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Mumbai, The rupee snapped its three-day rally and depreciated by 12 paise to 82.68 against the US dollar in early trade on Friday amid a firm American currency and subdued equity markets. An upward movement in crude prices also weighed on the domestic currency even as the inflow of foreign funds capped the fall, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.60 and then tumbled to the lowest level of 82.69 against the greenback. It later traded at 82.68, registering a fall of 12 paise over its previous close. On Thursday, the rupee appreciated by 16 paise to settle at 82.56 against the US dollar, making it the third straight day of gain. Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services said, "Rupee fell after opening stronger against the US dollar ahead of the Jackson Hole Symposium that begins today. Expectation is that the Fed Chairman could maintain a hawkish tone and that could extend gains for the greenback." Apart from US Federal Reserve Chairman <keyword id="1727754" type="General" weightage="50" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword>'s statement at the Jackson Hole Symposium, market participants will keep an eye on the US consumer sentiment index to be released on Friday. "Better-than-expected economic data is likely to support the dollar. We expect the USDINR (Spot) to trade sideways and quote in the range of 82.30 and 82.80," Somaiya said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.22 per cent to 104.21. Global oil benchmark Brent crude futures climbed 0.19 per cent to USD 83.52 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 248.65 points or 0.38 per cent lower at 65,003.69. The broader NSE Nifty declined 71.70 points or 0.37 per cent to 19,315.00. Foreign institutional investors (FIIs) were net buyers in equities on Thursday as they purchased shares worth Rs 1,524.87 crore, according to exchange data.

Rupee snaps 3-day rally to fall 12 paise in early trade

<ul><li>The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4. </li><li>Like most new coins today, the <keyword id="11246224" type="COMPANY" weightage="20" keywordseo="bitex-coin">Bitex Coin</keyword> is also based on the Ethereum chain and will be the native currency for the <keyword id="10251857" type="COMPANY" weightage="20" keywordseo="Bitex">Bitex</keyword> exchange. </li><li>The coin is a utility token -- it has value, but it can’t be used to purchase another product.</li></ul><keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">Crypto exchange</keyword> platform Bitex, on Wednesday, announced its Bitex Coin (BTX) in over 50 countries. According to Bitex, which is based in the United Arab Emirates (UAE), the total support of BTX will be capped at 1 billion to be issued by Global Cryptocurrency Exchange, and 20% of this will be available for public sale through an Initial Exchange Offering (IEO). The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4, which is when a second round of public sale will begin. Like most new coins today, the Bitex Coin is also based on the Ethereum chain and will be the native currency for the Bitex exchange. The company says it will help in “mass adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a>” by reducing hurdles in fiat currency to crypto conversion, bank related delays and high fiat deposit/withdrawal fees on platforms. The company said it will charge zero trade fee for BTX trading pairs, and 50% fee for trading with other cryptocurrencies. What are utility coins? The coin is a utility token -- it has value, but it can’t be used to purchase another product. In essence, you cannot go to a platform that accepts crypto payments and pay with BTX, at least for the time being. Utility tokens allow crypto exchanges like Bitex to increase their overall market share in terms of trading volumes, since they can be traded only on their own platforms. Platforms like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">WazirX</a> and Binance also issue their own currencies. Utility tokens can become full-fledged cryptocurrency in future, but there’s usually a fixed period for that. “A significant interest in cryptocurrencies has been observed since last year across India and around the world. Yet despite the mainstreaming of the digital asset, it continues to be concentrated among few investors and mass adoption is still at the periphery owing to several systematic challenges ranging withdrawal and deposit time, banking related delays among many others,” said Monark Modi, chief executive and founder of Bitex. “Currently, high fiat deposit and withdrawal fee, custody of fiat funds and 2-5 days to process fiat withdrawals are other major deterrents to trading on cryptocurrency exchanges,” the company said in a press release on Wednesday. But despite future use cases, the crypto industry has been largely settling into asset-based trading. While popular and mature crypto like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">Bitcoin</a> and Ethereum still can be used as currency, it’s unlikely that smaller coins like BTX will grow beyond the asset stage. That is, it’s unlikely that they will be widely accepted as modes of payments in future, though one cannot rule them out either. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/internet-computer-cryptocurrency-is-valued-at-45-billion-within-24-hours-of-the-debut/articleshow/82572233.cms?upcache=2">This cryptocurrency is valued at $45 billion, and it's just a day old</a>

Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

<ul><li>Today, the rupee appreciated by 23 paise to close at 79.02</li><li>The rupee touched a high of 79.00 and a low of 79.22 before ending at 79.02.</li><li>This is leading to the short-term relief in the major and emerging market currencies to recover their previous losses against the USD, said <keyword id="14610883" type="General" weightage="80" keywordseo="amit-pabari" source="Orion">Amit Pabari</keyword>, Managing Director, CR Forex.</li></ul> The rupee appreciated by 23 paise to close at 79.02 (provisional) against US dollars on firm domestic equities, amid foreign investors' inflows. At the interbank foreign exchange market, the Indian currency ended at 79.02, as against 79.25 closed on the previous trading session. The rupee has touched a high of 79.00 and low of 79.22 before ending at 79.02. "USDINR spot closed 23 paise lower at 79.02, thanks to FPI flows turning positive and some carry trade interest. Improvement in forward premium has brought exporters into the market. At the same time, softness in USD overseas, improved growth outlook in India, and uptick in forward premium has attracted carry traders into the market, who go long rupee and short USD," said Anindya Banerjee, VP, Currency Derivatives &amp; Interest Rate Derivatives at Kotak Securities Ltd. The dollar index, which measures the dollar's strength against the basket of 6 currencies, was down 0.52 per cent at 105.34. Inflows of foreign investors in domestic equities also remained major factor in the rise local currency. Foreign investors turned buyers in July nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore. According to the NSDL data, investment of foreign investors in July month stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in June, Rs 39,993 crore in May, and Rs 17,144 crore in April. "Despite of the no major change in fundamental factors for rupee, there is change in the global sentiments for the demand of US dollar. Post the Federal Reserve policy meeting, we have seen dollar bulls cooled down after the Fed highlighted that it could move a bit slow in hiking interest rates going forward. This is leading to the short term relief in to the major and emerging market currencies to recover their previous losses against USD," said Amit Pabari, Managing Director, CR Forex. Although, the trend in the USD is yet to be determined with the data releases and the risk sentiments improving and the outlook for other currencies such as euro and pound, markets needs a lot more convincing statement to keep demand for US dollar compressed for a longer period of time, he added. "Over the near term, bias remains downward. We expect a broad range of 78.70 and 79.40 on spot," Banerjee said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-date-announced-sale-starts-august-6-onwards/articleshow/93268050.cms">Amazon Great Freedom Festival date announced - sale starts August 6 onwards</a> <a href="https://www.businessinsider.in/sports/news/commonwealth-games-medals-tally-at-2022-birmingham-games/slidelist/93274345.cms">Commonwealth Games 2022: India has won 3 gold medals so far, check out all the details here.</a>

Indian currency gains 23 paise to end at 79.02 against US dollar

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Nadine Rupp/GettyPeter Diamandis says the Hyperloop is coming sooner than expected.</div></div></div>XPrize founder Peter Diamandis said that the Hyperloop could be fully operational in the United Arab Emirates before 2020 during the du CEO Forum at the Dubai World Trade Centre on Monday. "If UAE wants, it could be operational before 2020," he said to a roundtable of reporters, the <a href="https://en-maktoob.news.yahoo.com/travel-dubai-abu-dhabi-less-15-minutes-043425571.html" target="_blank">Khaleej Times first reported.</a> With the Hyperloop, it would be possible to travel between Dubai and Abu Dhabi, which is 145 kilometers (90 miles) apart, in less than 15 minutes (14.9 to be precise), Diamandis explained. That means it would be possible to condense a two-hour drive (that's two hours without traffic) into 15 minutes.Full scale and speed testing will occur at a number of locations starting next year, Diamandis said. The Hyperloop will be tested in a three to four kilometer (less than 2.5 mile) area.The visionaries behind creating a <a href="http://www.techinsider.io/hyperloop-technologies-ceo-says-people-to-ride-tube-in-five-years-2015-9" target="_blank">Hyperloop for the United States</a> have projected a 2020 date for when the technology would be operational.Diamandis, who currently sits on the board of Hyperloop Technologies, gave his speech announcing the company's test plans with former SpaceX rocket engineer and Hyperloop Technologies CTO Brogan BamBrogan, according to a report from the news site <a href="http://www.arabianbusiness.com/dubai-abu-dhabi-in-15mins-in-hyperloop--608825.html" target="_blank">Arabian Business</a>. "Hyperloop is about reinventing transportation," Diamandis said at the event. "This is about the future. This is like how mobile telephone reinvented the world many times over."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.prnewswire.com/news-releases/hyperloop-transportation-technologies-inc-announces-new-designs-crowdstorming-document-and-core-team-300012487.html">Hyperloop Transportation Technologies</a>A rendering of Hyperloop Transportation Technologies Hyperloop. </div></div></div><a href="http://www.techinsider.io/hyperloop-technologies-ceo-says-people-to-ride-tube-in-five-years-2015-9" target="_blank">Elon Musk first proposed the Hyperloop</a> in a 2013 white paper, but left the concept as an open source project so others could commercially pursue building the system. Musk sits on the XPrize Board of Trustees.Other people pursuing the Hyperloop include Dirk Ahlborn, CEO of Hyperloop Transportation Technologies.Rob Lloyd, the CEO of Hyperloop Technologies, predicts that an <a href="http://www.techinsider.io/hyperloop-technologies-ceo-says-people-to-ride-tube-in-five-years-2015-9" target="_blank">operational Hyperloop system</a> will be ready in the United States in 2020. Ahlborn's HTT will break ground in May of 2016 for a <a href="http://www.techinsider.io/12-hyperloop-renderings-in-different-cities-2015-8" target="_blank">five-mile test track</a> that will be located in Quay Valley outside of Los Angeles.

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Rupee snaps 3-day rally to fall 12 paise in early trade

PTI

Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

BI India Bureau

Indian currency gains 23 paise to end at 79.02 against US dollar

IANS

The Hyperloop might reach the UAE before the United States

Danielle Muoio

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