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The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades.

At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82.

On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17.

It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit.

According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices.

India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits.

Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth.

RBI raised its key repo rate by 50 basis points on Wednesday.

Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt.

Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17.

On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80.

(With inputs from agencies)

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The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.

The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82. On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17. It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit. According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices. India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits. Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth. RBI raised its key repo rate by 50 basis points on Wednesday. Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt. Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17. On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80. (With inputs from agencies) WATCH WION LIVE HERE

Indian rupee slides to record low of 77.82 against US dollar

China's central leadership has given billionaire Jack Ma's Ant Group a tentative green light to revive its initial public offering (IPO), two sources with knowledge of the matter said, in the clearest sign yet Beijing is easing its crackdown on the tech sector.

Ant, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding Ltd, aims to file a preliminary prospectus for the share offering in Shanghai and Hong Kong as early as next month, the sources said, declining to be named due to the sensitivity of the matter.

The fintech giant will need to wait for guidance from the China Securities Regulatory Commission (CSRC) on the specific timing of the prospectus filing, said one of the sources.

In a publicly released statement, Ant said there was no plan to relaunch its IPO, without elaborating. It did not respond to Reuters request for comment on whether it had received a green light from Beijing.

The company's stock market listing was hastily shelved at the behest of Beijing in November 2020. At the time, it was slated to be valued at around $315 billion and planned to raise $37 billion, which would have been a world record.

"Under the guidance of regulators, we are focused on steadily moving forward with our rectification work and do not have any plan to initiate an IPO," Ant said on its WeChat account late on Thursday.

Neither the CSRC nor China's State Council Information Office, which handles media queries for central leaders, responded to Reuters' request for comment.

Also Read | <a href="https://www.wionews.com/world/world-bank-lowers-2022-global-growth-forecast-to-29-from-41-in-january-486030">World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January</a>

Ant wants to keep the IPO revival plans low profile pending a formal announcement, after having attracted regulatory glare in its first attempt back in 2020 with the waves the offering created as the world's largest ever equity float, a separate source with direct knowledge of the matter said.

Chinese authorities pulled the plug on the IPO and cracked down on Ma's business empire after he gave a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation.

The IPO's derailment marked the start of a regulatory crackdown to rein in China's huge homegrown technology sector, which spread to other industries, including property and private education, wiping billions off market capitalisations and triggering layoffs at some firms.

With its economy slowing in a politically sensitive year when Xi Jinping is expected to secure an unprecedented third term as party leader, Beijing is looking to loosen it grip on private businesses including tech giants to help it meet a growth target of 5.5%, something economists have said will be hard to reach given COVID-19 lockdowns.

"They are rolling back on their crackdown to counterbalance the lockdown they've had. Any data out of China lately has been dreadful because of lockdowns and the last thing they want to do is compound that issue. In the next three to six months we are likely to see China's crackdown unwound," said David Madden, market analyst at Equiti Capital in London.

A revival of the IPO may also mark a rehabilitation of sorts for Ma, who has been maintaining a low public profile since Beijing swooped.

EASING EFFORTS

Chinese Vice-Premier Liu He last month told tech executives the government supported the development of the sector and will back firms pursuing listings at home and abroad.

In another sign of Beijing's softer stance, China's ride-hailer Didi Global, which has been under a cybersecurity probe since last year, is in advanced talks to buy a third of a state-backed electric-vehicle maker, Reuters reported on Wednesday.

News of the talks comes after the Wall Street Journal reported on Monday that Chinese regulators are set to conclude their investigations into Didi, which could offer more hope to investors about its recovery.

Bloomberg reported earlier on Thursday that Chinese financial regulators had started early stage talks on a potential revival of Ant's stock market debut, without mentioning a timeline.

The top securities regulator had established a team to reassess the share sale plans, Bloomberg reported.

The regulator later said in a statement it had not conducted any assessment or research work regarding an Ant IPO.

The U.S. listed shares of Alibaba, which owns nearly one-third of Ant, were down 7% after earlier rising as much as 7% in pre-market trading on the Bloomberg report.

U.S. private equity firm Warburg Pincus, a big investor in Ant's 2018 private fundraising, lowered its valuation of Ant to about $180 billion at end-March from $221 billion one year earlier, a separate source said.

The regulators have directed Ant to restructure as a financial rather than tech firm, and sources and analysts have said the financial sector typically carries lower valuations.

Warburg Pincus declined to comment on Thursday.

