Sunday, 22 July, 2018

Rupee declines against dollar, reaches 17.64 vs dirham

Market still on slippery ground inflation concerns linger Rupee declines against dollar, reaches 17.64 vs dirham
Russell Knight | 22 February, 2018, 23:25

The rupee weakened by 34 paise to a three-month low of 65.10 against the USA dollar due to increased demand for the greenback from importers amid heavy foreign fund outflows. Minutes of the January 30-31 Federal Open Market Committee meeting showed that officials saw a stronger economy than at the end of 2017 and that more rate increases were in the offing.

The rupee on Wednesday had claimed some of its lost ground to end higher by 3 paise at 64.76 against the USA dollar. This is the lowest closing of the Indian currency since November 20 a year ago.

The partially convertible rupee was trading at 65.0350 per dollar versus its previous close of 64.7550, after hitting 65.0850, its weakest level since November 21.

The domestic currency opened at Rs 65.06 against the dollar and traded in a range of 64.96 and 65.10 so far during the day.

Assertion by India over emergency extension a distortion of facts: Maldives
It also said the delay in the resumption of the political process would impact the restoration of normalcy in the Maldives. The court said his 2015 trial had been unconstitutional.

Calgon Carbon (CCC) Downgraded to "Sell" at Zacks Investment Research
Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. It fall, as 33 investors sold CCC shares while 41 reduced holdings. 43 funds opened positions while 85 raised stakes.

Students meet with Florida state leaders
The students burst into applause when Galvano said he supports raising the age to purchase assault-style weapons from 18 to 21. McGhee proposed moving the bill out of committee, as it was not scheduled for a hearing in the current legislative session.

Meanwhile, after a brief overnight relief rally, local equities once again turned shaky and succumbed to modest profit-taking even as wary investors squared off their long positions on the last trading session of February series contracts in the derivatives segment.

The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 90.01 in early trade.

The Indian rupee slid to a near three-month low on Tuesday amid growing concerns about an alleged major bank fraud at India's second-largest state-run lender, whilst emerging stocks fell half a percent. "As importers can't delay payments, they are forced to buy dollars from the spot and forward market", said a banking source.

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