In response to a strong U.S. dollar abroad, the rupee gave up all of its early gains and depreciated by 3 paise to close at 81.82 (provisional) on Friday. The declining inclination in the rupee was nonetheless restrained, according to forex traders, by the positive attitude on the domestic equity market. At the interbank foreign…
During the months of January through March, Wipro’s net profit increased somewhat sequentially by 0.70% to Rs 3,074.5 crore, falling short of the Rs 3,129 crore Bloomberg consensus estimate. The period’s revenues, which were similarly less than the projection of Rs 23,460 crore, were down 0.16% sequentially to Rs 23,190 crore. The board of directors…
In the midst of a strong U.S. dollar abroad on Thursday, the rupee gave up all of its early gains to end the day 10 paise worse at 81.84 (provisional). The robust sentiment on the domestic stock market, according to forex traders, limited the rupee’s decline. The local unit started out at the interbank foreign…
According to government estimates, major electronics manufacturers, including those that produce mobile phones, have received more than half of the $2,875 crore in disbursements made so far under the government’s Production Linked Incentive (PLI) scheme for 14 industries. Much of the remaining market was dominated by pharmaceuticals and food items. There are 1.97 lakh crores…
Following the weakness of the U.S. dollar in the international market, the rupee increased 21 paise to end the day at 81.74 (provisional) against the U.S. dollar. Forex traders claimed that the local currency was also supported by an upward trend in domestic equities. The local unit began trading at 82 against the U.S. dollar…
Despite being a net exporter of steel, India saw a rise in imports of this important commodity for infrastructure in FY23 of over 45%. In the past three years, this rise ranks among the largest. The greatest imports during the past few years, since India became a net exporter of steel, were in FY20 at…
While Asian counterparts continued to decline, the Indian rupee finished Tuesday with little change as traders awaited new signals before placing significant wagers. As opposed to 81.9050 in the previous session, the rupee ended the day at 81.9125 to the dollar. Traders cited public sector bank-led dollar bids near 81.90-levels as the reason why additional…
With steel mills looking into less expensive options, such as Russian coal, as opposed to more conventional but more expensive supplies from Australia, India’s imports of coking coal grew by almost 3% to 54.33 million tonnes (mt) in FY23. Shipments into India totaled 53.04 mt in FY22. Australian coking coal shipments decreased 13% year over…
Amidst a recovery in the U.S. dollar and risk aversion in global markets, the rupee declined last week and reached a low of 82.32. While this was going on, a dramatic decline in the price of crude oil helped to limit declines in local currency. The dollar index recovered from its lows for the year…
As softer U.S. economic statistics and an increase in petrol inventories stoked worries about a recession and slowing global oil demand, oil prices dropped on Friday, extending losses from the two prior days and aiming for a weeklong decline. At the morning June Brent futures were down 14 cents, or 0.2%, at $80.96 per barrel….
