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Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said foreign fund outflows from Indian equities following the government's decision to hike the tax rate on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword> weighed on the local currency and restricted the move upwards. At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar. "The rupee remains under significant pressure, hovering near all-time low levels. This strain is due to the government's recent decision to hike the tax rate on capital gains, sparking major outflows of Foreign Institutional Investments (FIIs). "However, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has been actively capping the downside, preventing further depreciation by maintaining the rupee at around 83.75," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.30, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, rose 0.18 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.52 per barrel. In the domestic <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword>, the 30-share BSE Sensex was trading 291.71 points, or 0.36 per cent higher at 80,331.51 points. The broader NSE Nifty was up 114 points, or 0.47 per cent, to 24,520.10 points. <keyword id="19932515" type="General" weightage="100" keywordseo="Foreign-Institutional-Investors" source="keywords" meta.keywordsubtype="org" meta.entityname="Foreign Institutional Investors" meta.hostid="261" meta.entityid="Foreign Institutional Investors">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, according to exchange data.

Rupee recovers from all-time low, rises 9 paise to 83.69/USD in early trade

New Delhi: <keyword id="22930355" type="General" weightage="20" keywordseo="Janmashtami-festivities" source="keywords">Janmashtami festivities</keyword> across the country led to a <keyword id="22930356" type="General" weightage="20" keywordseo="business-surge" source="keywords">business surge</keyword>, with transactions exceeding Rs 25,000 crore, according to the Confederation of All India Traders (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords">CAIT</keyword>). These figure highlight the robust consumer spending during the festival driven by the vibrant celebrations of <keyword id="20126824" type="General" weightage="20" keywordseo="janmashtami" source="keywords">Janmashtami</keyword>, marking one of the most commercially active periods of the year. CAIT's National General Secretary and Member of Parliament from Chandni Chowk, Praveen Khandelwal, stated that during this significant festival, large-scale sales were observed, particularly in flowers, fruits, sweets, deity costumes, decorative items, fasting sweets, milk, curd, butter, and dry fruits. Khandelwal said that festivals like Janmashtami are an important part of the Sanatan economy, which strengthens the nation's economy. CAIT's National President, BC Bhartia said that Janmashtami was celebrated with great enthusiasm across the country, especially in North and West India, where the festival was celebrated with much joy. <keyword id="20187217" type="General" weightage="20" keywordseo="Krishna-Janmashtami" source="keywords">Krishna Janmashtami</keyword> was celebrated on August 26 this year across the country. Devotees traditionally fast and decorate temples and homes with flowers, diyas, and lights. Temples were decorated attractively, and there were large crowds of people visiting them. He highlighted that the special attractions of the Janmashtami festival included digital tableaux, selfie points with Lord Krishna, and many other delightful scenes. In cities, there were numerous bhajans, religious dances, and discourses by saints and sages. Various social organizations also organized large-scale Janmashtami celebrations. According to scriptures, Janmashtami is celebrated on the eighth day of the dark fortnight of the month of Bhadrapada. It is the day Lord Krishna was born. Earlier this month, the CAIT anticipated a festive trade of over Rs 12,000 crore across the country during the Rakhi festival. In 2022, the business during the Rakhi festival stood at around Rs 7,000 crore, in 2021 it was Rs 6,000 crore, in 2020 it was Rs 5,000 crore, in 2019 it was Rs 3,500 crore, and in 2018 it was Rs 3,000 crore, as per Khandelwal. The trade body said that the markets are witnessing a massive rush for shopping, and people are very enthusiastic about the festival.

