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?
Rupee and paise
Bank of Baroda reports profit of Rs 1779 crore in March quarter. Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 per cent from Rs 2,197.03 crore in the third quarter of last fiscal. Net interest income grew 21.2 per cent to Rs 8,612 crore from Rs 7,107 crore a year ago. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Bank of Baroda (BoB) advanced higher in early trade on May 16, after the state-owned lender reported a nine-fold jump in its profit after tax (PAT) at Rs 7,272 crore for the financial year ended March 2022 as compared to a PAT of Rs 829 crore registered in FY21. At 11:20 am, the scrip traded at Rs 98.90 apiece on the BSE, up 4.16 … [Read more...] about Bank of Baroda shares gain after lender reports nine-fold jump in PAT for FY22
- 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
In a statement, Moody's said the rupee has depreciated around 4.5 per cent since the start of the year. (Representative image) Moody's Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. "Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the … [Read more...] about Global credit conditions more negative amid rising borrowing costs, slower economic growth: Moody’s
Paytm The initial plan of Paytm Payments Bank to approach the Reserve Bank of India (RBI) for a small finance bank (SFB) licence by June end has been delayed as the RBI-directed IT audit will take longer to complete, two sources aware of the developments told Moneycontrol on June 29. The IT audit is being done by one of the big four consultants. “The auditor will submit an IT audit report to the RBI in next two to three weeks,” a source said requesting anonymity. Payments bank can apply for conversion to a small finance bank after successfully operating for five years. Paytm Payments Bank commenced its operations on May 23, 2017 and completed five years of operations last month. On March 9, Moneycontrol reported that the lender will likely apply to the RBI for a SFB licence by June quoting a senior Paytm official. IT audit Close The audit process is going in line with expectation and nearing completion, said a source cited earlier. The RBI had barred … [Read more...] about Paytm Payments Bank SFB plans gets delayed; IT audit report to be submitted to RBI in 2-3 weeks: Sources
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