"The size of Ant and the IPO will have to be smaller than what was planned in 2020 because the market conditions have changed and cannot be compared to now," said Dickie Wong, executive director of Kingston Securities in Hong Kong.

U.S.-listed shares of Chinese tech and e-commerce firms including Didi and Alibaba have gained this week on hints Beijing's one-and-a-half year long crackdown may be easing.

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China's central leadership has given billionaire Jack Ma's Ant Group a tentative green light to revive its initial public offering (IPO), two sources with knowledge of the matter said, in the clearest sign yet Beijing is easing its crackdown on the tech sector.

China's central leadership has given billionaire Jack Ma's Ant Group a tentative green light to revive its initial public offering (IPO), two sources with knowledge of the matter said, in the clearest sign yet Beijing is easing its crackdown on the tech sector. Ant, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding Ltd, aims to file a preliminary prospectus for the share offering in Shanghai and Hong Kong as early as next month, the sources said, declining to be named due to the sensitivity of the matter. The fintech giant will need to wait for guidance from the China Securities Regulatory Commission (CSRC) on the specific timing of the prospectus filing, said one of the sources. In a publicly released statement, Ant said there was no plan to relaunch its IPO, without elaborating. It did not respond to Reuters request for comment on whether it had received a green light from Beijing. The company's stock market listing was hastily shelved at the behest of Beijing in November 2020. At the time, it was slated to be valued at around $315 billion and planned to raise $37 billion, which would have been a world record. "Under the guidance of regulators, we are focused on steadily moving forward with our rectification work and do not have any plan to initiate an IPO," Ant said on its WeChat account late on Thursday. Neither the CSRC nor China's State Council Information Office, which handles media queries for central leaders, responded to Reuters' request for comment. Also Read | World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January Ant wants to keep the IPO revival plans low profile pending a formal announcement, after having attracted regulatory glare in its first attempt back in 2020 with the waves the offering created as the world's largest ever equity float, a separate source with direct knowledge of the matter said. Chinese authorities pulled the plug on the IPO and cracked down on Ma's business empire after he gave a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation. The IPO's derailment marked the start of a regulatory crackdown to rein in China's huge homegrown technology sector, which spread to other industries, including property and private education, wiping billions off market capitalisations and triggering layoffs at some firms. With its economy slowing in a politically sensitive year when Xi Jinping is expected to secure an unprecedented third term as party leader, Beijing is looking to loosen it grip on private businesses including tech giants to help it meet a growth target of 5.5%, something economists have said will be hard to reach given COVID-19 lockdowns. "They are rolling back on their crackdown to counterbalance the lockdown they've had. Any data out of China lately has been dreadful because of lockdowns and the last thing they want to do is compound that issue. In the next three to six months we are likely to see China's crackdown unwound," said David Madden, market analyst at Equiti Capital in London. A revival of the IPO may also mark a rehabilitation of sorts for Ma, who has been maintaining a low public profile since Beijing swooped. EASING EFFORTS Chinese Vice-Premier Liu He last month told tech executives the government supported the development of the sector and will back firms pursuing listings at home and abroad. In another sign of Beijing's softer stance, China's ride-hailer Didi Global, which has been under a cybersecurity probe since last year, is in advanced talks to buy a third of a state-backed electric-vehicle maker, Reuters reported on Wednesday. News of the talks comes after the Wall Street Journal reported on Monday that Chinese regulators are set to conclude their investigations into Didi, which could offer more hope to investors about its recovery. Bloomberg reported earlier on Thursday that Chinese financial regulators had started early stage talks on a potential revival of Ant's stock market debut, without mentioning a timeline. The top securities regulator had established a team to reassess the share sale plans, Bloomberg reported. The regulator later said in a statement it had not conducted any assessment or research work regarding an Ant IPO. The U.S. listed shares of Alibaba, which owns nearly one-third of Ant, were down 7% after earlier rising as much as 7% in pre-market trading on the Bloomberg report. U.S. private equity firm Warburg Pincus, a big investor in Ant's 2018 private fundraising, lowered its valuation of Ant to about $180 billion at end-March from $221 billion one year earlier, a separate source said. The regulators have directed Ant to restructure as a financial rather than tech firm, and sources and analysts have said the financial sector typically carries lower valuations. Warburg Pincus declined to comment on Thursday. "The size of Ant and the IPO will have to be smaller than what was planned in 2020 because the market conditions have changed and cannot be compared to now," said Dickie Wong, executive director of Kingston Securities in Hong Kong. U.S.-listed shares of Chinese tech and e-commerce firms including Didi and Alibaba have gained this week on hints Beijing's one-and-a-half year long crackdown may be easing. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Beijing gives initial nod to revive Ant IPO after crackdown cools: Report

Europe will introduce a universal charger one standard cable for all devices. The proposal has been in making for quite some time and now European Union has given a go ahead to the proposal.

