CURRENCY DEMAND
Rupee ends tad higher, importers limit gains; currency flat on-week
The Indian rupee edged higher against the U.S. dollar amidst expectations of a Fed rate cut.
Wage hikes-demand slowdown combo weighs on TCS first quarter net profit
TCS reported a 3.16% net profit drop to ₹12,040 crore in June due to wage hikes and macroeconomic uncertainties. Revenue increased to ₹62,613 crore, driven by a ₹15,000 crore BSNL deal. CEO Krithivasan noted geopolitical issues. AI, Cloud, IoT grew; $8.3 billion deal pipeline. Added 5,452 employees; 24.7% margin. GenAI pipeline at $1.5 billion; India business jumped 61.8%.
PepsiCo quarterly revenue misses estimates as demand slows for snacks, sodas; shares drop over 3%
Analysts note that while product prices are normalizing after nearly two years of increases, they remain higher than pre-pandemic levels. This leaves packaged-food companies like PepsiCo with limited pricing power as volumes decrease. PepsiCo raised average prices by 5% for the quarter ending June 15, consistent with the first quarter, but overall organic volumes declined by 3% during the period.
Rupee ends weaker, pressured by state-run banks' dollar bids; eye on US inflation
The rupee ended at 83.56 vs. the U.S. dollar, pressured by state-run banks and Asian peers like the won rising.
Rupee flat, near-term volatility expectations drop to 4-month low
The Indian rupee held steady against the U.S. dollar amidst rising Asian currencies. Market awaits U.S. inflation data and Fed officials' remarks. Volatility expectations decrease with rupee trading in a narrow band.
China's central bank refrains from gold purchases for a 2nd month
The pause by the People's Bank of China (PBOC) started in May, when spot gold prices hit a record high. The previous 18 months of consistent buying by the PBOC, along with demand from other central banks, contributed to the gold rally from March to May.
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Is Warren Buffett aware that the US dollar is losing 99.99% of its value? What did Michael Saylor say about this?
In a podcast, Michael Saylor has warned that the US dollar is losing its value due to high rate of inflation and other currency options. He added that well known investors are aware of this reality.
Not as $trong, but $till $ignificant
Recent reports suggest that Saudi Arabia has shifted away from the US dollar in its oil trade agreements, deviating from the petrodollar system. Though these reports lack concrete evidence, they stir speculation in the global financial system. BRICS nations have also signaled intentions to reduce their dependence on the dollar, advocating the use of local currencies in cross-border transactions among member states.
Marico Q1 Update: Modest increase in volume growth on improved demand
Parachute oil maker Marico on Friday said sales volume growth at home saw a modest increase in the first quarter ended June 30 as demand improved gradually with consumers spending more on personal care and cooking products.
Rupee closes flat, logs weekly decline; US jobs data in focus
The Indian rupee closed nearly unchanged on Friday as importer dollar demand weighed on the currency, even though most of its Asian peers gained ahead of the release of closely watched U.S. jobs data later in the day.
Gold gains on softer dollar ahead of US Fed minutes
Gold prices strengthened on Wednesday as the dollar eased after dovish comments from Federal Reserve Chair Jerome Powell, with investors now turning to minutes from the U.S. central bank's latest policy meeting to gauge future interest rate cuts.
Rupee at new low of 83.65 on strength in greenback
The Indian rupee weakened to a record low against the US dollar due to broad gains in the American currency and corporate outflows. The Reserve Bank of India intervened but refrained from significant action. The Chinese Yuan's weakness and corporate outflows also contributed to the rupee's decline, as noted by Shinhan Bank's vice-president.
Elon Musk's X demands repayment from former Australian employees over pay error
Elon Musk's X admitted to a currency conversion error when paying out entitlements, which sometimes resulted in overpayments of up to $70,000. Earlier last year, thousands of former Twitter employees claimed they were cheated out of severance pay when the billionaire laid them off after acquiring the social media platform.
Rupee ends nearly flat after RBI prevents record low; US Fed, CPI in focus
The Indian rupee closed nearly flat on Wednesday even as dollar demand from local oil companies and other importers put pressure on the currency but likely intervention from the Reserve Bank of India helped avert a drop towards its all-time low.
Rupee falls on month-end dollar demand; election results in focus
The Indian rupee declined on Friday, pressured by month-end dollar demand from importers, with investors awaiting the outcome of the country's general elections for fresh cues.
Dollar ascendant as surging US yields spur demand for safe havens
The dollar surged to a two-week high against major peers on Thursday due to a rout in Treasuries, boosting its appeal with higher U.S. yields and demand for safe haven assets.
Silver continues to glitter, hits lifetime high of Rs 97,100 per kg
Silver prices hit a lifetime high levels of Rs 97,100 in the local market on Wednesday, while gold prices rose Rs 250 in line with strong trends in the overseas markets, according to HDFC Securities.
Rupee slips on importer dollar demand, forward premiums inch up
The dollar index slipped below the 104.5 mark, extending its losses from Monday, while most Asian currencies ticked up, with the Korean won up 0.4% and leading gains.
Rupee closes mildly weaker, forward premiums slip
The Indian rupee closed slightly down on Monday, unable to build on recent gains as local dollar demand pressured the currency even as most of its Asian peers rose.
Rupee closes tad higher, off six-week peak on importers' dollar demand
The Indian rupee ended slightly stronger on Wednesday after dollar demand from local importers prompted the currency to shed gains from a six-week high hit earlier in the session.
Rupee strengthens to highest in a fortnight, logs weekly rise
The Indian rupee closed higher on Friday after rising to its highest in two weeks, aided by likely intervention from the Reserve Bank of India (RBI) and broad-based interbank dollar sales in the latter half of the session.
Rupee ends flat; oil cos, foreign banks' dollar demand offsets rise in Asia FX
The Indian rupee closed flat on Thursday as dollar demand from local oil companies and likely equity-related outflows weighed on the local unit even as most other Asian currencies rallied.
Rupee closes little changed, logs slight weekly decline
The Indian rupee closed nearly flat on Friday, tracking subdued moves in its Asian peers and as expectations of the central bank's intervention blunted the pressure of dollar demand from local oil companies and foreign banks.
Akshaya Tritiya 2024: Why gold rates vary across cities?
On Akshaya Tritiya, Hindus globally celebrate by purchasing gold, symbolizing prosperity and new beginnings. However, understanding the fluctuating gold prices across Indian cities is crucial. Factors such as local demand, transportation costs, taxes, market competition, and global trends influence these variations. Despite the timeless allure of gold, its pricing reflects the intricate dynamics of each urban center, shaping the experience for buyers.
Rupee ends flat as foreign banks' dollar buys eat into uptick
The rupee ended at 83.5075 against the U.S. dollar, barely changed from its previous close at 83.5175. The currency had risen to a high of 83.4475 early in the session, before shedding some of the gains.
Rupee ends little changed; forward premiums inch up
The Indian rupee closed nearly flat on Wednesday as expectations that the Reserve Bank of India would likely intervene to cap a sharp weakness supported the local currency despite a decline in its Asian peers.
Rupee ends mildly higher aided by gains in Asian peers; falls on week
The Indian rupee closed slightly higher on Friday aided by a rise in its Asian peers but dollar demand from state-run banks limited gains.
Cash in circulation more than doubles since FY17 on consumption demand
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
Gold prices drop 1% as dollar, yields firm after upbeat US data
The dollar gained 0.1% against its rivals, making gold less attractive for other currency holders, while benchmark U.S. 10-year Treasury yields also edged higher.
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