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Rupee slips 12 paise in early trade

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3 years ago

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Rupee slips 12 paise in early trade

The rupee fell 12 paise to 75.72 against the US dollar in open trade on Tuesday, February 15, 2022, as geopolitical tensions and rising domestic inflation weighed on investor sentiment.

Ongoing foreign capital outflows and rising crude oil prices also weakened positions in the rupee, foreign exchange traders said. In interbank foreign exchange, the rupee opened at 75.60 per dollar before sliding further to 75.72, down 12 paise from the previous close.

On February 14, the rupee lost 24 paise against the dollar to settle at a more than nine-week low of 75.60.

Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.18% at 96.19.

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Inflation breaches RBI’s ‘cap’
On the domestic macroeconomic front, retail inflation crossed the RBI’s 6% ceiling for the first time in seven months in January, while the wholesale price index remained in double digits for the 10th consecutive month.

“Rising concerns over Russia-Ukraine tensions and their impact on crude oil and a possible global rate hike scenario could limit the appreciation bias,” said Sriram Iyer, senior research analyst at Reliance Securities.

In addition, Iyer noted that differing policy outlooks from the RBI and the Federal Reserve, higher domestic inflation, and lack of central bank controls could also limit the appreciation bias.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.68% to $95.82 a barrel.

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On the domestic stock market, the 30-share Sensex gained 233.49 points, or 0.41%, to 56,639.33, while the broader NSE Nifty gained 48.35 points, or 0.29%, to 16,891.15.

Foreign institutional investors remained net sellers in capital markets on Monday as they dumped shares worth Rs 4,253.70 crore, according to stock exchange data.

Complete News Source : The Hindu

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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