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Rupee snaps 3-day losing streak, gains 70 paise to settle at 85.25 /USD

Mumbai, May 23 (PTI) The rupee snapped its three-day losing streak and settled for the day higher by 70 paise at 85.25 (provisional) against the US dollar on Friday, on a sharp fall in the dollar index and surge in domestic equities, amid rise in risk appetite for riskier assets. Forex traders said, the rupee which had lost 53 paise in the last three trading sessions, settled with significant gains on Friday largely supported by the weakness of the American currency in the overseas market. However, a slight recovery in crude oil prices and foreign fund outflows capped the appreciation

Gold rises Rs 100 to Rs 98,750/10 g amid firm global trends

New Delhi, May 23 (PTI) Gold prices rose Rs 100 to Rs 98,750 per 10 grams in the national capital on Friday amid firm global cues, according to the All India Sarafa Association. The precious metal of 99.5 per cent purity appreciated by Rs 100 to Rs 98,300 per 10 grams (inclusive of all taxes). Firm trends in the international markets and persistent concerns about US fiscal policy continued to support longer-term demand for bullion prices, the association said. However, silver prices plunged by Rs 2,000 to Rs 99,200 per kg (inclusive of all taxes) on Friday. The white metal

“ED is weapon of BJP, Modi and Amit Shah”: Sanjay Raut

Mumbai (Maharashtra) [India], May 23 (ANI): Shiv Sena (UBT) leader Sanjay Raut on Friday stated that he had been a victim of the raids conducted by the ED (Enforcement Directorate), accusing the probe agency of being a “weapon” of the BJP and Prime Minister Narendra Modi. Addressing a press conference, Raut spoke on the Supreme Court rapping ED over the TASMAC raids in Tamil Nadu. “What is new here? I am a victim too (of ED). I have been through that, there are several others like me…ED is a weapon of BJP, of PM Modi, of HM Amit Shah. As

RBI reviewing shareholding norms for banks, says chief Malhotra

MUMBAI, May 23 (Reuters) – The RBI (Reserve Bank of India) is examining shareholding norms and licensing rules for banks as part of a broader review, Governor Sanjay Malhotra told the Times of India in an interview, less than a month after Japanese lender Sumitomo Mitsui signed a deal to acquire 20% in Yes Bank. While India permits 74% foreign direct investment in private banks, it restricts a single financial entity from holding more than 15% unless a regulatory exemption is granted. The rules also require a bank promoter – a large shareholder with management control – to reduce shareholding

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