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<ul class="summary-list"><li>The CEO of <keyword id="438627" type="General" weightage="20" keywordseo="norges-bank" source="Orion">Norges Bank</keyword> told the FT that he thinks <keyword id="30790" type="General" weightage="20" keywordseo="americans" source="Orion">Americans</keyword> work much harder than <keyword id="65559" type="General" weightage="20" keywordseo="europeans" source="Orion">Europeans</keyword>.</li><li><keyword id="11356850" type="General" weightage="20" keywordseo="Nicolai-Tangen" source="Orion">Nicolai Tangen</keyword> made the remark as he explained the sovereign fund's push toward investing in the US.</li></ul>Europeans are less ambitious and don't work as hard as Americans, said <a target="_blank" href="https://www.businessinsider.com/ceo-bets-10-million-against-elon-musk-ai-prediction-2024-4">Nicolai Tangen</a>, the CEO of Norway's $1.6 trillion oil fund. "There's a mindset issue in terms of acceptance of mistakes and risks. You go bust in America, you get another chance. In Europe, you're dead," Tangen told <a target="_blank" href="https://www.ft.com/content/58fe78bb-1077-4d32-b048-7d69f9d18809">The Financial Times</a> in an interview published on Wednesday. "We are not very ambitious," Tangen added. "I should be careful about talking about work-life balance, but the Americans just work harder." Tangen made these remarks as he gave an overview of his firm's push toward investments in the US, which now make up half of the equities held by <a target="_blank" href="https://www.businessinsider.com/ai-artificial-intelligence-investing-strategy-technique-norges-bank-investment-management-2023-6">Norges Bank.</a> Norges Bank is in charge of Norway's sovereign wealth fund, which manages revenue from the country's massive oil and gas reserves and holds some $1.6 trillion in assets. Tangen said his firm is watching the US 2024 elections closely and told the FT that it is concerned about the possible outcomes, though he declined to share more. "We just invest in America in great companies for the long term. It won't have any implications for how we allocate our capital," he said of the election, per the FT. "We have nearly half the assets in America, we will stay invested in America." The CEO added that US shares have been beating Europe's because American companies are innovating and growing technology faster than their European counterparts, telling the FT that he felt the trend is "worrisome." About <a target="_blank" href="https://www.nbim.no/en/the-fund/investments/#/">71% of Norges Bank's holdings</a> are in equities, with large stakes in US companies, including $19.2 billion in Alphabet, $17.4 billion in Amazon, and $33 billion in Apple. Norges Bank is the <a target="_blank" href="https://www.businessinsider.com/ai-artificial-intelligence-investing-strategy-technique-norges-bank-investment-management-2023-6">world's largest sovereign wealth fund</a> and the largest single owner in the global stock market. The firm invests in 72 countries and is estimated to own 1.5% of all shares worldwide. It's true that Americans, on average, work longer hours than their European counterparts, according to data collected from 2019 to 2022 by the <a target="_blank" href="https://www.oecd-ilibrary.org/employment/data/hours-worked/average-annual-hours-actually-worked_data-00303-en">Organisation for Economic Co-operation and Development.</a> The average polled US worker said they worked 1,811 hours a year, or about 35 hours a week, compared to an average of 1,571 hours a year among workers in European Union countries. That's also compared to a total average of 1,752 hours a year documented by the OECD. <keyword id="21428168" type="General" weightage="20" keywordseo="uk-employees" source="Orion">UK employees</keyword> said in the same survey that they worked 1,532 hours a year, while German employees say they've worked the least out of all OECD countries — at an average of 1,341 hours a year, or about 26 hours a week.

'Americans just work harder' than Europeans, said the CEO of Norway's $1.6 trillion oil fund