Janmashtami festivities drive business across India, sales exceed Rs 25,000 crore: CAIT

The <keyword id="6355040" type="General" weightage="20" keywordseo="GST-Council" source="Orion">GST Council</keyword> approved the amendments in the GST Act and GST Rules for allowing unregistered suppliers and composition taxpayers to make intra-state supply of goods through <keyword id="35621" type="General" weightage="20" keywordseo="E-COMMERCE" source="Orion">E-Commerce</keyword> Operators (ECOs), subject to certain conditions. Appreciating wholeheartedly the major decision of the GST Council to allow small <keyword id="8112933" type="General" weightage="20" keywordseo="unregistered-vendors" source="Orion">unregistered vendors</keyword> to sell their goods through e-commerce portals, the <keyword id="76562" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="Orion">Confederation of All India Traders</keyword> (CAIT) on Saturday thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this "progressive decision" which was demanded by CAIT since last more than two years. CAIT national president B.C. Bhartia and Secretary General Praveen Khandelwal said this decision will empower small traders who are below GST threshold limit to expand their business through e-commerce and will strongly strengthen Digital India vision. There are more than 8 crore small traders in the country but a large number of traders are conducting business activities without GST registration since their annual sale is below the GST threshold limit. Such traders will now be able to trade on e-commerce. Earlier, GST Council in its 47th meeting had granted in-principle approval for allowing unregistered suppliers and composition taxpayers to make intra-state supply of goods through ECOs, subject to certain conditions. CAIT said that India is fast emerging as the e-commerce hub and there is tremendous growth in online business. E-commerce business in India is now approximately 10 per cent of total retail. "In view of this it was extremely pertinent that small vendors, those who have small turnovers and do not fall under the purview of the GST, were not able to conduct online business, thus causing huge loss of market and business opportunities," a statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gst-council-meet-decriminalisation-tax-evasion-in-pan-masala-gutkha-biz-on-agenda/articleshow/96297108.cms" style="">GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms" style="">Tata Motors subsidiary to operate 921 electric buses in B'luru</a>

GST Council to allow e-commerce for unregistered vendors

Traders' body <keyword id="76562" type="General" weightage="80" keywordseo="confederation-of-all-india-traders" source="Orion">Confederation of All India Traders</keyword> (<keyword id="853920" type="General" weightage="80" keywordseo="cait" source="Orion">CAIT</keyword>) has drawn Union Health Minister <keyword id="2607815" type="General" weightage="80" keywordseo="mansukh-mandaviya" source="Orion">Mansukh Mandaviya</keyword>'s attention towards a draft notification issued by the Food Safety and Standards Authority of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> (FSSAI) for the printing of Indian Nutrition Rating (INR) on food packets as part of a labelling exercise with healthy food items getting a higher rating. In a letter, CAIT said that the proposed rules have not taken into account the ground reality of the food trade and various parameters of spending of the consumers. "This move undoubtedly looks to be logical and has been brought with a good intention to ensure quality and nutrified food to the people of India. However, the proposed rules have not taken into account the ground reality of the food trade and various parameters of spending of the consumers," the letter read. CAIT has claimed that the said rules are an attempt to run the food trade with one stick though India is a land of great diversity. "The food trade in India is carried by major companies on the one side but largely crores of small Halwai, food operators, Sweet &amp; Namkeen makers and others conduct their food business activities catering to the requirement of about 80% population of the country," it added. It said that food choices differ from state to state. For example, in Delhi, the people like chat pakori, kachori etc but on the contrary, the people of Gujarat prefer farsan, people of MP have a great choice towards local produced namkeen, people of Maharashtra love eating Pav Bhaji and people of South India have altogether different choices. Notably, these items are largely available in packing. These items are famous because of their very different and special kind of recipes and these all have different nutritional values. These and many other large items are made depending upon the taste of the people. "Any legislation or regulation which may be drafted to regulate them with one yardstick will end with the closure of these large number of small sweet and namkeen manufacturers traditionally known as Halwai and Bakers which will further result into unemployment of a large number of workers who work with these small Halwai and sweet namkeen manufacturers," it added. "We request your good self to kindly consider the above submissions made by us. However, we shall be grateful if you kindly accord us a convenient appointment to discuss the subject in person with your goodself," said the letter written by <keyword id="361703" type="General" weightage="80" keywordseo="praveen-khandelwal" source="Orion">Praveen Khandelwal</keyword>, National secretary general, Confederation of All India Traders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/united-health-interface-will-do-to-service-delivery-what-upi-did-to-payments/articleshow/95830093.cms">‘United Health Interface will do to service delivery what UPI did to payments’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/51-indian-firms-say-sustainability-is-important-only-19-fit-for-the-future/articleshow/95829477.cms">51% Indian firms say sustainability is important, only 19% Fit for the Future</a>

