, or 0.54 per cent.

The Indian unit had depreciated 13 paise yesterday.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.8064 and for the euro at 75.2273.

The dollar index, which measures the greenback's value against a basket of six major currencies, was sharply up at 95 in early trade.

In cross-currency trades, the rupee dropped further against the pound sterling to end at 85.46 from 84.76 per pound and drifted against the Japanese yen to settle at 57 per 100 yens from 56.71 yesterday.

The local currency also fell back against the euro to close at 75.17 from 74.99 earlier.

Elsewhere, the pound sterling drifted sharply against the US dollar after a brief overnight sharp jump on rumours that the UK Prime Minister Theresa May is willing to accept Brexit bill of GBP53 billion as a financial compensation for leaving EU.

The common currency, euro also slipped back after figures showing weak German industrial production dropped by 1.6 per cent over the month in September.

In forward market today, premium for dollar displayed a mixed trend owing to lack of market moving factors.

The benchmark six-month premium payable in April edged up to 137-139 paise from 136.50-138.50 paise, while the far forward October 2018 contract softened to 267.50-269.50 paise from 275.50-277.50 paise.


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US dollar ends higher against rupee
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IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
Company director sent to 6 months jail for TDS default
Petrol, diesel at new high; govt hopes it is temporary
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Kim, Moon join hands on peak of sacred North Korean volcano
 (Pyongyang, Sep 20, 2018):The leaders of the rival Koreas took to the road for the final day
Palestinian schools strive to modernize classrooms
Trump: Declassified Russia probe papers expose 'bad things'
100 die in severe flooding in Nigeria: relief agency
NATIONAL NEWS
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect
 While India won the match against Pakistan in Dubai, one Pakistani youth won the hearts of all India
Three kidnapped cops killed by terrorists in Jammu and Kashmir
CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24
2 history-sheeters arrested following encounter: Police
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