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Rupee declines 10 paise to settle at 85.48 against US dollar

Mumbai, May 29 (PTI) The rupee declined 10 paise to close at 85.48 (provisional) against the US dollar on Thursday due to a strong American currency against major crosses overseas and rising global crude oil prices. However, positive domestic equity market and foreign fund inflows supported the local currency and restricted its slide, forex traders said. At the interbank foreign exchange, the domestic unit opened at 85.56 and touched the intra-day low of 85.62 against the greenback. The unit hit the day’s high of 85.40 before ending the session at 85.48 (provisional) against the dollar, 12 paise lower from its

Stock markets rebound after 2-day fall as US court blocks reciprocal tariffs; Sensex up 320 pts

Mumbai, May 29 (PTI) Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump’s reciprocal tariffs. The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02. During the day, it jumped 504.57 points or 0.62 per cent to 81,816.89. The 50-share NSE Nifty went up by 81.15 points or 0.33 per cent to 24,833.60. Among Sensex firms, IndusInd Bank climbed 2.41 per cent a day after markets regulator Sebi barred its former CEO, Sumant Kathpalia, and four

Gold declines Rs 500 to Rs 98,500/10 g; silver trades flat

New Delhi, May 29 (PTI) Gold prices declined by Rs 500 to Rs 98,500 per 10 grams in the national capital on Thursday amid weak global cues, according to the All India Sarafa Association. The yellow metal of 99.5 per cent purity fell Rs 500 to Rs 98,000 per 10 grams (inclusive of all taxes). “Gold prices continued to correct as easing tariff risks, and a more cautious Federal Reserve dampened safe-haven demand,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said. Mehta further said that the US Federal Reserve’s May meeting minutes revealed that policymakers are adopting a wait-and-see

US court blocks most Trump tariffs, says president exceeded his authority

NEW YORK, May 28 (Reuters) – A U.S. trade court blocked President Donald Trump’s tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president’s emergency powers to safeguard the U.S. economy. “The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage,” a three-judge panel said in the

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