Monday, 21 January, 2019

Rupee rebounds 27 paise vs Dollars

The average yield on the most liquid short rupee-denominated corporate notes climbed to the highest since March 2016 The average yield on the most liquid short rupee-denominated corporate notes climbed to the highest since March 2016
Jean Garcia | 17 May, 2018, 16:53

On Tuesday, the rupee had lost 56 paise - the second biggest single-day fall of 2018 - to end at a new 16-month low of 68.07 as panic dollar demand rattled the currency market. The unit later hit a fresh intra-day high of 67.75 in late afternoon deals before closing at 67.80, showing a gain of 27 paise, or 0.40 per cent.

Sharply rising USA dollar yields have boosted the dollar on global exchanges, and the rupee was also coming under pressure from firm crude oil prices that will weigh on the country's already widening trade deficit.

In the forex markets on Wednesday, the rupee opened lower at 68.14 and slipped further to a fresh multi-month low of 68.15 in early trade. The Brent crude futures and United States crude futures (financial oil benchmarks) remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively.

Bumble Bee CEO indicted for tuna price fixing
The largest is Chicken of the Sea owned by the Thai Union Group, while the second largest is Bumble Bee and then StarKist. The market for canned tuna across the USA has been dominated for a long time by just three companies.

Experts caution the domestic currency could continue to be under pressure.

Meanwhile, despite mainstream reports to the contrary this year, bitcoin isn't banned in India despite recent curbs led by the central bank which effectively barred Indian citizens from purchasing cryptocurrency through their bank accounts. India's foreign exchange reserves have also fallen as much as $7 billion from their peak as the central bank without admitting to intervention has been doing so, said dealers.

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