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We live in a world where hustle-culture has been over-glorified by companies. Even though recent studies have shown that the new generation prioritises <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a bigger pay cheque, the situation is far from changing. Most companies, especially in India, still follow a rigid 9-5 schedule and often tend to overwork their employees to the extent that they sometimes affect their physical and mental health. A grave case has now surfaced where a 26-year-old employee allegedly passed away due to immense <keyword id="21000002" type="General" weightage="20" keywordseo="work-pressure" source="keywords">work pressure</keyword>. The woman, named <keyword id="23214242" type="General" weightage="20" keywordseo="Anna-Sebastian-Perayil" source="keywords">Anna Sebastian Perayil</keyword>, was a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> who had joined EY in March this year. This was her first job. Her mother, in a letter to the company, expressed her sorrow at losing her daughter and said that she passed away due to immense work pressure. The letter has now gone viral on LinkedIn and people are reacting strongly to the news, calling to end the glorification of hustle culture. <h2>26-year-old dies, mother blames work stress </h2>In her letter to the company, Anna’s mother begins by writing that the young employee passed her CA Exams in November 2023 and joined the company in March this year. "She was full of life, dreams and excitement for the future," she added. She then writes how Anna was thrilled to be a part of the company but passed away four months later, on July 20. "My world collapsed when I received the devastating news," she wrote. In the letter, Anna's mother further explained how the work culture at EY is extremely toxic and that they burden newcomers with "backbreaking" tasks. She added that Anna experienced "anxiety, sleeplessness, and stress" soon after starting her new job. She also added how Anna was working even on the day of her convocation and insisted on getting back to work after they took her to a doctor after she complained of chest pain. "Since she had been complaining of chest constriction upon reaching her PG late at night for the past week, we took her to the hospital in Pune. Her ECG was normal and the cardiologist came to allay our fears, telling us she wasn't getting enough sleep and was eating very late." Anna's mother added that her manager would "reschedule meetings during cricket matches and assign her work at the end of the day." When Anna voiced her concerns, she was told that working late at night is something they all do. “Anna would return to her room utterly exhausted, sometimes collapsing on the bed without even changing her clothes, only to be bombarded with messages asking for more reports. She was putting in her best efforts, working very hard to meet the deadlines. She was a fighter to the core, not someone to give up easily. We told her to quit, but she wanted to learn and gain new exposure. However, the overwhelming pressure proved too much even for her,” the letter read. <h2>'No one attended her funeral'</h2> In addition to this, Anna's mother also wrote that nobody came to attend her funeral. The letter read, “ This absence at such a critical moment, for an employee who gave her all to your organization until her last breath, is deeply hurtful. Anna deserved better, and so do all the employees who continue to work under these conditions. "My heart aches not just for the loss of my child but also for the lack of empathy shown by those who were supposed to guide and support her. After her funeral, I reached out to her managers, but I received no reply. How can a company that speaks of values and human rights fail to show up for one of its own in their final moments?” <h2>Internet reactions</h2>The internet is reacting strongly to the news and various people have been sharing the letter with their own opinion. “Few managers really need to google the word HUMILITY and incorporate it into their lives. They are already destroying young Indian careers with toxicity, incompetence, and a lack of people management skills,” wrote Manisha Yadav, a CA finalist. “I hope people who did this to you get punished and shamed. I request everyone please take care of yourself, protect yourself. No Job is worth exploiting your mental and physical health,” wrote Fathima Shahjahan, an HR professional. “Very heart breaking to see young professional Anna Sebastian Perayil leaving us! We live in a world where it is difficult to be mentally strong as some things can worry us, affect us and hurt us,” wrote Prabhdeep Singh Baweja, a senior level employee at The Institute of Chartered Accountants of India

'The pressure became too much for her': Mother blames 'work stress' for 26-year-old EY employee's death

