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Rupee crashes 82 paise to close at all-time low of 95.31 against US dollar

Rupee hits record low

Mumbai, May 11 (PTI) The rupee tanked 82 paise to settle at its record low of 95.31 (provisional) against the US dollar on Monday after US President Donald Trump rejected Iran’s response to the West Asia peace proposal, following which crude oil prices surged rapidly. Prime Minister Narendra Modi urging citizens to avoid buying gold and embrace austerity measures further dented market sentiments. A strengthening US dollar and steep foreign capital outflows further pressured the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.97 and traded in the range of 94.87-95.34. It eventually

Sensex falls over 1,300 pts as high crude oil prices, PM austerity appeal unnerve investors

Mumbai, May 11 (PTI) Stock markets fell for the third day running on Monday, with the benchmark Sensex tumbling 1,313 points amid rising crude oil prices after the US and Iran failed to reach a peace deal to end the war in West Asia. The 30-share BSE Sensex tanked 1,312.91 points, or 1.70 per cent, to settle at 76,015.28. During the day, it tumbled 1,370.79 points or 1.77 per cent to 75,957.40. The 50-share NSE Nifty dropped 360.30 points or 1.49 per cent to end at 23,815.85. In three sessions since Thursday, Nifty dropped over 2 per cent or 515

As PM Modi calls for conserving foreign exchange, what steps can India take?

MUMBAI, May 11 (Reuters) – Indian Prime Minister Narendra Modi has urged citizens to adopt practices to conserve foreign exchange as the Iran war-driven spike in oil prices has piled pressure on the rupee and depleted ​FX reserves. Modi on Sunday said Indians should aim to conserve fuel and fertilisers while avoiding foreign travel and gold purchases. ‌The address “signals a potential policy shift ahead,” Nomura said in a Monday note. The rupee dropped to a record low against the dollar last week. Higher crude prices are particularly detrimental for India, which imports 90% of its oil requirements and about

Gold futures drop to Rs 1,52,068/10g

New Delhi, May 11 (PTI) Gold prices on Monday dropped Rs 462 to Rs 1,52,068 per 10 grams in futures trade amid a fall in spot demand. On the Multi Commodity Exchange, gold contracts for the June delivery traded lower by Rs 462, or 0.3 per cent, at Rs 1,52,068 per 10 grams in a business turnover of 1,337 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold futures declined by 0.84 per cent to USD 4,675.66 per ounce in New York.

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