Decoding the Pros & Cons of EU's 'Universal Charger' move

Gold inched lower on Thursday pressured by elevated US&nbsp;Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

The&nbsp;ECB&nbsp;said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

Spot gold fell 0.3 per cent&nbsp;to 1,847.59 dollars per ounce by 1249 GMT, little changed after the&nbsp;ECB&nbsp;decision.

US gold futures shed 0.3 per cent&nbsp;to 1,850.00 dollars.

"It seems to be that the&nbsp;ECB&nbsp;are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree.

Watch |&nbsp;Oil hovers near 13-week high, China optimism backs price surge

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"Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers,&nbsp;the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added.

The monthly US&nbsp;consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July.

The benchmark US&nbsp;10-year Treasury yields held steady near the key 3 per cent&nbsp;threshold, eroding gold's appeal.&nbsp;

Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties.

Also read |&nbsp;<a href="https://www.wionews.com/world/shrinkflation-is-on-the-rise-companies-reducing-package-size-without-lowering-price-486505">‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price</a>

"We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said.

Spot silver dipped 0.5 per cent&nbsp;to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent&nbsp;to 1,927.59 dollars.

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Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase. The ECB said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve. Also read | Dollar gains as US stocks fall, ECB decision on tap Spot gold fell 0.3 per cent to 1,847.59 dollars per ounce by 1249 GMT, little changed after the ECB decision. US gold futures shed 0.3 per cent to 1,850.00 dollars. "It seems to be that the ECB are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree. Watch | Oil hovers near 13-week high, China optimism backs price surge "Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers, the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added. The monthly US consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July. The benchmark US 10-year Treasury yields held steady near the key 3 per cent threshold, eroding gold's appeal. Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties. Also read | ‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price "We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said. Spot silver dipped 0.5 per cent to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent to 1,927.59 dollars. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Gold subdued on firm yields with US inflation in focus

Fashion giant Zara's owner Inditex has reported an 80% jump in first-quarter profit on the back of soaring sales as consumers refreshed their wardrobes after months spent stuck at home during the pandemic lockdowns.

Zara owner Inditex bucks retail trend, gross margin at 10-year high

Supply chain problems continued to hit plane makers hard. Airbus delivered 6% fewer airplanes in last month, compared to the same month last year, as the aerospace industry still wrestling with tight supply chains.

Airbus deliveries fell 6% in May amid tight supply chain

European Parliament and lawmakers voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035. Carmakers will invest heavily in electrification.

Lawmakers back ban on new fossil-fuel cars

Oil prices are holding near 13-weeks high on Thursday, underpinned by robust demand in the world’s top consumer US while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed.

Oil hovers near 13-week high, China optimism backs price surge

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement.

The greenback reached a fresh two-decade high against the yen, which weakened to hit 134.47 per dollar, its softest since Feb. 27, 2002, and the euro achieved its highest level against the safe-haven yen since Jan. 5, 2015.

The Bank of Japan remains one of the few global central banks to maintain a dovish stance while others have adopted tightening policies of hiking interest rates to combat inflation.

The European Central Bank (ECB) is expected on Thursday to take a hawkish stance, with interest rate hikes to begin in July as traders price in 75 basis points of hikes by September.

"The bulls are hoping to see a 50 (basis point hike) and they will probably get a 25," said Edward Moya, senior market analyst at Oanda in New York. "The expectation is that where global bond yields are and specifically across Europe there is a probably a lot more upside and that is why you are getting some good moves here, eventually the market is really going to fixate on exactly what (ECB president Christine) Lagarde`s message is going to be at that press conference."

The yen has now fallen for 10 straight trading sessions against the euro, its longest losing streak in eight months.

The dollar index rose 0.107% to 102.520, with the euro up 0.15% to $1.0715.

The euro rose 1.3% against the yen to 143.780.

Following the ECB announcement, investors will get a read on U.S. inflation on Friday in the form of the May consumer price index (CPI). Expectations call for a year-over-year inflation increase of 8.3%, unchanged from April.

