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The Indian rupee on January 31 fell below 82 against the US dollar, which the forex dealers attributed to a surge in the dollar index and foreign fund outflows from equities. The last time the rupee plunged below the 82 mark against the dollar was on  January 10. “Surge in the dollar index, foreign fund outflow and hedging demand ahead of the key event ( union budget ) pushed the rupee lower after the European markets open,” said Dilip Parmar, Research Analyst, HDFC Securities. “Foreign funds are aggressively selling the Indian equities.” Foreign investors pulled Rs 23,159 crore from Indian equity markets as of January 30, according to the NSDL data. “The dollar index also rose from 101.76 yesterday (January 30) to 102.60. A major UK-based bank was heard buying for equity outflows of FPIs,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors LLP. Read More The rupee was trading at 82.04 against the dollar, as compared to 81.50 close on … [Read more...] about Ahead of Budget 2023, Indian rupee falls below 82 against US dollar

Gautam Adani. Most Adani Group shares fell sharply on Monday as the Indian conglomerate's rebuttal of a U.S. short-seller's criticism failed to pacify investors, deepening a market rout that has now led to losses of $65 billion in the group's stock values. Led by Asia's richest man Gautam Adani, the Indian group has locked horns with Hindenburg Research and on Sunday hit back at the short-seller's report of last week that flagged concerns about its debt levels and the use of tax havens. Adani said it complied with all local laws and had made the necessary regulatory disclosures. Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar fell between 5% and 20% on Monday. Flagship Adani Enterprises (ADEL.NS), which is facing a crucial test this week with a follow-on share offering, swung between gains and losses before settling 4.8% higher. It stayed well below the offer price of the issue, which if successful will be largest such share … [Read more...] about Adani firms lose $65 billion in value as US short-seller battle escalates

The Central Bank Digital Currency (CBDC) will boost the financial services sector, enable financial inclusion, reduce costs of managing cash and boost innovation in the cross-border payments space, the Economic Survey 2023 has said. The endorsement comes three weeks after the Reserve Bank of India (RBI) Governor Shaktikanta Das said that the cross-border trade settlement in rupee and CBDC has a huge potential. According to the survey, as of July 2022, 105 countries were in the process of exploring CBDC. These countries account for 95 percent of the global GDP. Most of these countries have either launched or piloted CBDC. India piloted its Digital Rupee in the wholesale segment on November 1, followed by the pilot in the retail segment on December 1. The wholesale segment pilot was launched with the use limited to the settlement of secondary market transactions in government securities, while the retail segment testing is being done with a closed user group of customers and … [Read more...] about Economic Survey 2023: CBDC will boost digital financial services