Rupee gains 9 paise against dollar in early session
The Hindu
Rupee rises 9 paise to 83.10 vs US$ on Fri; foreign investors' selling, higher oil prices cap rise. CAD drops to 1.1% of GDP in Q1 FY24; dollar index down 0.19%, Brent crude up 0.05%. BSE Sensex up 0.13%, Nifty 0.2%; FIIs net sellers, offload ₹3,364.22 cr.
The rupee rose 9 paise to 83.10 against the US dollar in early trade on Friday, September 29, 2023 amid a retreating dollar versus major rivals and positive cues from the equity markets.
Massive selling of equities by foreign investors and an upward trend in crude oil prices, however, capped the rise of the domestic currency, forex dealers said.
The Indian unit opened strong at 83.13 against the US dollar and touched the highest level of 83.09. It later traded at 83.10 against the greenback, registering a gain of 9 paise from its previous close.
On Thursday, the rupee settled 3 paise higher at 83.19.
Analysts said higher interest rates and US bond yields were prompting foreign investors to stay in the selling mode in Indian capital markets, while the rupee witnessed some recovery due to a significant decline in India's current account deficit (CAD).
CAD has dropped to $9.2 billion, or 1.1 per cent of GDP in the first quarter of the current fiscal, from $17.9 billion (2.1 per cent of GDP) a year ago, the Reserve Bank of India said on Thursday.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined by 0.19 per cent to 106.02.
Coal Ministry's new rules eliminate CCO approval for opening mines, expediting operations and enhancing efficiency in coal production.
India imposes anti-dumping duties on Chinese steel and refrigerant gas to protect domestic industries from unfair pricing.
Sensex declines for the third day, losing 367 points due to foreign fund outflows and thin trading conditions.
Let’s take a look at some of the biggest crypto events of the year.
Silver futures soar to ₹2.32 lakh/kg as global prices exceed $75, marking a record high in commodities trading.
Stock markets decline as Sensex and Nifty fall amid foreign fund outflows and low trading volumes on December 26, 2025.
Rupee drops 23 paise to 89.94 against the dollar amid negative equity trends and rising crude prices.
The commencement of commercial flight from the Navi Mumbai International Airport (NMIA) is expected to speed up infrastructure and real estate development across Navi Mumbai and surrounding regions, analysts & industry executives said.
GCCs keep India’s tech job market alive, even as IT services industry embarks on a hiring moratorium
Global Capability Centres, offshore subsidiaries set up by multinational corporations, mostly known by an acronym GCCs, are now the primary engine sustaining India’s tech job market, contrasting sharply with the hiring slowdown witnessed by large firms in the country.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.