25
Saturday
May 2019
8:35 AM IST
News Headlines
Day after BJP''s massive victory, all eyes now on govt formation        Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls        Surat: 19 students die as fire engulfs commercial complex        Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7        Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8        Nadal, Federer set up potential semifinal at Roland Garros        India, New Zealand seek tune-up in warm-up clash        Federer, Nadal threaten Djokovic bid for historic Slam        Uncertainty over Serena fitness, Osaka form at Roland Garros        Sensex, Nifty hit record highs as early trends hint at NDA win        Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome        Chinese man guilty of defrauding Apple out of 1,500 iPhones        US aviation regulator says Boeing hasn't submitted 737 MAX fix        Indian among 18 people arrested in Nigeria for illegal bunkering        US-Japan vision for Indo-Pacific serves as foundation for global partnership: White House        Rahul elected from Wayanad LS seat        Will approach party high command against Sidhu: Amarinder Singh        Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes        People of India decided Narendra Modi as PM, I fully respect it: Rahul Gandhi        BJP set to return to power as Modi wave sweeps most of India        
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Business News
Rupee drops 28 paise against dollar as US-China trade tension escalates
 
Mumbai:The rupee Wednesday fell further by 28 paise to 69.71 against the US currency, extending its losses for the third straight day due to escalating US-China trade tensions and a massive selloff in domestic equity markets. Besides, sustained foreign fund outflow amid global trade fears also impacted the trading pattern in the currency market, forex dealers said. However, a weak dollar against major currencies overseas and lower crude prices restricted the rupee''s fall, they added.

The rupee opened sharply lower at 69.57 as the US-China trade related concerns weighed on investor community. The local currency moved in a range of 69.47 to 69.74 before closing at 69.71, down 28 paise from the previous close. The rupee has weakened by 49 paise or 0.71 per cent since Monday after the US''s threat to increase tariffs on USD 200 billion of Chinese imports triggered a global selloff in riskier assets. "Growing trade tension between the US and China lead concern for global growth and trade.

Chinese Yuan becomes the worst performer among Asian Currencies after US President Trump''s tweet on hiking tariff on Chinese goods from May 10," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said. The rupee came under intense pressure following continued weakness in domestic equity markets. The BSE Sensex ended 487.50 points, or 1.27 per cent, lower at 37,789.13. The index hit an intra-day low of 37,743.07 and a high of 38,248.57.

Similarly, the NSE Nifty sank 138.45 points, or 1,20 per cent, to settle at 11,359.45. During the day, the bourse hit a low of 11,346.95 and a high of 11,479.10. Foreign investors were net sellers in capital markets Wednesday pulling out assets worth Rs 701.50 crore on a net basis, provisional exchange data showed. Meanwhile, the Dollar Index which gauges the greenback''s strength against a basket of six currencies, fell 0.11 per cent to 97.52. Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 69.51 per barrel.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.6009 and for rupee/euro at 78.0124. The reference rate for rupee/British pound was fixed at 90.9002 and for rupee/100 Japanese yen at 63.23.


Sensex, Nifty hit record highs as early trends hint at NDA win
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome
Chinese man guilty of defrauding Apple out of 1,500 iPhones
ILFS crisis: ED conducts fresh raids in Mumbai
Tata Motors shares fall 7 pc post quarterly results
Indices off record highs; Sensex trips 383 pts on profit-booking
Uber partners with ICC for Men''s cricket World Cup 2019
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Exports grow marginally, imports up 4.5pc in Apr
Jet Airways crisis: CEO, Deputy CEO resign
Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
China hikes tariff on US products; says will not succumb to Trump''s pressure tactics
Andhra Bank net loss down by 51.34pc in Q4
Imminent crisis in NBFC sector: Corp Affairs Secy
China : Volvo to recall over six thousand cars
Pak to continue talks with IMF on bailout over weekend
Chinese envoy says trade talks with US have not broken down
Amazon's Bezos unveils lunar lander project 'Blue Moon'
UPL announces 26.75 pc stake buy in Allfresh
SBI reports net profit of Rs 838 cr in Mar 2019 quarter; trims bad loan ratio
KERALA NEWS
Rahul elected from Wayanad LS seat
 Thiruvananthapuram: Congress president Rahul Gandhi was Thursday declared elected from the Wayanad L  
LS polls candidate attacked in Kerala
Two women abort their plan to enter Lord Ayyappa temple Sabarimala
Kerala CM meets CEOs of leading business firms in Switzerland
INTERNATIONAL NEWS
Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7
 London: An embattled Theresa May announced Friday that she would resign as the UK''s Conservative le
Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8
US aviation regulator says Boeing hasn't submitted 737 MAX fix
Indian among 18 people arrested in Nigeria for illegal bunkering
NATIONAL NEWS
Day after BJP''s massive victory, all eyes now on govt formation
 New Delhi: As the BJP swept to power with a spectacular performance for a second term, all eyes are
Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls
Will approach party high command against Sidhu: Amarinder Singh
Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes
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