64000 rupees is how much in dollars

In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes

KUALA LUMPUR: Home improvement retailer MR DIY Group (M) Bhd (MR DIY) is committed to its "always low prices” slogan despite the rise in operating costs and inflation in the country. Chief executive officer Adrian Ong said the move to continue providing consumers with affordable products was data-driven, adding that it was efficient and sustainable business practices which allow the company to absorb the hike in prices. "At the same time, (the ability) to purchase in very large volume has enabled us to negotiate good terms with our suppliers which helps to keep prices low. "We, in turn, pass this benefit to our customers. That is our formula, to share the benefits (of bulk buying) with everybody," he said during a press conference after the grand opening of Mr DIY Plus at the Mid Valley Megamall here today. Ong said the newly launched Mr DIY Plus store had 200,000 visitors since its opening on May 19, 2022. Recognised for its rapid expansion, the group has set a target … [Read more...] about MR DIY continues to provide affordable prices despite economic drawback

udayan mukherjee Udayan Mukherjee, Consulting Editor at CNBC-TV18 said the probability of BJP winning 2:1 (two states out of Madhya Pradesh, Rajasthan and Chhattisgarh) should not be a great thing to be taken by the market and should not be a comfort level. Currently, BJP has 62 out of total 65 Lok Sabha seats from three states. If that count drops to around 35 then that will be taken badly by the market, he feels. After considering the lead taken by Congress in four states — Madhya Pradesh, Rajasthan, Chhattisgarh and Telangana, Udayan said, "Not much can be done economically through policy tweaking as the central government has very less time before the 2019 elections. Even if the ruling party opens taps now, it will be time for Lok Sabha polls," Udayan Mukherjee said. There are higher chances of lower growth in coming years which will be bigger worry for the market. The government will try to revive growth, but is left with little time to focus on economic growth … [Read more...] about Nifty could break below 10k considering political, economic cues: Udayan

- A + A WASHINGTON (June 30): The U.S. government will provide $1 billion to neighborhoods that have been divided by highways, rail lines or other transportation infrastructure, officials from the U.S. Department of Transportation said on Thursday. The money aims to help repair the harm done from decades of road and rail construction that disproportionately displaced minority and low-income communities, officials said. Historians say local officials across the country often used the interstate building boom of the 1950s and 1960s to demolish what they regarded as "slum" neighborhoods near downtown business districts, paving over Black neighborhoods like Rondo in St. Paul, Minnesota or the 15th Ward in Syracuse, New York. Over the next five years, the Transportation Department will award grants through the new Reconnecting Communities pilot program to help undo some of that damage, through projects like covering over freeways or building pedestrian walkways over … [Read more...] about US to provide US$1b to reconnect neighborhoods divided by highways, rail

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. The Malaysian government is liable for the US$3 billion debt taken on by 1MDB GIL as Najib had signed the LOS - A + A BECAUSE 1Malaysia Development Bhd (1MDB) had direct access to former prime minister and finance minister Datuk Seri Najib Razak and his staff at the Prime Minister’s Office, the Ministry of Finance (MoF) and Minister of Finance Inc (MoF Inc) were often bypassed as the state-owned strategic investment company did not think there was any need to report to the ministry even though it was owned by MoF Inc, the High Court heard last week. Testifying as the 26th prosecution witness in Najib’s trial over the misappropriation of more than RM2 billion of 1MDB funds, Datuk Siti Zauyah Mohd Desa, a former deputy secretary-general (policy) at MoF, detailed how the government — specifically her ministry — was forced into issuing a letter of support (LOS) for … [Read more...] about 1MDB-Tanore Trial: 1MDB had direct line to Najib

- A + A (June 30): Incoming Philippine President Ferdinand Marcos Jr, son of the nation’s ousted dictator, said he will focus on food sufficiency and Covid-19 pandemic recovery in an inaugural speech that paid tribute to his late father. “The role of agriculture cries for urgent attention,” Marcos said in Manila on Thursday (June 30) after taking his oath of office. “An agriculture damaged and diminished by unfair competition will have a harder time, or will have no prospects at all of recovery.” The new leader, who’s appointed himself the agriculture chief, said he would rebuild the nation’s economy to regain its position as a growth leader in the region. He pledged to fix shortcomings in pandemic response, and come up with plans to transform the economy and boost infrastructure. The former senator returns to the presidential palace where he spent his youth before his family fled in 1986, driven out by a popular uprising. His father’s two-decade rule was marred by … [Read more...] about Marcos Jr sworn in as president decades after father fled

- A + A LONDON (June 30): Investors knew that, after two years of COVID-19 chaos, 2022 would be a bumpy ride, but nobody expected this - the most turbulent first half global markets have ever seen. To grasp just how torrid things have been, consider two things. MSCI's 47-country world stocks index has suffered its biggest 1H drop since its creation in 1990. At same time, 10-year U.S. Treasury bonds - the benchmark of global borrowing markets and traditional go-to asset in troubled times - have had their worst first half since 1788. Why? Russia's invasion of Ukraine supercharged what was already fast-rising inflation, forcing the big central banks to jack up interest rates and politicians to warn of new world orders. The result? A $13 trillion wipeout in world stocks, a 15.5% plunge Japan's yen, Italy's worst rout since the euro zone crisis, and what is shaping up to be the strongest commodities rally since World War I. Add to that Russia being gouged out the … [Read more...] about Markets in 1H: The almost perfect storm

- A + A (June 30): It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.” “We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.” That sombre gathering encapsulated what many in the room already suspected — the ride-hailing champion once feted for running Uber Technologies Inc out of China was no more. In its place was a defeated shell worth a fifth of its value at the peak, bleeding users, blocked from raising funds for cherished projects — and whose executives were constantly … [Read more...] about Inside Didi’s US$60b crash that changed China tech forever

- A + A (June 30): Valuations are starting to turn attractive for South Korea bonds amid signs the market has overpriced how much the most hawkish central bank in emerging Asia may raise rates. Won forward rates are pricing in about 125 basis points of hikes over the next six months, far above economists’ forecasts for how much the Bank of Korea will move. This points to an improving environment for won bonds, the biggest loser among emerging-Asia’s sovereign debt this quarter as inflation quickened to a 14-year high and bets on rate increases jumped. Increased flows into Korean debt may help ease pressures on the won, which last week reached a 13-year low. The country is vulnerable to soaring imports exacerbated by a weak currency. It also means that Korean bonds may start to diverge from other emerging markets in Asia, where the risk of interest-rate swaps and yields moving higher is clouding the outlook. “We see value in Korean government bonds, as the market … [Read more...] about Bond traders bet market has swung too far on Korea rate hikes