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Rupee crashes 27 paise to hit record low of 86.31 against US dollar in early trade

Mumbai, Jan 13 (PTI) The rupee’s slide show went on for the second straight session on Monday as it crashed 27 paise to hit a new lifetime low of 86.31 against the US dollar, dragged down by a robust American currency amid volatile global cues. A record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure, forex traders said. The dollar, they said, strengthened on better-than-expected job growth in the US market, which also fuelled the benchmark treasury yields amid expectations of slower interest

India may record current fiscal deficit at 4.7%-4.8% of GDP, Mint reports

Jan 13 (Reuters) – India may record a fiscal deficit for the current fiscal year at 4.7%-4.8% of gross domestic product (GDP), lower than the government’s estimate of 4.9%, primarily driven by lower expenditure, finance daily Mint reported on Monday. Lower spending on planned capital investments and a higher-than-anticipated dividend from the central bank could lead to a smaller fiscal deficit, the report said, citing two people aware of the matter. The plan for fiscal year 2026 is to keep the budget deficit within the government’s target of 4.5%, the newspaper reported, citing one of the sources. India’s budget gap

RBI likely selling dollars to support rupee, traders say

MUMBAI, Jan 13 (Reuters) – The RBI (Indian central) was likely selling dollars to support the rupee on Monday, after the currency slumped to its all-time low as the dollar surged on expectations that the Federal Reserve will not cut rates by much this year, four traders told Reuters. The rupee was at 86.36 per U.S. dollar as of 10:15 a.m. IST after hitting its all-time low of 86.39 earlier in the day. State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, traders said. The RBI seems to be “letting it (USD/INR) move

Tens of thousands take holy dip in India as Maha Kumbh festival begins

PRAYAGRAJ, India, Jan 13 (Reuters) – Tens of thousands of Hindus seeking absolution of their sins immersed themselves on Monday in freezing waters at the confluence of sacred rivers, as India began a six-week festival expected to draw the world’s largest gathering of humanity. Held every 12 years, the Maha Kumbh Mela or Great Pitcher Festival, as the religious event in the city of Prayagraj in the northern state of Uttar Pradesh is called, attracts more than 400 million visitors, both Indians and tourists. As many as 40,000 police officers are on guard to provide security and help manage the

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