Likely RBI intervention aid rupee's recovery; touches new low of 73.82 | WeForNews | Latest News, Blogs Likely RBI intervention aid rupee’s recovery; touches new low of 73.82 – WeForNews | Latest News, Blogs
Connect with us

India

Likely RBI intervention aid rupee’s recovery; touches new low of 73.82

Lately, concerns over a rise in inflation rate, high crude oil prices and an outflow of foreign funds from the country’s equity market has subdued the Indian currency.

Published

on

India Rupee

New Delhi, Oct 4 : A likely intervention by the country’s central bank along with expectations of some short-term measures in the upcoming monetray policy to curb currency fluctuations aided the Indian rupee to recover on Thursday from its new record low of 73.82 to a US dollar.

The Indian rupee closed at 73.58 per US dollar, 24 paise weaker than its previous close of 73.34.

It opened the day’s trade at the Inter-Bank Foreign Exchange Market at 73.67 and afterwards plunged to a fresh record low of 73.82 (73.8175) — the lowest ever mark — it has touched against the greenback.

Lately, concerns over a rise in inflation rate, high crude oil prices and an outflow of foreign funds from the country’s equity market has subdued the Indian currency.

“An alleged last minute intervention on exchange traded futures from the central bank saved the day for rupee,” said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.

“USD/INR closed at a fresh all time high of 73.58 but off highs of 73.81 on spot,”
Rising oil prices, rising US interest rates, hawkish US Fed, NBFC stress are hurting the rupee.”

The apex bank is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.

“The rupee remains under pressure due to tightening of the monetary policy by the Federal Reserve. Crude oil is spoiling India’s macroeconomics fundamentals. RBI repo rate hike by 25 bps is already discounted,” said Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers.

“RBI needs to announce additional measures to stabilize the rupee. If the WTI move towards 80-85 levels then rupee might weaken further to 75-76 levels.”

In terms of foreign funds flow direction, provisional data with exchanges showed that foreign institutional investors sold stocks worth Rs 2,760.63 crore.

India

NDA govt created history in MSP hikes: Modi

Published

on

By

Facing protests by farmers on the three agriculture-related Bills passed by Parliament, Prime Minister Narendra Modi on Friday asserted that the NDA government had created history with regard to increase in MSPs of crops.

Addressing a party function held to commemorate Bharatiya Jana Sangh chief Deendayal Upadhyaya’s birth anniversary, he again defended the proposed legislations and said that small farmers would benefit the most.

“Small and marginal farmers, who constitute 86 per cent of those involved in agriculture, will benefit the most from agricultural reforms and the new laws,” Modi added.

The Prime Minister exhorted BJP workers to take the message of agriculture reforms and its benefits to the Indian farmers.

He also attacked the opposition parties, adding that only empty slogans were given by previous governments in the name of farmers till now.

AS for labour reforms, he said: “Only 30 per cent workers were so far covered under the minimum wages guarantee scheme, but now it will be extended to all workers in the unorganised sector. New laws will ensure timely salary to over 50 crore workers.”

The Prime Minister said that the welfare schemes initiated by his government drew inspiration from Upadhyaya, while praising BJP workers for serving people during the coronavirus lockdown.

Amid opposition protests, Parliament has passed The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020, and the Essential Commodities (Amendment) Bill, apart from three Bills related to labour.

Source: IANS

Continue Reading

India

BharatBandh: BJP’s farm bills remind one of East India Company’s reign, says Priyanka Gandhi

Published

on

By

Priyanka Gandhi Election

Supporting the nationwide Bharat Bandh called by farmers’ organisation on Friday to protest against the farm bills, Congress general secretary in charge of Uttar Pradesh, Priyanka Gandhi hit out at the BJP-led NDA government, saying that the bills remind one of East India Company’s reign.

“MSP will be snatched and farmers will be enslaved by the billionaires. They will neither get price nor honour. Farmers will become labourers in their own fields,” she said in a Twitter post. “We will not let this injustice (with farmers) happen,” she added.

In another post, she said that the passage of farm bills has changed the meaning of MSP from ‘Minimum Support Price’ to ‘Maximum Support in Profit’ for capitalists. “Where will the farmer go,” she added.

Continue Reading

India

Congress backs Bharat Bandh, Rahul Gandhi says new agriculture laws will ‘enslave’ farmers

Published

on

By

Rahul Gandhi Video Conf

Voicing support for the Bharat Bandh call given by farmer organisations to protest the farm bills, the Congress on Friday alleged that the new agriculture laws will “enslave” farmers and the MSP will be “snatched away” from them.

Various farmer groups have called for a nationwide shutdown on Friday against the three bills, which were passed by both houses of Parliament during the Monsoon session and await presidential assent.

Congress leaders Rahul Gandhi, Priyanka Gandhi Vadra and Randeep Surjewala spoke out against the farm bills and backed the Bharat Bandh.

“A flawed GST destroyed MSMEs. The new agriculture laws will enslave our farmers,” former Congress chief Rahul Gandhi tweeted with the hashtag ‘I Support Bharat Bandh’.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.