1. The rupee increased 14 paise to end in the range of 79.76 (provisional) in comparison to the US dollar on Monday.
In the interbank market for forex in the local market, the currency was traded in 79.86 with respect to greenback, and eventually settled at 79.76.The rupee increased 14 paise and closed in the range of 79.76 (provisional) with respect to the US dollar on Monday. The dollar was gaining momentum in the wake of the strong regional peers as well as the soft greenback. In an interbank market for forex the local currency was trading in 79.86 with respect to greenback. It then eventually settled with 79.76 (provisional) which was an increase of 14 points over its previous closing. The local currency saw an intra-day record high of 79.70 and the lowest at 79.87 in relation to the American currency. In the previous period, the rupee been trading with a value of 79.90 in relation to the American currency. The dollar index that gauges the strength of the greenback against an array of six currencies and was down 0.38 percent to 106.32.Brent crude oil futures which is the global oil benchmark, increased 1.25 percent to USD 104.49 per barrel.
Based on Dilip Parmar, Research Analyst, HDFC Securities, the Indian rupee has started the week on a high on the front after the strengthening of regional currencies as well as weaker crude oil prices. "We've started the Fed week, and markets have returned to their forecast of a 75-bps increase from 100 bps a few days ago," Parmar said, noting that the spot USD/INR has support in the range of 79.30 and resistance at 80.10.On the equity market domestic side it was the BSE Sensex closed 306.01 per cent or 0.55 percent lower at 55,766.22, while the larger NSE Nifty slipped 88.45 per cent or 0.53 percent up to 16,631.00.Foreign institutional investors (FIIs) had net sales on markets for capital on Friday when they sold shares for the sum of 675.45 crore, according to the exchange information.
2. Tactile Features In Currency Notes for visually impaired persons: RBI To HC
It was reported that the Reserve Bank Of India (RBI) on Monday, told that the Bombay High Court it has included various tactile features in its notes designed for those who are visually impaired. Reserve Bank of India (RBI) Monday informed it's Bombay High Court it has included numerous tactile features on notes for people who are visually impaired. A division bench comprised of the Chief Justice Justice Dipankar Datta and Justice M S Karnik was hearing a case submitted from NAB National Association of the Blind (NAB) which claimed that the new coins and currency notes caused difficulty for those with impaired vision in identifying and separating the different types of currency. The petitioner's advocate Uday War unjikar, on Monday informed the court that earlier notes and coins were different sizes and, therefore they could be easily identified. RBI was able to, after the filing the petition, has developed an app for mobile phones that can be utilized by visually impaired individuals War unjikar stated on Monday the senior lawyer Venkatesh Dhond, representing the RBI in court, explained that, in addition to preparing the application it was also the RBI had also sought advice from numerous associations that cater to visually impaired. RBI has created a variety of tangible features on currency notes, such as the identification marks as well as raised lines. The Rs100 note is an arc and four raised lines. The notes of Rs500 have five lines and a circle, while the note for Rs2000 comes with seven lines and a rectangle," he said The bench noted that the issues identified in the petition were grave and requested the petitioner to submit an affidavit containing further suggestions.
3. Markets Break for Six-Day Rally Drag Down by Reliance
Benchmark indexes fell on Monday, with the BSE Sensex falling 306 points, mostly dragged downwards through Reliance Industries Benchmark indices fell on Monday, with the BSE Sensex dropping 306 points, which was mainly driven lower through Reliance Industries Foreign funds outflow contributed to the general bearish outlook in equity markets on Monday. The 30-share BSE benchmark was down 306.01 points, or 0.55 per cent to end at 55,766.22. In the course of the day, it decreased 535.15 points , or 0.95 percent to 55,537.08.The Nifty, the NSE's broad benchmark, fell 88.45 per cent or 0.53 percent to 16,631.Bulls have finally slowed down after soaring ahead over the past six sessions, as investors booked profits from oil, automobile and gas telecom and oil & gas stocks, despite gains in select metals and capital goods stocks have capped losses. Investors were cautious about trading in advance of Wednesday's Federal Reserve meet on Wednesday," Shrikant Chouhan, the head of Equity Research (Retail), Kotak Securities Ltd, said Of the Sensex constituents, Mahindra & Mahindra fell most, by 3.80 percent and was then Reliance Industries which declined 3.31 percent after its June quarter results did not inspire investors. The other companies that fell behind included Maruti Suzuki India, Kotak Mahindra Bank, Ultra Tech Cement, Tech Mahindra and Nestle Tata Steel, IndusInd Bank, Asian Paints, HCL Technologies, Wipro and NTPC were among those that gained. RIL's numbers, although excellent in the retail and telecom fronts, were a bit lower than expected in the refining sector," said V K Vijayakumar who is the Chief Strategist at Geojit Financial Services. Strategist Geojit Financial Services. Geojit Financial Services. Asia markets in Tokyo, Shanghai and Hong Kong were lower and Seoul was trading in the green The markets across Europe trade in the green in mid-session trading. The US markets ended in a downbeat fashion in the previous day. International Brent crude oil was the benchmark. Brent crude increased by 1.24 percent to the price of USD 104.52 per barrel. Foreign institutional investors sold shares of Rs675.45 crore in the last trading day of the week, according to the exchange information. PTI SUM HVA
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