Rupee to dollar

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

With an overarching focus on capital expenditure the Union government hoped to create a multiplier effect on the economy. India aspires to become a global economic power and has outperformed its peers in terms of economic growth over the past few years, despite the COVID-19 setback and other geopolitical challenges. While a majority of currencies depreciated against the US dollar in 2022, the depreciation of the Indian rupee was relatively lower. The government of India gave a strong push to critical public infrastructure with an allocation of Rs 7.5 lakh crore to capital expenditure i.e., about 19 percent of the total expenditure in the FY2023 budget. With an overarching focus on capital expenditure – 34.5 percent higher allocation than in the previous year equivalent to 2.9 percent of the projected GDP  –  the Union government hoped to create a multiplier effect on the economy. Consequently, the country attracted foreign investments and saw economic growth in high-skill sectors. … [Read more...] about Budget 2023: Attract private investment in infrastructure to boost growth

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