Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
The Indian rupee depreciated 25 paise to 82.75 against the US dollar (22.54 against the UAE dirham) in early trade on Wednesday, tracking muted Indian equities.
Forex traders said the dollar demand in the overseas market and foreign fund outflows weighed on investor sentiments.
In addition, the Reserve Bank of India's (RBI) key repo rate was raised by 35 basis points (bps) on Wednesday as widely expected, the fifth straight increase, with the central bank vowing there will be no let-up in its fight to tame high inflation.
The monetary policy committee (MPC), comprising three members from the RBI and three external members, raised the key lending rate or the repo rate to 6.25 per cent in a majority decision. Five of the six members voted in favour of the increase.
At the Indian interbank foreign exchange, the rupee opened at 82.74 against the dollar, then edged lower to 82.75, registering a loss of 25 paise over its previous close.
On Tuesday, the rupee declined by 65 paise to close at an over-one-month low of 82.50 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 105.63.
Brent crude futures, the global oil benchmark, advanced 0.09 per cent to $79.42 per barrel.
In the Indian equity market, the 30-share BSE Sensex was trading 87.7 points or 0.14 per cent down at 62,538.66, and the broader NSE Nifty was lower by 31.90 points or 0.17 per cent at 18,610.85.
ALSO READ:
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business2 days ago
Company strengthening regional presence and service offering
business3 days ago
Sinochem may keep three refineries in China's Shandong province
business3 days ago
Memorandum of understanding aims to enhance cooperation in the construction sector
business4 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business4 days ago
Company’s backward integration model reaps dividends
business4 days ago
Participating companies announce several cooperation achievements
business4 days ago