Traders' body seeks printing of Indian Nutrition rating on food packets

Mumbai: <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">Rupee</keyword> appreciated 8 paise to 83.89 against <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India's trade data all scheduled to be released next week. The Jackson Holes Symposium to be held after next week will also remain in focus, traders said. At the interbank foreign exchange, the rupee opened at 83.95 against the greenback, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar. Rupee was protected by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) at 83.96 for this week and the local unit is likely to trade in a narrow range of 83.90/84.00 for the day after the RBI kept key benchmark rates on hold, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 103.17. Brent crude, the global oil benchmark, advanced 0.15 per cent to USD 79.28 per barrel. "Brent oil prices rose to USD 79.22, a 3 per cent weekly gain, on rising Middle East tensions and better than expected US jobless claims data giving a better outlook on the US economy," Bhansali added. Market analysts said while the rupee seems to be tilting towards a negative bias, but sharp fluctuations are not anticipated. Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said Indian rupee remained largely range-bound so far this financial year. Das further noted that the country's forex reserves touched a record high of USD 675 billion as on August 2. On the domestic equity market front, Sensex surged 958.63 points, or 1.22 per cent, to 79,844.85 points. The Nifty advanced 280.70 points, or 1.16 per cent, to 24,397.70 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,626.73 crore, according to exchange data.

Rupee rises 8 paise to 83.89 against US dollar in early trade

<keyword id="22003705" type="General" weightage="20" keywordseo="Indian-traders" source="keywords">Indian traders</keyword> involved in <keyword id="22003703" type="General" weightage="20" keywordseo="border-trade" source="keywords">border trade</keyword> with China through the <keyword id="22003704" type="General" weightage="20" keywordseo="Lipulekh-pass" source="keywords">Lipulekh pass</keyword> in Pithoragarh district since 1992, have requested the central government to take up the issue of resumption of border trade through this route with Beijing. The trade route was closed rather suddenly after the outbreak of the Covid-19 pandemic in 2019, forcing Indian traders to return from the <keyword id="22003706" type="General" weightage="20" keywordseo="Taklakot-mart" source="keywords">Taklakot mart</keyword> in Tibet leaving behind their woollen products. Five years have passed but the route has not been opened, an organisation of border traders in Dharchula said. The traders who belong to the <keyword id="22005864" type="General" weightage="20" keywordseo="Bhotia-tribe" source="keywords">Bhotia tribe</keyword> started to raise their demand for reopening of the trade route through Lipulekh after China recently began the process of implementing a pact, in which it had agreed to open all 14 trade passes with Nepal. The implementation of the agreement inked by China and Nepal in December, 2022 began on May 25 this year, when China opened Piangi pass situated in Dolpa district of eastern Nepal, president of Bharat Tibetan Simant Vyapar Samiti, Dharchula Jeewan Singh Rongkali said. Three more passes along the Indo-Tibet border in the western region of Nepal that fall in the districts of Humla, Bajang and Darchula will be opened on June 20, 30 and 25 respectively, he said. "We have so far sent 22 applications to the government of India requesting it to take up with the Chinese authorities the reopening of the trade route through Lipulekh pass but have received no response so far," Rongkali said. According to Rongkali, Indian tribal traders from Dharchula alone have left trading items worth Rs 15 lakh in <keyword id="22005865" type="General" weightage="20" keywordseo="taklakot" source="keywords">Taklakot</keyword> Mart of Tibet at the time of closure of border trade in 2019, following the Covid-19 pandemic. "We have no information if our stored goods are safe or in a state of decay. They were stored in plywood covers at the time of closure of trade," Rongkali said. "We want trade with China to be resumed through Lipulekh pass but if for some reason it is not possible then the traders should be given 15 days' time to go to Taklakot to ring back their goods," he said. Goods of over 450 Indian tribal traders have been lying there for the last 5 years, he said. According to Rongkali, over 450 Indian traders used to supply essential goods to villagers of over 45 villages of western Tibet through this trade route since 1992. "Out of over 1.5 crore trade annually, we have paid lakhs of rupees towards customs duty and other taxes to the government of India," said Rongkali. China announced in the year 2022 that it will build trans Himalayan multi-dimensional connectivity with Nepal to restructure the road and communication network with that country, Rongkali said. "As China has not given permission to open our passes along the Indo-China border, we have an apprehension that the mart made for Indian traders in Gakkhu town of Taklakot could be handed over to Nepalese traders," said Rongkali.

