Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae6 hours ago
The Indian rupee hit an all-time low of 2021 on Friday, reaching 20.16 against the UAE dirham in line with selloff witnessed in the equity markets amidst rising US Treasury yields and rising oil prices.
The rupee dropped from a 19.68 on Thursday to 20.16 on Friday, losing 2.45 per cent of its value, according to xe.com.
It was reportedly the biggest drop of the Asian currency since March last year. The rupee is down 1.4 per cent year-to-date against the UAE currency.
IIFL Securities said month-end dollar demand and rising crude oil prices are likely to keep the Indian rupee under pressure against the dollar. Besides, surging US Treasury yields also weighed down the local unit. The currency is also likely to be under pressure as domestic equities are seen opening deep in red owing to an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment,” it said in a note on Friday.
Lombard Odier had said in a note in December that the country’s central bank – the Reserve Bank of India – will be somewhat less aggressive in foreign exchange market intervention as domestic growth and inflation stabilise.
Bombay Stock Exchange index fell 1,939 points, or 3.8 per cent, to 49,099.99 points on Friday due to global selloff in the equity markets, wipiung out 5.37 trillion rupee from the BSE’s market capitalization.
"Global signals today are extremely negative against the backdrop of a massive jump in 10-year bond yields in the US. We can see a downtrend and it will be negative for the market," said Gaurav Garg, Head of Research at CapitalVia Global Research.
-waheedabbas@khaleejtimes.com
Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae6 hours ago
10 lucky fans will have the once-in-a-lifetime chance to meet the eight-division world champion
uae attractions6 hours ago
ASAS 2024 brought together over 1,000 young talents from 50 nationalities under the theme 'Art and Innovation'
kt network7 hours ago
While President-elect Trump's administration originally filed the search case against Google during his first term, he indicated he might not break up the company
tech7 hours ago
The gathering explored the cutting edge of cinema, new media, PR and marketing, IT technologies, eSports, and game development
kt network7 hours ago
Passengers were currently being prevented from entering the building
world7 hours ago
Users will be able to select transcript language, too; here's how the new smart tool works
tech7 hours ago
With the new tariff, Yango Ride users can expect comfortable, modern limo vehicles starting from a minimum fare of Dh15.6
kt network8 hours ago