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Rupee opens 4 paise lower at 71.52 against US dollar

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Mumbai, Aug 28: The rupee on Wednesday depreciated as it opened 4 paise lower at 71.52 against the US dollar amid rise in crude oil prices.

The Reserve Bank’s decision to transfer a record Rs 1.76 lakh crore dividend and surplus reserves to the government revived the rupee, forex traders said.

Further momentum, experts said, will be tested based on the outcome of Q1FY20 GDP during the week whereas the consensus is showing reduction in growth to 5.7 per cent due to weak investment and slowing consumption.

Stocks advanced as the government was set to receive 1.76 lakh crore of RBI’s surplus, which will give it more room for a stimulus in order to revive economic growth.

Experts noted that the government now will be able to contain its fiscal deficit.

Gains on the Nifty index was led by PSU Bank and metal stocks, however IT declined on depreciating rupee.

“Easing fiscal deficit worries after the RBI decided to transfer Rs 1.76 lakh crore to government helped sentiments,” Deepak Jasani of HDFC Securities said.

On Tuesday, the Sensex closed at 37,641.27, higher by 147.15 points or 0.39 per cent while the Nifty settled at 47.50 points or 0.43 per cent higher at 11,105.35.

Asian stocks also rose in step with their global peers on Tuesday while safe-haven bonds retreated, after US President Donald Trump softened his tone against China and predicted the two countries would be able to reach a trade deal.

“Buying continued as hopes of economic recovery in H2FY20 picked up after the government’s proactive measures and additional liquidity from RBI which will clear the near term hindrance in the market,” said Vinod Nair, Head of Research, Geojit Financial Services.

He added that any further shortfall in tax collection may influence the government to channelise the surplus fund on meeting the fiscal target.

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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