Mumbai: The rupee on Monday lost 15 paise to hit a fresh over one-month low at 54.95 against the dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the US currency against other currencies in the global markets. The rupee sentiment was hit by selling in commodities that was triggered by a strong dollar, which rose to a fresh four-and-a-half-year peak against the yen on the back of growing confidence in the US economy.
The yen continued its fall against the dollar and euro, giving investors a green light to continue selling the Japanese currency. Increased demand for the dollar from banks and importers and weak local equities also put pressure on the rupee, forex dealers said.
The rupee had closed down by 55 paise at 54.80 to hit a month's low in Friday's trade due to fresh dollar demand from importers amid firm global cues. Meanwhile, the BSE benchmark Sensex fell by 71.11 points, or 0.35 per cent, at 20,051.21 in early trade on Monday.
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09:51 AM, May 13, 2013
New Delhi: Enforcement Directorate may have seized assets worth Rs 2,357 crore in 2012-13, a seven fold increase from previous fiscal, but it sees the cases of money laundering, forex violations and other economic offences probed by it as just the "tip of the iceberg". The ED has stepped up its prosecution in money laundering cases and is planning to take steps, including filling 1,400 posts, to go full throttle...
05:20 PM, May 01, 2013
New Delhi: The Enforcement Directorate on Wednesday questioned sacked CWG organizing committee chief Suresh Kalmadi and recorded his statement in connection with its probe into alleged money laundering in the run up to the 2010 sporting extravaganza. The agency questioned Kalmadi for the second time in less than a month. He was questioned in a separate case of alleged forex violations on March 25 by the agency. Kalmadi has denied...
03:56 AM, Apr 18, 2013
Mumbai: The rupee weakened by 26 paise to trade at 54.78 against the US currency on Monday over sustained dollar demand from banks and importers amid its higher value overseas. The rupee resumed lower at 54.65 per dollar as against the last weekend's level of 54.52 at the Interbank Foreign Exchange (Forex) Market. It hovered in a range of 54.64 and 54.79 per dollar before quoting 54.78 at 10.40 am....
11:52 AM, Apr 15, 2013
The Indian rupee dropped by 18 paise to 54.35 against the American currency in the late morning trade on fresh demand for the greenback from banks and importers in view of firm dollar in overseas market. ...
11:25 AM, Mar 26, 2013
Sacked CWG organising committee chief Suresh Kalmadi was on Monday questioned by the Enforcement Directorate in connection with its probe into alleged forex violations in the run up to the 2010 sporting extravaganza. ...
08:12 PM, Mar 25, 2013
uzlon Energy, which recast its loans in January, is hitting the overseas bond markets to raise USD 650 million to prepay its forex debts, making it the first domestic company under CDR to do so, according to company and merchant banking sources. ...
12:44 PM, Mar 24, 2013
The rupee on Tuesday appreciated by 11 paise to 54.75 against the dollar in early trade at the Interbank Foreign Exchange (forex) market on selling of the US currency by exporters. Besides, a strong opening in the domestic equity market and strength in other currencies against the dollar overseas also supported the rupee, forex dealers said. ...
09:58 AM, Mar 05, 2013
The Enforcement Directorate (ED) has begun scrutinising a set of voluminous documents recently sent to it by American retail giant Walmart as part of its reply on a probe against the company's investment in an Indian firm for alleged violations of forex laws. The company has recently sent a detailed reply to the agency as part of communication to notices sent to it earlier under the Foreign Exchange Management Act...
06:07 PM, Jan 29, 2013
Mumbai: The rupee on Friday again breached the 56-mark by losing 31 paise to 56.15 against the US dollar in early trade to hit a fresh one-week low, due to strong demand for the American currency from banks and importers. Besides, the euro stayed bearish against other currencies in overseas markets after taking a hit from the European Central Bank's announcement of no immediate measures to fight the debt crisis,...
10:16 AM, Aug 03, 2012
New Delhi: It had been another brutal day for the rupee on the foreign exchanges as India's economic crisis escalated and, travelling home from a visit to Myanmar last week, Prime Minister Manmohan Singh summoned journalists on his plane for a briefing. The one statement he had prepared for the media that night, however, concerned allegations of corruption levelled against him and his cabinet ministers - not the economy. Quizzed...
09:02 AM, Jun 04, 2012
New Delhi: In UPA's summer of discontent, it continues to rain scams. The Central Bureau of Investigation (CBI) had unearthed a huge forex derivatives scam, pegged at Rs 32,000 crore which has been conveniently brushed under the carpet by the government for three years. On January 4, 2012, Parliament's Public Accounts Committee (PAC) had sent a reminder to the Ministry of Finance, seeking an explanation on the alleged scam in...
09:01 AM, Jun 03, 2012
The rupee on Monday tumbled to an all-time low of 55.03 a dollar due to increased demand for the American currency from banks and importers. ...
05:52 PM, May 21, 2012
Mumbai: The rupee on Monday tumbled to an all-time low of 55.03 a dollar due to increased demand for the American currency from banks and importers. The local unit resumed lower at 54.70 a dollar at the Interbank Foreign Exchange (Forex) Market and plunged to a new all-time low of 55.03 against the US dollar. Forex dealers said fresh dollar demand from banks and particularly, month-end demand from oil importers...
04:49 PM, May 21, 2012
An interactive graph showing the Indian rupee's (INR) performance against the United States dollar (USD) since December 1990 to May 2012. ...
01:20 PM, May 17, 2012
New Delhi: Senior IPS officer of Tamil Nadu cadre, Pramod Kumar, was on Wednesday arrested for allegedly entering into a criminal conspiracy to get a bribe of nearly Rs 10 crore from a private firm accused of duping general public of of Rs 829 crore. 46-year-old Kumar, a 1989-batch IPS officer, was arrested by the CBI in national capital from his apartment in South Delhi and produced before a judge...
08:15 PM, May 02, 2012
Mumbai: India's foreign exchange (forex) reserves rose by $1.46 billion to $294.60 billion for the week ended April 20, official data showed. Forex reserves had risen by $213.8 million to $293.14 billion in the previous week. Foreign currency assets, the biggest component of the forex reserves kitty, rose by $1.45 billion to $260.21 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of...
01:57 AM, Apr 29, 2012
Import-dependent automakers and their suppliers got bushwhacked by the Indian rupee in 2011 when it went into a tailspin after the country's trade gap began to widen and government policy drift kept investor dollars away. By the end of December, the rupee was down 20 per cent against the dollar, and by 22 per cent against the Japanese yen. The yen's rise particularly hit India's biggest carmaker Maruti Suzuki whose...
11:34 AM, Mar 13, 2012
Bangalore: The Indian government is investigating whether the Indian units of US Internet giants Google Inc and Yahoo Inc may have violated the country's foreign exchange laws, the Wall Street Journal said in report. Notices have been sent to the Indian units that they are being investigated for potential violations, the paper said. It cited a senior official at a division of India's federal finance ministry, which monitors foreign exchange...
11:22 AM, Feb 14, 2012
The Nuclear Power Corporation of India Limited (NPCIL), when it buys reactor components, settles bills partly in dollars and partly in rupees. These days it has been trying to convince component suppliers like Areva to take the payment entirely in rupees. This is largely to cut out the rupee depreciation and volatility risk. The component suppliers aren't in a mood to oblige. They don't want the foreign exchange volatility risk...
12:15 PM, Jan 24, 2012
