Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
The rupee snapped its two-day losing streak to close 13 paise higher at 73.80 (provisional) against the US dollar on Friday as the Reserve Bank of India maintained status quo on the benchmark interest rate for the third time in a row.
At the interbank forex market, the domestic unit opened at 73.81 and saw an intra-day high of 73.70 and a low of 73.81.
It finally closed at 73.80 a dollar, registering a rise of 13 paise. On Thursday, the rupee had settled at 73.93 against the American currency.
The Reserve Bank of India (RBI) on Friday left interest rates unchanged for the third straight time amid persistently high inflation and said the economy was recuperating fast and would return to positive growth in the current quarter itself.
The MPC “decided to continue with the accommodative stance of monetary policy as long as necessary — at least through the current financial year and into the next year,” Governor Shaktikanta Das said.
Traders said sustained foreign fund inflows, positive opening in domestic equities and weakness of the American currency in the overseas market also supported the local unit.
“A combination of a weak dollar index, optimism on the vaccine front, renewed round of fiscal stimulus talks in the United States and robust inflows give the rupee a slightly appreciating bias in the near term,” said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
However, 73.20 and eventually 73 will be strong hurdles for the rupee to breach given RBI’s intervention is likely to continue in the coming sessions, Sachdeva said adding that “we are expecting the RBI to mop up dollars in the spot market and simultaneously intervene in forwards to sterilize the liquidity impact“.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor