Category: BUSINESS

The Indian rupee Tuesday recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities.The Indian unit opened strong at 69.49 and rose to the day’s high of 69.34 at the interbank forex market. During the day, the local unit touched an intra-day low of 69.65 against the US dollar.The domestic currency finally settled at 69.44, higher by 21 paise from the previous close.The rupee Monday had settled at 69.65 to the US dollar.Forex dealers said heavy buying in domestic…

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The Indian rupee Tuesday recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities.The Indian unit opened strong at 69.49 and rose to the day’s high of 69.34 at the interbank forex market. During the day, the local unit touched an intra-day low of 69.65 against the US dollar.The domestic currency finally settled at 69.44, higher by 21 paise from the previous close.The rupee Monday had settled at 69.65 to the US dollar.Forex dealers said heavy buying in domestic…

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The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues.After hitting a peak of 39,979.48, the 30-share index was trading 272.07 points, or 0.69 per cent, higher at 39,887.97. Similarly, the broader NSE Nifty spurted 76.25 points, or 0.64 per cent, to 11,946.90.In the previous session on Friday, the Sensex settled 86.18 points, or 0.22 per cent, higher at 39,615.90. Similarly, the broader NSE Nifty rose…

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India Sunday said that WTO’s reform process should not dilute the basic principles of providing special and differential treatment to developing countries as well as consensus-based decision making.Speaking at a meeting of G20 trade ministers in Japan, Commerce and Industry Minister Piyush Goyal said in the reform process of the World Trade Organization (WTO), concerns of all member countries must be accommodated.”India believes that the reform process should not undermine the WTO’s fundamental principles, namely, ‘Special and Differential Treatment’ (S&DT), consensus based decision making and objective of development,” he said.Goyal…

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The United States is open to further negotiations with China on their ongoing trade battle but any potential deal will wait until the two leaders meet at the end of the month, Washington’s top finance official said Saturday. Speaking to reporters on the sidelines of a meeting of G20 finance ministers and central bank chiefs, Treasury Secretary Steven Mnuchin warned that Washington would press on with tariffs if a deal could not be reached.”We were on the way to a historic deal. If they want to come back to the…

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External Affairs Minister S Jaishankar on Friday met Bhutan’s top leadership, including Prime Minister Lotay Tshering, and discussed important elements of the bilateral ties with emphasis on development partnership and cooperation in the hydropower sector.Jaishankar is in the Buddhist kingdom on a two-day visit, his first overseas trip after assuming charge of the Ministry of External Affairs.He also conveyed Prime Minister Narendra Modi’s greetings during his talks with Prime Minister Tshering.Following the meeting, Prime Minister Tshering appreciated Jaishankar’s visit to Bhutan soon after assuming the office.”H.E. @DrSJaishankar, Minister for External…

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The Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.25 percentage point.To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.After opening on a weak note at 69.41 at the interbank forex market, the Indian unit fell further to 69.45…

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With focus on SMEs, SBI Delhi circle is eying loan growth in excess of 15 per cent for the sector which is a very crucial segment of the economy and thrust area of the government, a senior bank official has said.The circle, the biggest in the SBI family in terms of business mix, has 67 branches dedicated to promote MSME sector.”We had a base of around Rs 20,000 crore in SME segment as on March 2019 and we expect a 15 per cent increase during the current fiscal. We hope…

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Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Tuesday as investors await RBI’s monetary policy decision, amid weak cues from global markets.After scaling lifetime highs in the previous session, the 30-share index was trading 15.27 points, or 0.04 per cent, lower at 40,252.35, and the broader Nifty slipped 10.10 points, or 0.04 per cent, to 12,077.90.Top losers in the Sensex pack include HCL Tech, TCS, Hero MotoCorp, Asian Paints, Infosys, Bajaj Auto, HUL and Maruti, shedding up to 2 per cent.On the other hand, Yes…

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President Donald Trump has terminated India’s designation as a beneficiary developing nation under the key GSP trade programme after determining that it has not assured the US that it will provide “equitable and reasonable access” to its markets.The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.”I have determined that India has not assured the US that it will provide equitable and reasonable access to its…

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