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> on Monday refused to entertain a plea seeking postponement of certain papers of the <keyword id="21466151" type="General" weightage="20" keywordseo="Chartered-Accountancy" source="keywords">Chartered Accountancy</keyword> (CA) exams scheduled for May on account of the Lok Sabha polls. A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra said the <keyword id="20230355" type="General" weightage="20" keywordseo="Institute-of-Chartered-Accountants-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Institute of Chartered Accountants of India" meta.hostid="261" meta.entityid="Institute of Chartered Accountants of India">Institute of Chartered Accountants of India</keyword> (<keyword id="6364696" type="General" weightage="20" keywordseo="icai" source="Orion">ICAI</keyword>) has not fixed the examination on election dates. It noted that the general elections to the Lok Sabha are to be held on May 7 and 13 and no exam has been scheduled for May 6 and May 12. Altering the examination date would disrupt the extensive arrangements already in place for the conduct of the examination and it could result in "grave injustice for some students", it said. The scheduling of exams pertains to "policy decisions", it said while refusing to entertain the PIL. "But weighing the importance of the right to vote we have examined the position of candidates who shall be appearing for exams and would also need to vote. 591 centres are there and no exams on polling dates. At this stage when 4 lakh plus students have enrolled, any relief at this stage would result in grave prejudice," the CJI said. The Chartered Accountancy (CA) exams are scheduled to start from May 2 and continue till May 17. The plea sought that the exams scheduled for May 8 and May 14 be postponed to other dates as elections are going to be held in some states on May 7 and May 13. The Delhi High Court, on April 8, has refused to postpone the <keyword id="21424300" type="General" weightage="20" keywordseo="CA-exams" source="keywords">CA exams</keyword> while dealing with another plea. The high court had said it was surprised that such a request was made before it and termed the petition as "bereft of substance". The counsel representing the ICAI had submitted that rescheduling the exam in the second week of June would throw the exercise into disarray and added that due care has been taken to ensure that no exams are scheduled on the dates when polling will be held. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a><a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

SC refuses to plea seeking postponement of CA exams scheduled in May

<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

<keyword id="19910149" type="General" weightage="100" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword> made headlines on Tuesday as it initiated the global withdrawal of its COVID-19 vaccine. This decision comes weeks after the pharmaceutical giant acknowledged the vaccine's potential to trigger a rare side effect known as <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> (TTS). Previously, AstraZeneca had admitted in court filings that its vaccine could lead to side effects like <keyword id="21303970" type="General" weightage="20" keywordseo="blood-clots" source="keywords">blood clots</keyword> and low blood platelet counts. However, the company has now attributed its <keyword id="21572759" type="General" weightage="20" keywordseo="vaccine-withdrawal" source="Orion">vaccine withdrawal</keyword> not to the aforementioned side effects, but to an "oversupply of updated vaccines" since the pandemic. The company also announced its decision to revoke the vaccine Vaxzevria's marketing authorisations within Europe, noting that the oversupply has reduced the demand for Vaxzevria, which is no longer being produced or distributed. According to The Telegraph, AstraZeneca had submitted its application to withdraw the vaccine on March 5, and the withdrawal became effective on May 7. AstraZeneca collaborated with the University of Oxford to develop the Vaxzevria vaccine, while also partnering with the <keyword id="19897707" type="General" weightage="20" keywordseo="Serum-Institute-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Serum Institute of India" meta.hostid="261" meta.entityid="Serum Institute of India">Serum Institute of India</keyword> (SII), the world's largest vaccine manufacturer, to supply the Covishield vaccine to the Indian government. The UK-based pharma company is currently facing <keyword id="19982808" type="General" weightage="20" keywordseo="legal-action" source="keywords">legal action</keyword> alleging that its vaccine has caused deaths and severe harm to a few of those who received it. <cmsannotation type="cmsannotation" annotationid="The lawsuits against AstraZeneca" comment="subhead" text="The lawsuits against AstraZeneca">The lawsuits against AstraZeneca</cmsannotation> Families of individuals affected by adverse vaccine reactions continue to pursue legal recourse against AstraZeneca and the Serum Institute of India. <keyword id="21513237" type="General" weightage="20" keywordseo="venugopalan-govindan" source="keywords">Venugopalan Govindan</keyword>, whose daughter Karunya passed away after receiving the Covishield vaccine, expressed his grief and criticised various parties for his daughter's death. He highlighted alleged negligence in responding to early warning signs and cited missed opportunities to prevent tragedies like his daughter's passing. Eight families across India have joined forces to seek justice, emphasising their collective determination to hold accountable those they deem responsible for the tragic loss of their loved ones. Their shared resolve underscores their commitment to achieving justice and preventing similar tragedies from occurring again, he added. In the UK, <keyword id="21472612" type="General" weightage="20" keywordseo="jamie-scott" source="keywords">Jamie Scott</keyword> took legal action last year after suffering from a blood clot and brain bleed following his vaccination in April 2021. AstraZeneca initially denied a causal link between the vaccine and this particular side-effect, but later admitted in court documents that the vaccine could cause TTS in very rare cases. As many as 51 cases have reportedly been filed against AstraZeneca in the British High Court, with affected individuals and families seeking compensation totaling an estimated £100 million. (With inputs from multiple agencies)

