Offshoring business operations to captive centres has proven to be a cost-effective and efficient strategy
realty1 hour ago
The Indian rupee depreciated by 16 paise to 74.55 against the US dollar (20.31 versus the UAE dirham) in opening trade on Tuesday, as a muted trend in the Indian equity market and firm American dollar weighed on investor sentiment.
At the Indian interbank foreign exchange, the rupee opened on a weak note at 74.48, then lost further ground and touched 74.55 against the dollar, registering a decline of 16 paise from the last close.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 96.55.
Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors, said dollar-rupee has not been able to cross 74.55. But "the way the dollar index has risen, we should see it rising towards 75 levels with month-end approaching," he said.
Bhansali further noted that "the stock markets are in falling mode and the Nifty is expected to go up to 16,000 before we start the next bull run."
Exporters may sell for cash and very far term so that they do not lose out on premiums. But may wait for short and medium term for 75.00 levels, Bhansali said, adding that importers are likely to keep hedging every dip near 74.20 and 74.30.
On the Indian equity market front, the 30-share Sensex was trading 245.72 points or 0.42 per cent lower at 58,220.17, while the broader NSE Nifty declined 50.30 points or 0.29 per cent to 17,366.25.
(with inputs from PTI)
Offshoring business operations to captive centres has proven to be a cost-effective and efficient strategy
realty1 hour ago
Tourism minister Ahmed Al Khateeb says all the kingdom's projects are far away from the conflict
mena2 hours ago
A wave of exceptionally hot weather has blasted the region over the past week, sending the mercury as high as 45 degrees Celsius
asia2 hours ago
This was following a Reuters report that some senior US officials did not find Israel's assurances credible
world2 hours ago
Chinese Premier Li Qiang promises to Musk that the country will always be open to foreign firms
auto2 hours ago
Prevailing market trends, investment opportunities and growth strategies instilling confidence in stakeholders navigating Dubai's dynamic landscape
realty2 hours ago
Both parties must be taxable; or become taxable as a result of the transfer
business2 hours ago
Israel's foreign minister says Rafah incursion could be suspended should a deal emerge to release the hostages
mena2 hours ago