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Rupee surges 7 paise to 77.49 against US dollar in early trade

May 20, 2022 by www.moneycontrol.com

Representative image The rupee appreciated 7 paise to 77.49 against the US dollar in opening trade on Friday as crude oil prices retreated from the elevated levels. At the interbank foreign exchange, the rupee opened at 77.51 against the American dollar, then gained further ground to quote at 77.49, registering a rise of 7 paise from the last close. On Thursday, the rupee had settled at 77.56 against the US dollar. Global oil benchmark Brent crude futures fell 0.71 per cent to USD 111.24 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.29 per cent higher at 103.02. Close According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened stronger against the US dollar on Friday supported by an overall fall in the greenback and easing bond yields. "Asian and emerging market peers have started weaker and could cap strength. However, crude prices have eased and could … [Read more...] about Rupee surges 7 paise to 77.49 against US dollar in early trade

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Rupee inches 3 paise higher to close at 77.53 against US dollar

May 20, 2022 by www.moneycontrol.com

Representative image The rupee inched 3 paise higher to close at 77.53 (provisional) against the US dollar on Friday, supported by a rebound in domestic equities. At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day's trade. The rupee finally ended at 77.53, higher by 3 paise over its previous close of 77.56. According to Dilip Parmar, Research Analyst, HDFC Securities, the lack of dollar demand and rebound in domestic equities augur well for the rupee. The dollar is about 2 percent off its recent high, seen last week, as risk-assets rebound after the People's Bank of China (PBOC) announced a 15 bps cut in the 5-year Loan Prime Rate to support the economy. The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level. On the domestic equity market front, the BSE Sensex rebounded … [Read more...] about Rupee inches 3 paise higher to close at 77.53 against US dollar

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IGL’s Price Revision: CNG rates hiked by Rs 2 per kg

May 21, 2022 by www.moneycontrol.com

(Representative Image) Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Indraprastha Gas Limited (IGL)(IGL) has revised the price of Compressed Natural Gas (CNG) by Rs 2 per kilogram with effect from May 21. The cost of CNG in Delhi now stands at Rs 75.61 per kg, according to an ANI report. The price of CNG has been hiked to Rs 78.17 per Kg in Noida, Greater Noida and Ghaziabad, in Gurugram, it will cost Rs 83.94 per Kg. “We are tightening our belts and looking at reducing costs to deal with the situation,” IGL,MD,Sanjay Kumar told the media. The Limited availability of government-controlled gas has forced IGL to use more LNG to meet double-digit growth in CNG and PNG (piped natural gas) demand. “Several factors determine CNG prices. One of them is price of natural gas from various sources, including LNG (gas imported in … [Read more...] about IGL’s Price Revision: CNG rates hiked by Rs 2 per kg

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