AstraZeneca continues to face legal action even after withdrawing its COVID vaccine! Know all about it here

<ul class="summary-list"><li>Akansha Jain spent 6 years studying to be a Chartered Accountant for six years.</li><li>Jain worked as an accountant for 10 years before quitting to pursue a passion.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.linkedin.com/in/ca-akansha-jain-delhi/details/experience/">Akansha Jain</a>, a 38-year-old Chartered Accountant turned soft-skills training freelancer based in the National Capital Region, India. This essay has been edited for length and clarity.Studying to become a chartered accountant was one of the hardest things I have done.The journey began after high school and lasted six years. I worked hard throughout the process, studying eight to nine hours every day. The course required intelligence and a lot of persistence.I finally became a chartered accountant in 2009. I spent the next 10 years working in the internal audit departments of real estate companies and auditing firms.I worked in Delhi, and had 9-to-5 jobs. But my commute, which took between 90 minutes and two hours, made working hours feel a lot longer. I left home at 8 a.m. and usually only got back by 7 p.m. Coming home and taking care of my daughter meant I had no time at all for myself.The whole time I was doing these jobs, there was something missing from my life.<h2>Recognizing a passion</h2>Over time, I realized I had a passion for public speaking and connecting with people. Even before I quit my job, friends would come up to me and share their problems with me, and I felt like I could really help them.In 2018, while I was still working as an accountant, I heard about a soft-skills course from a cousin who was doing the program. I gathered up all my courage and decided to pursue it.It took me a year to complete the program because I was juggling it with a full-time job and a young family. I would attend in-person classes two times a week after work.I had my second daughter in 2020, and knew maintaining a work-life balance would be even harder with two kids. I decided to quit my job that year and start pursuing a career in soft skills, with the hopes of starting my own venture. Being my own boss and having the flexibility to manage my children became a priority.<h2>A completely different career track</h2>I first worked under a senior soft-skills trainer to learn about the field.It was a tough ride. There is no connection between being an accountant and a soft-skills trainer. One was all about numbers and auditing. The other focuses on public speaking, communication skills, and body language.After some time working with a senior soft-skills trainer, I launched my own business called Inner Spark in 2023. I specialize in behavioral training and work with corporations to design and lead seminars on leadership, interpersonal skills, and communication. One of my favorite topics is emotional intelligence, which I think is the most essential element required nowadays, and which many corporations today still lack.<h2>There are still long days but I love the flexibility</h2>Starting my own business came with a lot of challenges. Going from a stable monthly salary to not knowing when a new client will come by, and whether I will earn anything this month, was also tough.Despite the drawbacks, my work-life balance improved a lot — I don't have to go into an office every day, and I'm able to give my kids more time. Work on some days is just self-studying for three to four hours a day to update myself about the industry. There are still some long days when I have to meet a client at their workplace, but that's down to one or two days a week now.I am currently the sole employee of the company, but I hope to hire more trainers as business grows.Looking back at my own career transition, when it comes to hard skills versus soft skills, I don't think one is more important than the other. Hard skills are essential to get into an industry, but for continued success and satisfaction, you need soft skills and the ability to understand your own and others' emotions.

I spent 6 years studying to become a chartered accountant. Then I gave it all up to become a soft-skills trainer.

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.

You Searched For "Institute of Chartered Accountants of India" and got 7 results

'The pressure became too much for her': Mother blames 'work stress' for 26-year-old EY employee's death

Divyanshi Sharma

SC refuses to plea seeking postponement of CA exams scheduled in May

PTI

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

PTI

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

AstraZeneca continues to face legal action even after withdrawing its COVID vaccine! Know all about it here

Kunal Kambli

I spent 6 years studying to become a chartered accountant. Then I gave it all up to become a soft-skills trainer.

Shubhangi Goel

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

PTI

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