<keyword id="19913110" type="General" weightage="100" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword>, the Governor of <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), on October 26, received award for A+ grade in <keyword id="23702898" type="General" weightage="20" keywordseo="Central-Bank-Report-Cards" source="keywords">Central Bank Report Cards</keyword> 2024, for the second consecutive year. The award, presented by <keyword id="22224722" type="General" weightage="20" keywordseo="Global-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance" meta.hostid="261" meta.entityid="Global Finance">Global Finance</keyword> in <keyword id="21459434" type="General" weightage="20" keywordseo="Washington-D-C-" source="keywords">Washington D.C.</keyword>, USA, recognised RBI Governor's excellent performance and effective leadership in steering India's apex bank through complex economic challenges. In a social media post on X, RBI posted, "Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA." The Central Bank Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management. "A" represents an excellent performance, down through "F" for outright failure. Along with Das, Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan were also accorded an A+ grade. Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Harvesh Kumar Seegolam of Mauritius, Morocco's Abdellatif Jouahri, South Africa's Lesetja Kganyago and Sri Lanka's Nadalal Weerasinghe were amongst those who received the <keyword id="22446364" type="General" weightage="20" keywordseo="A-grade" source="keywords">A grade</keyword>. European Union's Christine Lagarde was given an A- grade. "After a difficult 2023, when geopolitical pressures gathered with tight monetary conditions to create a near-stagflationary environment in the eurozone, the central bank has managed to inch much closer to its 2% target with successive consumer price index (CPI) readings under 3% since February of this year, down to 2.4% in August", Global Finance noted on Lagarde's tenure. <keyword id="19951097" type="General" weightage="20" keywordseo="US-Fed" source="keywords">US Fed</keyword> Chairman Jerome Hayden Powell received an A- grade. Per the Global Finance website, "The Fed has debated in excruciating, and at times confusing, detail throughout this year when and whether to cut its benchmark rate from a 23-year high of 5.5%, a level held since July 2023. This September, the Fed finally turned the monetary ship toward a policy of easing, with a 50-basis point cut, which was at the higher end of forecasts." "Prior to the rate cut, economists agreed that confusion in the markets was a case of bad communication by the Fed, but Powell’s overall handling of policy has been praised. It is difficult to find much fault with the Fed’s approach to policymaking over the past year. The Fed has appropriately changed its tone in response", it continued. However, it also noted that more-substantial easing in the following months will be crucial to avoid a policy mistake and to secure Powell’s legacy. Powell's term as second-time chair of the Fed Reserve ends on May 15, 2026.

Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

<ul class="summary-list"><li>Europe could fall into recession in 2025 under Trump's economic proposals, a major EU bank said.</li><li>The eurozone may fall from "sluggish growth into a full-blown recession," ING analysts wrote.</li></ul>The eurozone economy faces the possibility of a looming recession as tariffs promised by President-elect Trump look set to dampen growth, according to <a target="_blank" class="" href="https://think.ing.com/articles/trump-wins-tax-cuts-come-with-a-cost/#a5">analysts at a Dutch bank.</a>"A looming new trade war could push the eurozone economy from sluggish growth into a full-blown recession," a team including James Knightley, chief international economist at ING, wrote in a note to clients.Trump pledged on the campaign trail to impose <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a fresh era</a> of trade tariffs, building on policies he enacted during his first term as president.He has vowed to impose a 60% tariff on goods imported from China and a 10% blanket tariff on all other goods entering the US.While China was the primary focus of the tariffs the first time around, Europe could be in the firing line in Trump's second term.European Union economic growth is already struggling, and has lagged behind the US in recent years. The bloc expanded by 0.2% in the most recent quarter, compared to 0.7% growth in the US.The US is Europe's largest market for exports, particularly for industries like automobiles, pharmaceuticals, and luxury goods, so any tariffs could cause further pain. <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Germany's stuttering auto industry</a>, a crucial part of Europe's largest economy, could be particularly affected."The already struggling German economy, which heavily relies on trade with the US, would be particularly hard hit by tariffs on European automotive," ING's analysts wrote in a section of the note titled "Europe's worst economic nightmare comes true."Along with potential tariffs, ING's analysts said the prospect of Trump reducing US military support for Ukraine could also create a headwind for the European economy."Uncertainty about Trump's stance on Ukraine and NATO could undermine the recently stabilized economic confidence indicators across the eurozone," they wrote.There are also worries that if Trump <a target="_blank" rel="" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">reduces financial aid to Ukraine</a>, Europe will be forced to allocate more spending to the conflict."Even though tariffs might not impact Europe until late 2025, the renewed uncertainty and trade war fears could drive the eurozone economy into recession at the turn of the year," ING said.ING's view was echoed by Nigel Green, CEO of UK-based financial advisory firm deVere Group.He said Europe's economic challenges, including high energy costs, sluggish economic growth, and geopolitical instability, would <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">only get worse in the event of a tariff battle with the US.</a>"A fresh trade war with the US under Trump's presidency could exacerbate these problems, destabilizing the region's economy further," Green said.

