Rupee Recovers 49 Paise to 96.37 Against US Dollar
The Indian rupee recovered 49 paise from its all-time low to settle at 96.37 against the US dollar, supported by geopolitical developments amid ongoing oil price concerns.
The Indian rupee recovered 49 paise from its all-time low to settle at 96.37 against the US dollar, supported by geopolitical developments amid ongoing oil price concerns.
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Indian stock markets closed marginally lower on Thursday after a volatile session, with the BSE Sensex declining 135 points to 75,183.36 amid high fluctuations.
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The rupee ended a two-week losing streak, settling at 96.20 against the US dollar after aggressive RBI intervention, though oil prices and geopolitical risks remain concerns.
The Indian rupee has fallen nearly 6% since late February due to Middle East tensions. The RBI is considering a rate hike and a foreign currency deposit scheme to stabilize the currency.
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Delhi and Mumbai have reduced VAT on jet fuel from 25% to 20% and 24% to 18% respectively. This move aims to lower operational costs for airlines, potentially reducing airfares for passengers.
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RecommendedUnion Minister Piyush Goyal emphasized India's growing prowess in innovation and manufacturing, citing policy reforms and a skilled workforce as key drivers of economic growth.
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Astellas Pharma India announced CDSCO approval of PADCEV (enfortumab vedotin) plus pembrolizumab for first-line treatment of unresectable or metastatic urothelial cancer, showing superior survival vs chemotherapy.
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RecommendedCommerce Minister Piyush Goyal announced a potential US team visit to India next month for trade talks, following Marco Rubio's four-day visit starting May 23 to boost cooperation in trade, defence, and energy.
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India is exploring several measures to contain the widening current account deficit (CAD), Union Minister Piyush Goyal announced. The CAD occurs when imports and payments exceed exports and receipts.
The rupee recovered to 96.43 against the US dollar after briefly touching the 100 mark in the one-year forward market, signaling expectations of further weakness.
Despite government claims of no fuel shortage, farmers and heavy vehicle drivers across Gujarat face severe diesel scarcity, leading to protests, road blockades, and clashes at petrol pumps.
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RecommendedUnion Minister Piyush Goyal addressed concerns on rupee decline, widening current account deficit, and shared updates on the proposed US-India trade deal, expressing confidence in navigating global challenges.
Union Minister Piyush Goyal stated that all government arms are collaborating to stabilise the rupee, with several measures under consideration to address currency volatility.
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India's economy remains under strain from rising fuel imports, even as gold import curbs offer relief, according to a Kotak Securities official. The trade deficit continues to widen.
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