Business
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.
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.
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
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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