Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
The Indian rupee edged up 1 paisa to 83.02 against the US dollar (22.62 against UAE dirham) on Wednesday ahead of the announcement of the key US Fed policy decision later in the day.
At the interbank foreign exchange market, the South Asian currency opened higher at 83 (22.62 against UAE dirham) compared to the previous close of 83.03 in line with firm stock markets.
The rupee traded at 83.02, up 1 paisa, in early morning deals.
[Editor's Note: For real-time forex rates, click on the widget below or visit KT's dedicated Trading News page here.]
The currency is set for a quiet session today, eyeing whether the US Federal Reserve will signal fewer rate cuts this year, compared to its December projections.
The Fed is not expected to make changes to the policy rate, with the primary focus on projections on the interest rate trajectory. In December, the median estimate for Dec 2024 was 4.6 per cent, signalling expectations for three 25 basis points rate cuts.
The median was centred on forecast of only six members, a slim majority of one, ANZ Bank said in a note. Five members predicted two rate cuts and four predicted four cuts.
"The tight clustering leaves potential for the median dot plot to shift to signalling two cuts this year," ANZ said.
Expectations for rate cuts have changed significantly since the beginning of the year, with investors now pricing in fewer cuts compared to the initial projections of more than six.
(With inputs from PTI, Reuters)
ALSO READ:
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z