151 people who came into contact with the victim are under observation to prevent the spread of the deadly virus
world9 hours ago
The Indian rupee was pinned near its record low on Monday, amid weakness in most Asian currencies, with dollar sales from state-run banks helping the South Asian currency avert a decline.
The rupee was at 83.6525 against the US dollar as of 9.40am IST, nearly unchanged from its previous close at 83.6625 in the previous session. The rupee had hit its all-time low of 83.6660 on June 20.
Asian currencies were mostly weaker, with the Thai baht down 0.5 per cent and leading losses, while the offshore Chinese yuan also weakened past 7.29 after the country's central bank unexpectedly cut policy rates.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The rupee is "unlikely to weaken past 83.75 even if it does make an all-time low today," a foreign exchange trader at a state-run bank said. Traders broadly expect the Reserve Bank of India to curtail any sharp decline in the rupee.
The consistently strong demand for dollars related to corporate payments has hurt the rupee in recent sessions, traders said.
The dollar index was a tad higher at 104.3, while US bond yields were largely steady after U.S. President Joe Biden abandoned his re-election bid on Sunday.
Meanwhile, India's foreign exchange reserves jumped by $9.7 billion to hit a record high of $666.85 billion in the week ended July 12.
"This increase suggests that the RBI is actively preventing the rupee from strengthening, even in the face of significant inflows into the equity and debt markets," said Amit Pabari, managing director at FX advisory firm CR Forex.
Overseas investors have bought nearly $5 billion of local equities and debt, on a net basis, so far in July, according to stock depository data.
Investors now await India's budget announcement on Tuesday and will focus on the government's fiscal deficit target and gross market borrowing estimates.
ALSO READ:
151 people who came into contact with the victim are under observation to prevent the spread of the deadly virus
world9 hours ago
Her cheeky expressions and playful frolicking racked up millions of views and have lured thousands of visitors wanting to witness her antics
world1 day ago
China issues red alert, warns of gales and heavy rain
world1 day ago
Celebrity endorsements rarely carry enormous weight, but the hugely popular Swift is seen as being in a class of her own
world1 day ago
Brazil has been parched by a historic drought that experts link to climate change and which has sparked what authorities have called a 'fire pandemic'
world1 day ago
Generative artificial intelligence uses 30 times more energy than a traditional search engine
world1 day ago
SalamAir flight from Bangladesh's Chittagong was diverted to Nagpur Airport following a medical emergency
world1 day ago
The Dragon spacecraft landed in the ocean at 3.37am, a webcast of the splashdown showed, with a recovery team deploying in the pre-dawn darkness to retrieve the capsule and crew
world1 day ago