Rupee hits 15-month low; crosses 67/$

[Shahzaz ud din]

Indian Rupee gradually losing value against Dollar despite Modi's YatrasRupee hits 15-month low; crosses 67/$
SPECIAL CORRESPONDENT
MUMBAI , MAY 07, 2018 21:50 IST

Oil prices hit $75 a barrel while Indian indices rise, with support from bank, metal and media stocks
The rupee breached the psychological barrier of ₹67 against the dollar amid strong demand for the U.S. currency from importers, as crude oil rose to $75 a barrel.
The rupee depreciated 27 paise on Monday to close the day at 67.14 to a dollar as compared with 66.87 in the previous session. This is the lowest level for the rupee since February 8, 2017 when it had ended at 67.19 against the dollar.
₹, the worst performer

The rupee has been the worst Asian currency performer this year so far against the dollar, losing 5.1% since January.
Oil jumped to its highest levels since late-2014 on Monday to cross the significant $75 a barrel tag, boosted by Venezuela’s deepening economic crisis and a looming decision on whether the United States would reimpose sanctions on Iran.
Brent crude, an international benchmark, was trading at $75.57 per barrel in early Asian trade.
Currency dealers said there was ‘huge’ dollar demand from oil importing firms which weighed on the domestic currency. India is a large importer of crude oil; so, if oil prices go further up, it could worsen the fiscal deficit. Foreign institutional investors sold ₹630 crore in equity on Monday.
The yield on the 10-year benchmark government bond eased almost 11 basis points to close at 7.62%, after the Reserve Bank of India announced open market operations for next week.
The equity markets, however, climbed, led by gains in select stocks from the banking and metal sector; the benchmark Sensex gained 292.76 points or 0.84% on Monday to close at 35,208.14. The 30-share pack saw 23 stocks gaining ground as against seven declines.
Stocks such as Axis Bank, Tata Steel, ICICI Bank, State Bank of India, Reliance Industries and ONGC were among the top gainers in the Sensex. The overall market breadth was also slightly positive with more than 1,400 stocks gaining ground as against 1,272 declines.
The broader Nifty of the National Stock Exchange settled the day at 10,715.50, rising 97.25 points or 0.92%.
The surge in the morning session was triggered by the ‘surprise’ announcement regarding open market operations by the Reserve Bank and later on, the rally was led by public sector banks, metals and media sectors with six sectors gaining more than 1% each, said V.K. Sharma, head (private client group & capital market strategy), HDFC Securities.
(With PTI inputs)

http://www.thehindu.com/business/ma...-crosses-67/article23805247.ece?homepage=true

 

[Path-Finder]

#FakeNews

 

[Papa Dragon]

Indian Rupee gradually losing value against Dollar despite Modi's YatrasRupee hits 15-month low; crosses 67/$
SPECIAL CORRESPONDENT
MUMBAI , MAY 07, 2018 21:50 IST

Oil prices hit $75 a barrel while Indian indices rise, with support from bank, metal and media stocks
The rupee breached the psychological barrier of ₹67 against the dollar amid strong demand for the U.S. currency from importers, as crude oil rose to $75 a barrel.
The rupee depreciated 27 paise on Monday to close the day at 67.14 to a dollar as compared with 66.87 in the previous session. This is the lowest level for the rupee since February 8, 2017 when it had ended at 67.19 against the dollar.
₹, the worst performer

The rupee has been the worst Asian currency performer this year so far against the dollar, losing 5.1% since January.
Oil jumped to its highest levels since late-2014 on Monday to cross the significant $75 a barrel tag, boosted by Venezuela’s deepening economic crisis and a looming decision on whether the United States would reimpose sanctions on Iran.
Brent crude, an international benchmark, was trading at $75.57 per barrel in early Asian trade.
Currency dealers said there was ‘huge’ dollar demand from oil importing firms which weighed on the domestic currency. India is a large importer of crude oil; so, if oil prices go further up, it could worsen the fiscal deficit. Foreign institutional investors sold ₹630 crore in equity on Monday.
The yield on the 10-year benchmark government bond eased almost 11 basis points to close at 7.62%, after the Reserve Bank of India announced open market operations for next week.
The equity markets, however, climbed, led by gains in select stocks from the banking and metal sector; the benchmark Sensex gained 292.76 points or 0.84% on Monday to close at 35,208.14. The 30-share pack saw 23 stocks gaining ground as against seven declines.
Stocks such as Axis Bank, Tata Steel, ICICI Bank, State Bank of India, Reliance Industries and ONGC were among the top gainers in the Sensex. The overall market breadth was also slightly positive with more than 1,400 stocks gaining ground as against 1,272 declines.
The broader Nifty of the National Stock Exchange settled the day at 10,715.50, rising 97.25 points or 0.92%.
The surge in the morning session was triggered by the ‘surprise’ announcement regarding open market operations by the Reserve Bank and later on, the rally was led by public sector banks, metals and media sectors with six sectors gaining more than 1% each, said V.K. Sharma, head (private client group & capital market strategy), HDFC Securities.
(With PTI inputs)

http://www.thehindu.com/business/ma...-crosses-67/article23805247.ece?homepage=true

So you think starting a thread with a misleading title would make us go into panic mode?

