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The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows.

The dollar strengthened after China's central bank eased its domestic policy to support the economy.

China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy.

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 per cent, to 34,309.27 in early trade Monday.&nbsp;

The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows. The dollar strengthened after China's central bank eased its domestic policy to support the economy.

The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows. The dollar strengthened after China's central bank eased its domestic policy to support the economy. China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy. Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment. On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged. Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions. Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 per cent, to 34,309.27 in early trade Monday.

Rupee falls 14 paise against US dollar in opening trade

Key equity indices Sensex and Nifty opened lower on Monday.The markets opened in red with the Sensex witnessing a fall of 36 points to open at 34412.

At 9:20 am, Sensex was at 34198.67, down 178.32 points and Nifty 50 at 10260.35, down 56.10 points.

Meanwhile, Rupee opens lower at 73.96 per dollar.&nbsp;

At 9:15 am, Rupee trades at 73.88 per dollar as against the previous close of 73.76 per Dollar.&nbsp;

The rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data.

Key equity indices Sensex and Nifty opened lower on Monday.The markets opened in red with the Sensex witnessing a fall of 36 points to open at 34412. At 9:20 am, Sensex was at 34198.

Key equity indices Sensex and Nifty opened lower on Monday.The markets opened in red with the Sensex witnessing a fall of 36 points to open at 34412. At 9:20 am, Sensex was at 34198.67, down 178.32 points and Nifty 50 at 10260.35, down 56.10 points. Meanwhile, Rupee opens lower at 73.96 per dollar. At 9:15 am, Rupee trades at 73.88 per dollar as against the previous close of 73.76 per Dollar. The rupee is expected to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data.

Markets begin week on a negative note: Sensex at 34198, Nifty at 10260

Fuel prices across the country shot up again on Monday with petrol registering a hike of Rs 0.21 in the national capital at Rs 82.03. Diesel in Delhi is at Rs 73.82, an increase by Rs 0.29.&nbsp;

Petrol and diesel prices in Mumbai today are at Rs 87.50, increased by Rs 0.21, and Rs 77.37, increased by Rs 0.31, respectively.

Fuel prices have been rising unabated even after the Central government on Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a &nbsp;cumulative relief of Rs 5 on fuel prices to the customers.&nbsp;

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Petrol and Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs 82.03 per litre (increase by Rs 0.21) and Rs 73.82 (increase by Rs 0.29). Petrol and Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 87.50 (increase by Rs 0.21) and Rs 77.37 (increase by Rs 0.31), respectively. <a href="https://t.co/YLMM5H2PDR">pic.twitter.com/YLMM5H2PDR</a>
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The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country.&nbsp;

On Sunday, the price of petrol in Mumbai increased by 0.14 paise to Rs 87.29 per litre, while the price of diesel rose by 0.31 paise to Rs 77.06 per litre.

In Delhi, prices of petrol and diesel were hiked by 0.14 paise and 0.29 paise respectively. Petrol in Delhi was selling at Rs 81.82 a litre on Sunday while diesel was priced at Rs 73.53, according to the Indian Oil Corporation Limited. 
&nbsp;

Fuel prices across the country shot up again on Monday with petrol registering a hike of Rs 0.21 in the national capital at Rs 82.03. Diesel in Delhi is at Rs 73.

Fuel prices across the country shot up again on Monday with petrol registering a hike of Rs 0.21 in the national capital at Rs 82.03. Diesel in Delhi is at Rs 73.82, an increase by Rs 0.29. Petrol and diesel prices in Mumbai today are at Rs 87.50, increased by Rs 0.21, and Rs 77.37, increased by Rs 0.31, respectively. Fuel prices have been rising unabated even after the Central government on Thursday announced a relief of Rs 2.50 on petrol and diesel prices. Various state governments also provided a relief of Rs 2.50 to give a cumulative relief of Rs 5 on fuel prices to the customers. Petrol and Diesel prices in #Delhi are Rs 82.03 per litre (increase by Rs 0.21) and Rs 73.82 (increase by Rs 0.29). Petrol and Diesel prices in #Mumbai are Rs 87.50 (increase by Rs 0.21) and Rs 77.37 (increase by Rs 0.31), respectively. pic.twitter.com/YLMM5H2PDR — ANI (@ANI) October 8, 2018 × The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country. On Sunday, the price of petrol in Mumbai increased by 0.14 paise to Rs 87.29 per litre, while the price of diesel rose by 0.31 paise to Rs 77.06 per litre. In Delhi, prices of petrol and diesel were hiked by 0.14 paise and 0.29 paise respectively. Petrol in Delhi was selling at Rs 81.82 a litre on Sunday while diesel was priced at Rs 73.53, according to the Indian Oil Corporation Limited.

Fuel prices rise unabated, petrol sells at Rs 82.03 in Delhi

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday.

The global lender said the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of the Goods and Services Tax (GST).

