Rupee Logs Strongest Single-Day Jump In Over 5 Years: 10 Points
- The rupee opened higher against the dollar at 71.34 on Tuesday, and finished at the day's strongest point.
- Lower crude prices and expectations of fewer US rate hikes in 2019, as the markets counted down to a crucial Federal Reserve meeting, supported the currency.
- Domestic stock markets managed a higher closing for a sixth consecutive session despite lacklustre trade. The Sensex ended 77 points higher at 36,347 while the Nifty rose 20 points to settle at 10,908, marking the best closing for the 50-scrip index in 11 weeks.
- The Federal Reserve - the US central bank - is due to announce its rate decision after the conclusion of the two-day meeting on Wednesday.
- While the central bank is widely expected to raise rates this month, analysts are calling for two more hikes in 2019 compared with three in September on worries over a potential recession there, according to a poll by news agency Reuters.
- "Falling crude oil prices eased twin deficit concerns which improved the overall risk sentiment," said forex advisory firm IFA Global.
- Crude oil prices hit 14-month lows on Tuesday, in anticipation of an oversupplied market ahead. North Sea Brent - an international benchmark for crude oil - fell as much as four per cent to hit a 14-month low of $57.20 a barrel.
- Analysts say easing of crude oil prices augurs well for the rupee.
- "The recent announcement to restrain crude output by 1.2 million barrels a day has not affected prices which is a positive for the currency," said CARE Ratings, a credit ratings agency.
- A drop in bond yields, easing liquidity concerns in the market and a bullish trend in equities trade, supported the rupee in maintaining its upward movement, news agency Press Trust of India quoted forex dealers as saying.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
