23
Sunday
September 2018
11:58 PM IST
News Headlines
Hasan, Asghar, Rashid fined 15 per cent of their match fees        Ready to be sacked if ATK do not fare well: Coppell        Sensex ends in red after 1,000-pt flash crash        OYO to hire over 2,000 tech experts, engineers by 2020        Thousands rally across Russia against raising pension age        Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks        Sisodia, AAP MLAs discharged in case related to 2014 protest        We have no role in selection of Reliance Defence for Rafale deal: Govt        Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue        Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        Naomi Osaka Eases into WTA Tokyo Event Semi-final        Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Rupee tanks 35 paise to hit 1-wk low; crude plays spoilsport
 
(Mumbai, Nov 06, 2017):The rupee today plunged by 35 paise to end at a fresh one-week low of 65.03 a dollar owing to high demand for the American currency from importers amid political upheaval in Saudi Arabia.

Forex market sentiment endured a near-term crisis as nervousness took centre-stage stemming from a sharp spike in crude prices to the highest level since July 2015 as an anti- corruption purge launched by of Saudi Arabia's crown prince stoked supply disruption fears.

This is the biggest single day fall for the home currency since September 26.

The latest developments in Saudi Arabia sparked a rally for the international oil benchmark to trade above the USD 64 -a-barrel mark -- a two-year high level.

Global crude oil are showing strength and rising faster in the second-half of 2017 than it had previously expected after recovering from its sharp decline last year.

Adding heaviness, the domestic bourses succumbed to a massive profit-taking and wiped out all their early strong gains on renewed worries about the inflation outlook and also renewed geopolitical uncertainty.

The economy is just taking off after recent bad patch and geopolitics or a supply constraint set oil prices zooming, could derail the government's fiscal math, a forex dealer said.

The flagship Sensex tanked 360 points to end at 33,370.76, while Nifty plunged nearly 102 points at 10,350.15.

Meanwhile, the dollar is trading stronger across the board on growing expectations for an upcoming US rate hike even as investors continued to monitor progress on a US tax bill.

Earlier, the rupee resumed higher at 64.65 as compared to Monday's close of 64.68 at the Interbank Foreign Exchange (FOREX) market on bouts of dollar selling by exporters.

It gained further ground to touch a high of 64.6050 before retreating sharply in midst of strong dollar buying pressure.

Breaking the key 64-level triggered panic dollar buying from corporates and importers in late afternoon deals, dragging down the local unit to hit an intra-day low of 65.07 before concluding at 65.03, showing a steep loss of 35 paise, or 0.54 per cent.

The Indian unit had depreciated 13 paise yesterday.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.8064 and for the euro at 75.2273.

The dollar index, which measures the greenback's value against a basket of six major currencies, was sharply up at 95 in early trade.

In cross-currency trades, the rupee dropped further against the pound sterling to end at 85.46 from 84.76 per pound and drifted against the Japanese yen to settle at 57 per 100 yens from 56.71 yesterday.

The local currency also fell back against the euro to close at 75.17 from 74.99 earlier.

Elsewhere, the pound sterling drifted sharply against the US dollar after a brief overnight sharp jump on rumours that the UK Prime Minister Theresa May is willing to accept Brexit bill of GBP53 billion as a financial compensation for leaving EU.

The common currency, euro also slipped back after figures showing weak German industrial production dropped by 1.6 per cent over the month in September.

In forward market today, premium for dollar displayed a mixed trend owing to lack of market moving factors.

The benchmark six-month premium payable in April edged up to 137-139 paise from 136.50-138.50 paise, while the far forward October 2018 contract softened to 267.50-269.50 paise from 275.50-277.50 paise.


Sensex ends in red after 1,000-pt flash crash
OYO to hire over 2,000 tech experts, engineers by 2020
Sensex recovers over 100 points on value-buying, global cues
Deepak Kapoor Appointed the new Chairperson of Save the Children
RCom to exit telecom fully to focus on realty: Ambani
Petrol, diesel rates scale new highs
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Vijaya Bank, Dena Bank, BoB to merge: Govt
Air India utilising just 21 of 27 Dreamliners for daily ops
RBI submitted a list of high profile fraud cases to PMO: Rajan
VU 100-inch 4K HDR smart TV launched in India for Rs 20 Lakh
US dollar ends higher against rupee
Gadkari pitches for alternate fuels; says govt not against petrol, diesel
Air India To Get Rs. 2,100 Crore From Government: Report
SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Thousands rally across Russia against raising pension age
 Moscow, Sep 22 (AP) Thousands rallied across Russia on Saturday to protest the government's plan to
Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks
Wreckage of Captain Cook’s ship found off US coast
Death toll reaches 136 in Tanzania ferry disaster with scores missing
NATIONAL NEWS
Sisodia, AAP MLAs discharged in case related to 2014 protest
 New Delhi Sep 22 (PTI) A Delhi court on Saturday discharged Deputy Chief Minister Manish Sisodia, AA
We have no role in selection of Reliance Defence for Rafale deal: Govt
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.