Europe faces a 'full-blown recession' under Trump's tariffs, big bank says

<ul class="summary-list"><li>New developments show the path for Western banks trying to exit Russia has gotten tougher.</li><li>Moscow will block the sale of Western bank assets to local Russia buyers, sources told Bloomberg.</li></ul>Western lenders stuck in wartime Russia will now have an even more difficult time exiting the nation.Russia's government has signaled that it will block any efforts from Western banks to offload their local units to Russian-owned entities, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-17/unicredit-raiffeisen-see-fading-options-to-get-out-of-russia?sref=LspfQlRv">according to Bloomberg</a>, who cited people familiar with the matter. Among the biggest banks impacted are European lenders Raiffeisen and UniCredit. Russia is particularly worried about any such dealing opening them to further Western sanctions, Bloomberg found.Given the fact that Russia has also prevented sales to foreign buyers, these Western banks appear to be stuck, with limited options available. Further complicating matters is the fact that Russia still sees Raiffeisen and UniCredit as vital payment intermediaries.This latest development is an expansion of the Kremlin's ongoing campaign to keep Western firms within its borders. Russia recently <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-businesses-taxes-discount-asset-sales-ukraine-war-2024-10">expanded its list of exit obstacles</a>.Western authorities are also adding to the challenge. Raiffeisen had previously been put on notice by the US Treasury due to its <a target="_blank" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">maintained presence in Russia</a>, and the Austrian bank's prior <a target="_blank" href="https://africa.businessinsider.com/markets/the-us-is-pressuring-the-biggest-western-bank-in-russia-to-cancel-a-dollar16-billion/z46d215">efforts to repatriate $1.6 billion in assets</a> also triggered warnings from the US.According to sources, the dealer has proposed multiple buyers over the past two years that failed win over Western regulators. Russia also declined one proposed deal, Bloomberg said.The experience has been generally shared by UniCredit. Though Mubadala, the Abu Dhabi $300 billion sovereign wealth fund, showed a readiness to purchase UniCredit's Russian unit, it abandoned the deal in 2023 due to potential US opposition, sources said.According to a <a target="_blank" class="" href="https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain">list</a> maintained by the Yale School of Management, over 1,000 global firms have left Russia by some degree since Moscow's 2022 invasion of Ukraine.Given the hurdles set up by Russia's government, these companies have taken on more than <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-exiting-foreign-companies-lose-billions-writedowns-asset-sales-2024-3">$100 billion in losses through March</a>, Reuters reported.

Moscow will reportedly block sales of Western banks to Russian firms, leaving them with no exit

<ul class="summary-list"><li>Russia's Sberbank says it is processing transactions with India smoothly, despite Western sanctions.</li><li>Sanctions prevent Sberbank from using US dollars, euros, and the SWIFT network.</li></ul>Sberbank — Russia's largest lender — has no problems processing payments with India, a top executive told <a target="_blank" class="" href="https://www.reuters.com/business/finance/russias-sberbank-says-india-business-booming-despite-western-sanctions-2024-09-03/">Reuters on Tuesday.</a>"Sberbank is a full participant in all Indian payment and interbank systems," Anatoly Popov, Sberbank's deputy CEO, told Reuters. "There are no restrictions on its operations."State-controlled Sberbank has been sanctioned by the <a target="_blank" class="" href="https://home.treasury.gov/news/press-releases/jy0608">US</a> and the <a target="_blank" class="" href="https://www.reuters.com/business/finance/new-eu-sanctions-russia-target-sberbank-commission-head-tells-paper-2022-04-16/">European Commission.</a> It cannot process transactions in the US dollar, the euro, and via the SWIFT bank messaging network.But Sberbank — which processes up to 70% of Russian exports to India — has pivoted to transactions in rubles and rupees for its trade with India. Popov told Reuters that nine out of 10 transactions involving these currencies take just a few hours to complete.This is in contrast with transactions that involve <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a>, who are so spooked by US secondary sanctions that many of the larger banks have stopped processing payments with Russia.Popov told the news agency that business between India and Russia boomed in 2022 following sweeping sanctions over Moscow's full-scale invasion of Ukraine. The South Asian country became an "alternative" market for Russia.Reuters reported that Sberbank boosted its presence in India, expanding its staff count by 150% this year.While India has become a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">top buyer of Russian oil,</a> there are fewer Indian products Russia needs.Last year, Russia acknowledged there were <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">problems with billions of Indian rupees</a> it had made from exports to India, which it needed to con. The amount has fallen since as Russian firms have managed to use the money to pay Indian exporters, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/currencies/india-russia-central-banks-renew-talks-mechanism-expand-local-currency-trade-2024-08-14/">Reuters</a> reported last month.

Russia's largest bank says it has no problems transacting with India

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

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.

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'Americans just work harder' than Europeans, said the CEO of Norway's $1.6 trillion oil fund

Matthew Loh

Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

BI India Bureau

Indian markets under pressure as global rate cuts stir uncertainty, new report says

BI India Bureau

Europe faces a 'full-blown recession' under Trump's tariffs, big bank says

Polly Thompson,Will Martin

Moscow will reportedly block sales of Western banks to Russian firms, leaving them with no exit

Filip De Mott

Russia's largest bank says it has no problems transacting with India

Huileng Tan

India provided more climate finance in 2022 than many rich nations, noted recent report

PTI

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

PTI

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