20
Friday
September 2019
9:32 PM IST
News Headlines
We have to hug each Kashmiri, create new paradise: Modi        Rajnath Singh becomes first Defence Minister to fly in Tejas fighter aircraft        Netanyahu''s rival Gantz says he should be PM in unity government        Tunisia''s ex-president Ben Ali dies in exile        Sindhu out of China Open, Praneeth enter quarterfinals        Former Dutch soccer player Maynard shot dead        Israel election: Netanyahu trails by a seat with majority votes counted        MODI Pak refuses India''s request to open airspace for PM Modi citing ''situation in Kashmir''        HINDI Never asked for imposing Hindi over native languages, says Shah; Stalin postpones protest        Rupee stems losses, rallies 54 paise to 71.24 vs USD on easing oil prices        Kohli hits unbeaten 72 as India outplay SA to begin home season with a bang        Vinesh locks Olympic quota with bronze at Worlds, Pooja in line for second medal        China Open: Sindhu, Praneeth, Kashyap enter second round, Saina crashes out        Azad, Ahmed Patel meet Chidambaram in Tihar jail        DRDO, Air Force successfully test-fire ''Astra'' missile        NGOs receiving substantial financing from govt come under RTI Act, says SC        All party meet decides to explore legal options to help flat owners        Taliban kill at least 48 in bloody day ahead of Afghan polls        Pompeo heading Tuesday to Saudi Arabia over Iran tensions: Pence        Oil sinks 5% on forecasts of quick Saudi output recovery        
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Business News
Rupee hits fresh 6-mth low of 71.71; dives 28 paise
 
Mumbai: The Indian rupee on Tuesday furthered its loss by another 28 paise to close at a new six-month low of 71.71 against the US dollar as economic uncertainties continued to weigh.

Investors remained risk averse considering a host of factors including fast-spreading economic slowdown, outlook on foreign fund outflows and weakness in most emerging market currencies, according to forex traders.

However, there are expectations that the government will soon come out with stimulus measures to arrest slowdown in consumer demand in various sectors.

Meanwhile, higher crude oil prices also had its impact on rupee's trading pattern.

Brent crude futures, the global oil benchmark, rose 0.07 per cent to trade at USD 59.78 per barrel.

Starting off on a weaker note, the rupee fell to a day's low of 71.80 against the US dollar before settling at 71.71 against the US dollar, down 28 paise over the previous close. This is the lowest level for the local unit since February 4, when it closed at 71.80 a dollar.

On Monday, the Indian rupee had settled at 71.43 against the US dollar.

Meanwhile, the dollar index -- which gauges the greenback's strength against a basket of six currencies -- rose 0.06 per cent to 98.40.

The 10-year Indian government bond yield was steady at 6.58 per cent on Tuesday.

"Indian rupee declines for a second day as importers and foreign banks rush for the dollar amid recovery in crude oil prices. Market is also expecting fund outflows of around USD 102 million on the back of Shell selling stake in Mahanagar gas," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

The dollar Index hovered near a three-week high as expectations of fresh stimulus drove an improvement appetite for riskier assets and lifted US government bond yields, he said, adding that the next support for the rupee is seen at 72.5 odd levels.

In equities market, the BSE Sensex settled 74.48 points, or 0.20 per cent, lower at 37,328.01; while the NSE Nifty ended 36.90 points, or 0.33 per cent, down at 11,017.

Foreign institutional investors (FIIs) bought equities worth Rs 373.23 crore on Tuesday, according to provisional exchange data.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.3419 and for rupee/euro at 79.1386. The reference rate for rupee/British pound was fixed at 86.8026 and for rupee/100 Japanese yen at 67.05.


Rupee stems losses, rallies 54 paise to 71.24 vs USD on easing oil prices
Oil sinks 5% on forecasts of quick Saudi output recovery
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Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
SBI to move RBI to offer fixed-floating rate home-loans: Chairman
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Exports decline 6 pc; imports dip 13.45 pc
Retail inflation inches up to 10-month high of 3.21 pc in August
India & Qatar to focus on hydrocarbon sector: Pradhan
Samruddhi Corridor: MSRDC ties up loans of Rs 28,000 crore
Just 19 pc employers in India bullish on hiring in Oct-Dec qtr: Survey
Alibaba's Ma steps down as industry faces uncertainty
Ahead of festivals, SBI again cuts lending rates by 10 bps
Sensex drops over 150 pts; bank, auto stocks drag
15th Finance Commission holds meeting with Raj bodies, industry
PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 cr
States to be key drivers of growth for making India USD 5 trillion economy: Niti CEO
FinMin sets up task force to identify infra projects for Rs 100 lakh cr investment
KERALA NEWS
Government to rebuild Palarivattom flyover
 Thiruvananthapuram: The state government has decided to demolish and rebuild Palarivattom flyover as  
CM demands PSC questions in Malayalam
Tipplers guzzle Rs 487 crore worth liqour during onam
candidate selection for Pala by-election is an internal matter of KC(M): Chandy
INTERNATIONAL NEWS
Netanyahu''s rival Gantz says he should be PM in unity government
 Jerusalem: Benjamin Netanyahu''s main challenger Benny Gantz on Thursday presented himself as the ne
Tunisia''s ex-president Ben Ali dies in exile
Israel election: Netanyahu trails by a seat with majority votes counted
MODI Pak refuses India''s request to open airspace for PM Modi citing ''situation in Kashmir''
NATIONAL NEWS
We have to hug each Kashmiri, create new paradise: Modi
 Nashik: Blaming the Congress for the plight of Kashmiris for decades, Prime Minister Narendra Modi o
Azad, Ahmed Patel meet Chidambaram in Tihar jail
DRDO, Air Force successfully test-fire ''Astra'' missile
NGOs receiving substantial financing from govt come under RTI Act, says SC
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