Indian traders demand resumption of border trade with China through Lipulekh pass

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> opened on a flat note against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Tuesday, weighed down by a muted trend in domestic equities and the strength of the <keyword id="20563045" type="General" weightage="20" keywordseo="American-currency" source="keywords">American currency</keyword> in overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the US dollar strengthened due to increased demand from oil importers and stronger-than-expected economic data from the US. Moreover, rising crude oil prices also weighed on the local unit. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.49 against the American currency and touched 83.50 in initial trade. On Monday, the rupee settled for the day lower by 10 paise at 83.50 against the US dollar. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword>'s positive economic outlook, with solid growth and unchanged inflation projections, suggests that there is less room for any early cuts amid prospects of rising inflation. This is likely to benefit the rupee from a favourable interest rate differential, said CR Forex Advisors MD Amit Pabari. Further, Foreign Institutional Investors (FII) have resumed their buying. FIIs were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,572.38 crore, according to exchange data. Moreover, anticipated inflows such as Reliance Infrastructure raising USD 350 million, SpiceJet planning to raise USD 250 million, and Clix Capital aiming to raise USD 600 million are likely to benefit the rupee, Pabari said. Given these factors, the rupee is expected to swing within a range of 82.90 to 83.70, he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.12, lower by 0.02 per cent. Brent crude futures, the global oil benchmark, fell 0.20 per cent to USD 81.47 per barrel. On the domestic equity market, the 30-share BSE Sensex was trading 155.45 points, or 0.20 per cent lower at 76,334.63 points. The broader NSE Nifty was down 33.25 points, or 0.14 per cent, to 23,225.95 points. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank">iOS 18 announced with Apple Intelligence, improved privacy controls, customisable home screen and more</a><a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank">Apple Vision Pro to be available in nine new countries, but India is not one of them</a><a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank">Ixigo IPO now open – Price band to risk factors, all you need to know</a>

Rupee opens flat against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> turned flat at 83.73 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword>, the Indian currency found support due to softening <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.13. Brent crude -- the global oil benchmark -- rose by 0.79 per cent to USD 80.15 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex plunged 614.96 points or 0.75 per cent to 81,252.59 in morning trade, while the broader Nifty declined 194.80 points or 0.78 per cent to 24,816.10. Foreign institutional investors were net buyers in the capital markets on Thursday and bought shares worth Rs 2,089.28 crore, according to exchange data. A monthly survey released on Thursday showed India's manufacturing sector growth eased slightly to 58.1 in July from 58.3 in June on softer increases in new orders and output, while cost pressures and demand strength led to the steepest increase in selling prices since October 2013. The government's GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, driven by domestic transactions in goods and services, according to official data released on Thursday. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Rupee turns flat at 83.73 against US dollar in early trade

