Rupee Suffers Biggest Slump Against Dollar In 6 Years: 10 Things To Know
- In the intraday trade, rupee moved in the range of 70.18-70.74 before closing at 70.73 against the dollar -- a level not seen since March 1.
- This is the highest single-day fall for the rupee since August 2013.
- "India's rupee tumbled the most since December triggered by depreciating Yuan. Chinese Yuan weakened beyond 7 per dollar for the first time since 2008, signalling a new phase in the trade war between US and China," Press Trust of India quoted VK Sharma, head PCG & capital markets strategy, HDFC Securities, as saying.
- Besides the US-China trade-related concerns, Home Minister Amit Shah moving a resolution in the Rajya Sabha that all clauses of Article 370 will not be applicable to Jammu and Kashmir kept the pressure on the rupee, the report said citing forex traders.
- Traders said the near term focus will be on the RBI's monetary policy meeting scheduled to announce outcome on August 7.
- "Widely, RBI is expected to cut rates further by 25 bps and continue to hold the accommodative stance which will weigh on rupee," PTI quoted Rahul Gupta, currency research head, Emkay Global Financial Services, as saying.
- Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,016 crore on Monday, as per provisional data on the NSE.
- The domestic benchmark indices also plummeted in Monday's session. The Sensex fell as much as 701 points and the Nifty 50 index dropped below 11,800.
- The Sensex ended 418 points or 1.1 per cent lower at 36,700 and the NSE Nifty 50 Index dropped 1.2 per cent or 135 points to close at 10,863.
- The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.39 per cent to 97.69. The 10-year government bond yield was at 6.39 per cent on Monday.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
