7 rupees 7 paise into rupees

Representative Image Dollar-rupee onshore forward premiums have seen a steady fall of late and the market has seen heightened volatility. The one-year onshore forward premium narrowed to 220 paise on June 22, its lowest level since December 2011. Currently, the one-year premium is at 244 paise compared to 356 paise at the start of this year. In the last two weeks, this has dropped by as much as 60 paise. Assessing the impact of falling forward premiums on the outlook for the rupee is important, especially against the backdrop of persistent foreign outflows, a widening trade deficit and soaring price pressures. The rupee closed at a record low of 78.3862 on June 22 and is down over 5 percent against the dollar so far this year. Also read: RBI present in forex market, will not allow jerky moves in rupee, says Deputy Governor Patra First, what are forward points? Close The forward point is the interest rate differential between two countries. These … [Read more...] about Explained | Why are dollar-rupee onshore forward premiums falling? Five key questions answered

The Reserve Bank of India (RBI) will continue to stand for the rupee’s stability and will not allow any knee-jerk depreciation of the currency against the dollar, a deputy governor of the central bank said on June 24. “We don’t know where the rupee will be, even the Fed (US Federal Reserve) does not know where the dollar will be. But be sure of one thing, we will stand for its stability and we are doing it on a ongoing basis even as we speak,” Michael Patra said at an event in New Delhi. “We are there in the market; we will not allow disorderly movements in the rupee. We have no level in mind, but we will not allow jerky movements,” Patra said. The amount of depreciation of the rupee is one of the least in the world, he added. The rupee has been depreciating against the dollar steadily following aggressive rate hikes by the US Federal Reserve. The rupee had closed at a record low of 78.39 to the dollar on June 22 and is down over 5 percent in 2022. Close The … [Read more...] about RBI present in forex market, will not allow jerky moves in rupee, says Deputy Governor Patra

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

- A + A BENGALURU (June 24): Indian food-delivery firm Zomato Ltd is set to buy local grocery-delivery start-up Blinkit for 44.47 billion rupees (US$568.16 million or about RM2.5 billion) in an all-stock deal, in a bid to step up its game as competition in the quick-delivery market gets fierce. Rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto are also betting on fast deliveries in the so-called quick commerce sector, which was worth US$300 million last year and is expected to grow 10 to 15 times to US$5 billion by 2025, according to research firm RedSeer. Zomato in August bought a more than 9% stake in Blinkit for nearly 5.18 billion rupees and said earlier this year it would invest as much as US$400 million in the Indian quick commerce market over the next two years. Blinkit's gross order value in May stood at 4.03 billion rupees, Zomato said on Friday (June 24) in a letter to shareholders. Formerly known as Grofers, SoftBank … [Read more...] about Ant Group-backed Zomato beefs up quick delivery game with bigger Blinkit stake

The decline in current account deficit (CAD) in January-March on a quarter-on-quarter basis bodes well for the Indian economy, a deputy governor of the central bank said on June 24. “There is a sequential decline in CAD and this should be noticed because in the foreign exchange market people are betting that the current account deficit has gone haywire and we are losing control,” Michael Patra said at an event in New Delhi. “But the fact is that CAD in January-March 2022, the quarter of the war, was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter,” Patra said “This augurs well for external viability because it is backed by strong merchandise export performance, earnings from computer and business services and a rejuvenation of remittances from Indians working abroad.” CAD fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 … [Read more...] about Sequential decline in current account deficit bodes well for external viability, says RBI Deputy Guv Patra

Naveen Tewari, Chief Executive Officer of InMobi. Image Credit: Tech in Asia. About 25 to 40 percent of Indian unicorns will struggle to survive during the current bust cycle and will eventually shut down owing to foolish business models and negative unit economics, according to Naveen Tewari, Chief Executive Officer (CEO) of InMobi. “You will see probably 25 percent to 40 percent of the existing unicorns will just go away in this phase,” said Tewari in a recent episode of Bits to Billions . According to Tewari, a major issue with several Indian unicorns is they have foolish business models. He said, “You cannot have a business model saying I want to give you something worth 100 rupees for 80 rupees, please come and get it. Oh, I just built a billion-dollar business. That's not how it works.” Also Read: InMobi's Glance aims to cross one billion users in 2-3 years, says CEO Naveen Tewari Tewari believes such unicorns might become zombie unicorns and eventually shut … [Read more...] about 25-40% unicorns won’t survive due to foolish models, negative unit economics: InMobi CEO Naveen Tewari

Hemant Kumar Bhadoriya (name changed) was travelling in a chauffeur-driven sports utility vehicle on a Saturday afternoon in Kota, seemingly headed to Jaipur, where people typically go on weekend getaways. Unlike the others, though, Bhadoriya was not out on a leisure drive. Neither was he actually going to Jaipur. He was, in fact, just sitting in the car and talking about money. Crores of rupees. Bhadoriya is not a lawyer or an investment banker. Neither does he deal in illegal activities. He is a maths teacher at Kota’s top coaching centre and was negotiating with a potential employer, one of the country’s biggest edtech companies. The edtech startup had offered him a 40 percent hike on his existing salary of Rs 1.65 crore. “At first, I was shocked and a bit sceptical when I heard about the offer as every day we have been reading about how hundreds of employees were getting laid off by startups,” said Bhadoriya, 46. “But then it was for their offline classes and I have been … [Read more...] about Poaching and coaching in Kota: Race for $500 million education hub heats up