INR touches 69 sometime during the UPA regime. What would you say about that?

 

[IndoCarib]

@Janbaz Rao

Why so desperate ?

 

[PurpleStone]

So you think starting a thread with a misleading title would make us go into panic mode?

INR touches 69 sometime during the UPA regime. What would you say about that?

@Janbaz Rao

Why so desperate ?

Whether Rupee lost its value under UPA or NDA, at the end of the day Indian GDP has lost its value.

 

[Nilgiri]

Whether Rupee lost its value under UPA or NDA, at the end of the day Indian GDP has lost its value.

In nominal USD terms....your point? Our forex stockpile (for USD) are good, debt load decreased big time last year...and Indians dont transact 99.9% of their economy in USD.

If anything this helps export sector, esp once the GST is smoothened out even more. No one wants the hot money FPI asset inflation based (because 0 supply reform) growth of UPA-tards anymore.

@randomradio @Ryuzaki @Jugger @itachii

 

[PurpleStone]

In nominal USD terms....your point? Our forex stockpile (for USD) are good, debt load decreased big time last year...and Indians dont transact 99.9% of their economy in USD.

If anything this helps export sector, esp once the GST is smoothened out even more. No one wants the hot money FPI asset inflation based (because 0 supply reform) growth of UPA-tards anymore.

@randomradio @Ryuzaki @Jugger
@itachii

Yeah it helps with exports but adversely impacts imports that too when O&G prices are already climbing up.

If we keep depreciating Rupee every couple of years, then India would never catch up with US & China. It will for ever get stuck at 2.5 trillion GDP.

 

[Nilgiri]

Yeah it helps with exports but adversely impacts imports that too when O&G prices are already climbing up.

India is a big refined oil exporter it will be fine. Its not like the govt passed on a huge discount to the indian public when oil prices were low (for this very reason).

If we keep depreciating Rupee every couple of years, then India would never catch up with US & China. It will for ever get stuck at 2.5 trillion GDP.

Last year we added 340 billion USD in nominal terms to GDP (a 15% increase). We are already at 2.6 trillion dollar GDP in 2017 as result. So yeah you can wait and see for yourself Mr. false flagger.

 

[Shahzaz ud din]

@Janbaz Rao

Why so desperate ?

Desperate for what ???

I just shared the news.

Why so much

If you think this is a fake news then prove it

If you think it is correct then donot just


if you want to be a then you have to say to

Otherwise will at you guys
If you want to compete with then you have to devalue your rupee

Otherwise will you and you will be

Ultimately You have to pay for your to BD and

Do you think with will help you.Not at all.

I think I stepped on----------tail unintentionally

 

[PurpleStone]

So yeah you can wait and see for yourself Mr. false flagger.

A self proclaimed TamBam eating beef is calling others false flagger. Quite amusing.

 

[Shahzaz ud din]

he country’s economy

Is there any he country or she country !!!

 

[xyxmt]

@Janbaz Rao

Why so desperate ?

he is posting a news article from Hindu times, how is it deperation

 

[jung41]

Very right if this modi remains in power ...... God knows what will happen to rupee...... But that to terroristani rupee not Indian...

 

[Papa Dragon]

Whether Rupee lost its value under UPA or NDA, at the end of the day Indian GDP has lost its value.

Do you know that RBI could devalue the rupee when needed? That is simple economics

The notion is that 1$ being at Rs. 60 means that the U.S. Economy is 60 times stronger or that the Indian economy is 60 times weaker. However, that is a hugely flawed concept. What is important is not that the equation should be balanced in terms of the rupee equaling dollar; what is crucial is that the currency should move upward consistently. In a developing nation such as India, it is essential that the productivity is kept high, so that consequently the inflation is kept under check. The net effect of this cycle will infuse strength in the Indian Rupee

 

[PurpleStone]

Do you know that RBI could devalue the rupee when needed? That is simple economics

The notion is that 1$ being at Rs. 60 means that the U.S. Economy is 60 times stronger or that the Indian economy is 60 times weaker. However, that is a hugely flawed concept. What is important is not that the equation should be balanced in terms of the rupee equaling dollar; what is crucial is that the currency should move upward consistently. In a developing nation such as India, it is essential that the productivity is kept high, so that consequently the inflation is kept under check. The net effect of this cycle will infuse strength in the Indian Rupee

Depreciating the currency is a cruel joke being played the politicians. Let me give an example

Let's say India owes IMF $1000 and the exchange rate was $1 = Rs 100 meaning India owed IMF Rs 100,000

Now RBI depreciates Rupee and now the exchange rate is $1 = Rs 200 meaning India now owes IMF Rs 200,000

Also, India would now spend more money to import O&G & Defence equipment..

If prices of O&G increases then the inflation would also go up which means the common man would now have to foot that bill.

Was it simple for you to understand?