In a choppy session, stocks on Wall Street were lower, with the S&amp;P down more than 1% as the 10-year U.S. Treasury yield climbed above 3% following a soft auction and as inflation concerns simmered with oil prices hitting a 13-week high.

The data is highly unlikely to alter the Fed`s current rate hike path. Traders have completely priced in a rate hike of at least 50 basis points, according to CME`s FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html.

Japanese policymakers stood by their stance supporting a weaker yen on Wednesday, saying it is a positive for the economy.

The Japanese yen weakened 1.17% versus the greenback at 134.17 per dollar, while Sterling was last trading at $1.2541, down 0.37% on the day.

The pound was down against the dollar as political risks and fears of a slowing economy weighed on sterling in the wake of a confidence vote on British Prime Minister Boris Johnson on Monday.

In cryptocurrencies, bitcoin last fell 3.55% to $30,216.58.

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement.

The dollar index gained on Wednesday, reversing earlier declines as US equities fell and boosted the appeal of the safe haven, while the euro strengthened ahead of a European Central Bank policy announcement. The greenback reached a fresh two-decade high against the yen, which weakened to hit 134.47 per dollar, its softest since Feb. 27, 2002, and the euro achieved its highest level against the safe-haven yen since Jan. 5, 2015. The Bank of Japan remains one of the few global central banks to maintain a dovish stance while others have adopted tightening policies of hiking interest rates to combat inflation. The European Central Bank (ECB) is expected on Thursday to take a hawkish stance, with interest rate hikes to begin in July as traders price in 75 basis points of hikes by September. "The bulls are hoping to see a 50 (basis point hike) and they will probably get a 25," said Edward Moya, senior market analyst at Oanda in New York. "The expectation is that where global bond yields are and specifically across Europe there is a probably a lot more upside and that is why you are getting some good moves here, eventually the market is really going to fixate on exactly what (ECB president Christine) Lagarde`s message is going to be at that press conference." The yen has now fallen for 10 straight trading sessions against the euro, its longest losing streak in eight months. The dollar index rose 0.107% to 102.520, with the euro up 0.15% to $1.0715. The euro rose 1.3% against the yen to 143.780. Following the ECB announcement, investors will get a read on U.S. inflation on Friday in the form of the May consumer price index (CPI). Expectations call for a year-over-year inflation increase of 8.3%, unchanged from April. In a choppy session, stocks on Wall Street were lower, with the S&P down more than 1% as the 10-year U.S. Treasury yield climbed above 3% following a soft auction and as inflation concerns simmered with oil prices hitting a 13-week high. The data is highly unlikely to alter the Fed`s current rate hike path. Traders have completely priced in a rate hike of at least 50 basis points, according to CME`s FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html. Japanese policymakers stood by their stance supporting a weaker yen on Wednesday, saying it is a positive for the economy. The Japanese yen weakened 1.17% versus the greenback at 134.17 per dollar, while Sterling was last trading at $1.2541, down 0.37% on the day. The pound was down against the dollar as political risks and fears of a slowing economy weighed on sterling in the wake of a confidence vote on British Prime Minister Boris Johnson on Monday. In cryptocurrencies, bitcoin last fell 3.55% to $30,216.58.

Dollar gains as US stocks fall, ECB decision on tap

Japan's economy shrank slightly less than initially reported in the first quarter as private consumption remained resilient in the face of resurgent covid19 infections and companies rebuilt their stock. Now while the slow contraction is welcome news for the policy makers.

Japan: Q1 GDP falls; economy shrinks less than expected

The US trade deficit narrowed by the most in nearly 10 years in April as exports jumped to a record high, putting trade on course to contribute to economic growth this quarter.

Record exports help shrink US trade deficit

The Reserve Bank of India has once again raised the primary lending rate and this time by 50 basis points as inflation continues to remain above its comfort level. Now the new lending rate from reserve bank to other public and private banks has now been increased to 4.9% from 4.4%.

Indian Central Bank raises key lending rate by 50 basis points

Australia's competition regulator has initiated proceedings against Airbnb in the country's federal court for allegedly misleading consumers on pricing for accommodation in the country.

Australian regulator sues Airbnb, customers to be compensated

Sri Lanka is going through a severe economic crisis. Watch this ground report from Sri Lanka's capital. There is a livelihood crisis for tuk-tuk drivers.

Ground report from Sri Lanka's capital: Livelihood crisis for tuk-tuk drivers