Nashik, <keyword id="519104" type="General" weightage="20" keywordseo="onion-traders" source="Orion">Onion traders</keyword> have said that they suspended auctions in all agriculture produce market committees in Nashik district of Maharashtra and their protest will continue indefinitely, a development raising the fear of shortage of the kitchen staple in retail markets and hike in prices. An office-bearer of the Nashik District <keyword id="50894" type="General" weightage="20" keywordseo="onion" source="Orion">Onion</keyword> Traders Association (NDOTA) said on Wednesday they were protesting against the Union government's recent move to increase <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on onions up to 40 per cent, which will remain in force till December 31. Taking serious cognisance, the District Sub-registrar, Co-operative Societies, on Wednesday night issued an order directing all APMCs to suspend or cancel the licences of the striking traders and submit the Action Taken Report on September 21. "In protest against the export duty hike decision, we have decided to shut the auction of onions in all APMCs in the district indefinitely. This (export duty hike) decision of the Centre will not only make export of onions difficult but it will also affect the onions in transit, causing huge loss to farmers," the office-bearer said. Earlier on Wednesday, Maharashtra marketing minister Abdul Sattar said that observing a bandh (shutting auctions of onions) was not right. "Secretaries in the departments of cooperation and marketing will discuss the action to be taken as per rules and Nashik district collector will take the necessary action," he said on the sidelines of an event. Notably, auctions of onions remained closed at most of the APMCs in Nashik district, including at Lasalgaon, the largest wholesale onion market in India, on August 20. "We had given time till September 19 to the government to find a solution to our demands. But as our demands are not agreed to yet, we have decided to shut the auction of onions indefinitely," the office-bearer said. The other demands raised by traders include the cancellation of export duty on onions, a 50 per cent reduction in market fees, participation by the National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Consumers' Federation of India (NCCF) in auctions and a 50 per cent subsidy in transport of onions. Accordingly, onion auctions did not take place in all APMCs in Nashik district on Wednesday including in the Lasalgaon APMC. No onions arrived at APMCs, sources said. The government order mentions that Khandu Deore, president of Nashik District Onion Traders Association, had written a letter on September 13 to minister Sattar mentioning four demands and warning of not participating in onion auctions from September 19. Accordingly, the minister has organized a meeting of officials of the Marketing department on September 26. The minister also requested the traders to defer the agitation. Despite that the traders and brokers resorted to strike which has caused many problems for farmers in the sale of various agri produce, the order said. "Even in the meeting held by the government on Wednesday (Sep 20), the traders and brokers remained adamant on their stand. As a result, the order of immediate legal action has been issued," it said. Accordingly, as per the Maharashtra Agriculture Produce Marketing (Development and Regulation) Act, 1963, all the APMCs should make optional arrangements and take necessary measures to continue the sale and purchase deals of agri produce. APMCs have the right to suspend or cancel the licenses of such traders. As per the provision, the APMCs should immediately suspend or cancel the licenses of such traders. In addition, a necessary process should be implemented to issue licenses to new buyers who want to purchase goods at the APMCs, the order said. If an APMC fails to follow the order, action will be taken against the board of directors and the secretary, the order added.

Onion traders in Nashik district go on indefinite strike over export duty; govt orders strict action

The rupee pared its initial losses and settled for the day on an almost flat note at 83.50 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Thursday, resisting pressure from elevated <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword>. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels, and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.48 and a low of 83.56 against the American currency during the session. It finally settled at 83.50 (provisional) against the dollar, 1 paisa lower than its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.49 against the US dollar. "We expect the rupee to trade with a slight positive bias on softness in the US dollar amid weak economic data and rise in risk appetite in global markets," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. "However, elevated crude oil prices may limit the gains. Investors may remain cautious ahead of the US non-farm payrolls report tomorrow," Choudhary said, adding that USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 105.24. Brent crude futures, the global oil benchmark, were trading 0.47 per cent lower at USD 86.93 per barrel. In the domestic equity market, Sensex breached the historic 80,000-mark and Nifty scaled a fresh lifetime high. The 30-share BSE Sensex ended the day 62.87 points, or 0.08 per cent, up at its all-time high of 80,049.67 points. The broader NSE Nifty settled 15.65 points, or 0.06 per cent, higher at a fresh peak of 24,302.15 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 5,483.63 crore, according to exchange data. Meanwhile, according to an official of S&amp;P Global Ratings, a sovereign rating upgrade for India in the next 24 months is possible if the central government is able to prudently manage its finances and bring down the fiscal deficit to 4 per cent of GDP. S&amp;P Global Ratings Director, Sovereign Ratings, YeeFarn Phua, said the trigger for an upgrade would be the government (Centre + states) deficit falling below 7 per cent of the GDP, and a lot of this would have to be driven by the central government. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

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