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Rise in US bond yields, strong NDF dollar bids push rupee to record low

MUMBAI, Jan 9 (Reuters) – The Indian rupee hit a lifetime low on Thursday, pressured by a rise in U.S. bond yields and strong dollar bids in the non-deliverable forwards (NDF) market while the central bank likely stepped in to cap losses, traders said. The rupee declined to 85.93 per U.S. dollar, weakening past its previous record low of 85.8575 hit in the last session. The currency was at 85.92 as of 9:45 a.m. IST. State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses, four traders told

Bidhuri did not speak about his cheeks: Priyanka’s jibe at his controversial comments

New Delhi, Jan 8 (PTI) Congress leader Priyanka Gandhi Vadra on Wednesday dubbed former BJP MP Ramesh Bidhuri’s controversial reference to her cheeks as “ridiculous”, and said important issues should be discussed during the Delhi assembly polls instead of such irrelevant matters. He did not speak about his own cheeks, the Wayanad MP told reporters in a jibe at the BJP’s candidate from the Kalkaji assembly seat as she left after attending a parliamentary panel meeting. It is a “ridiculous remark”, she said, adding that “all this is irrelevant”. “Elections are taking place in Delhi. Important issues should be discussed,”

Indian railways spend over $22 billion on modernisation

NEW DELHI, Jan 8 (Reuters) – State-run Indian Railways has spent more than $22 billion so far in the current fiscal year, focusing on projects to expand capacity and deliver faster and safer travel to passengers, the government said on Wednesday. The government is pushing to open new lines and expand electrification as part of efforts to achieve net zero carbon emissions on the railways by 2030. By Jan. 5, the railways had spent 1.92 trillion rupees ($22.37 billion) of its 2.65 trillion rupees overall budget for the fiscal year, which runs from April to March. This included 344.12 billion

Rupee plunges 13 paise to settle at new record low of 85.87 against US dollar

Mumbai, Jan 8 (PTI) The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger American currency. Lacklustre sentiment in domestic equity markets and sustained outflow of foreign funds also played spoilsport even as investors stayed cautious over lower economic growth projection by the government, forex analysts said. At the interbank foreign exchange, the rupee opened at 85.82 and touched the lowest-ever level of 85.89 against the greenback during intra-day. The unit settled at 85.87

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