However, domestic risks and a less benign external environment impact the macro-economic outlook, it said.

Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said.

"Prompted by the adoption of the 'Goods and Services Tax' (GST) and the recapitalisation of banks, growth in India is firming up and it is projected to accelerate further," the World bank said in its latest report on South Asia.

Growth in India, it said, is expected to rise to 7.3 per cent in fiscal year 2018/19, and to 7.5 per cent in the following two years, with stronger private spending and export growth as the key drivers.

On the production side, the turnaround in the second half was led by manufacturing (that grew at 8.8 per cent versus 2.7 per cent in the first half). Agriculture growth improved, and services growth held steady at 7.7 per cent, the report said.

On the demand side, the pick-up in growth was reflected in a sharp acceleration in gross fixed capital formation to 11.7 per cent in the second half, from 3.4 per cent in the first.

Consumption, growing at seven per cent in the second half, remained the major driver of growth, the report said.

Observing that the external situation has become less favourable and the current account balance has deteriorated, the Bank said that a worsening trade deficit has led the current account deficit to widen -- on the back of a strong import demand, higher oil prices and exchange rate depreciation -- from a benign 0.7 per cent of the GDP in fiscal year 2016/17 to 1.9 per cent in fiscal year 2017/18.

External headwinds - monetary policy 'normalisation' in the US coupled with recent stress in some Emerging Market and Developing Economies ? have triggered portfolio outflows from April 2018 onwards, the report said.

It said that as a result, the nominal exchange rate depreciated by about 12 per cent from January to September 2018, and foreign reserves declined by over 5 per cent since March, while remaining comfortable at about nine months of imports.

Of the view that India faces continued internal and external risks, the World Bank said that high oil prices and an uncertain global trade environment may pose challenges for the current account.

"A widening trade deficit is likely to lead to a current account deficit of around 2.6 per cent of the GDP in fiscal year 2018/19, and tighter global financing conditions will put added emphasis on India's ability to attract Foreign Direct Investment (FDI)," it said.

Fiscal consolidation is expected to resume in fiscal year 2018/19, but slippages could happen on both the revenue side (as the GST is still stabilising) and the expenditure side (ahead of state and federal elections), it said.

"Elevated oil prices, a recent hike in agricultural support prices and further exchange rate depreciation could keep the inflation outlook challenging, possibly resulting in further monetary policy actions," the report added.&nbsp; 
&nbsp;

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday.

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday. The global lender said the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of the Goods and Services Tax (GST). However, domestic risks and a less benign external environment impact the macro-economic outlook, it said. Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said. "Prompted by the adoption of the 'Goods and Services Tax' (GST) and the recapitalisation of banks, growth in India is firming up and it is projected to accelerate further," the World bank said in its latest report on South Asia. Growth in India, it said, is expected to rise to 7.3 per cent in fiscal year 2018/19, and to 7.5 per cent in the following two years, with stronger private spending and export growth as the key drivers. On the production side, the turnaround in the second half was led by manufacturing (that grew at 8.8 per cent versus 2.7 per cent in the first half). Agriculture growth improved, and services growth held steady at 7.7 per cent, the report said. On the demand side, the pick-up in growth was reflected in a sharp acceleration in gross fixed capital formation to 11.7 per cent in the second half, from 3.4 per cent in the first. Consumption, growing at seven per cent in the second half, remained the major driver of growth, the report said. Observing that the external situation has become less favourable and the current account balance has deteriorated, the Bank said that a worsening trade deficit has led the current account deficit to widen -- on the back of a strong import demand, higher oil prices and exchange rate depreciation -- from a benign 0.7 per cent of the GDP in fiscal year 2016/17 to 1.9 per cent in fiscal year 2017/18. External headwinds - monetary policy 'normalisation' in the US coupled with recent stress in some Emerging Market and Developing Economies ? have triggered portfolio outflows from April 2018 onwards, the report said. It said that as a result, the nominal exchange rate depreciated by about 12 per cent from January to September 2018, and foreign reserves declined by over 5 per cent since March, while remaining comfortable at about nine months of imports. Of the view that India faces continued internal and external risks, the World Bank said that high oil prices and an uncertain global trade environment may pose challenges for the current account. "A widening trade deficit is likely to lead to a current account deficit of around 2.6 per cent of the GDP in fiscal year 2018/19, and tighter global financing conditions will put added emphasis on India's ability to attract Foreign Direct Investment (FDI)," it said. Fiscal consolidation is expected to resume in fiscal year 2018/19, but slippages could happen on both the revenue side (as the GST is still stabilising) and the expenditure side (ahead of state and federal elections), it said. "Elevated oil prices, a recent hike in agricultural support prices and further exchange rate depreciation could keep the inflation outlook challenging, possibly resulting in further monetary policy actions," the report added.

Growth in India firming up, projected to accelerate further: World Bank

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows.

The rupee had opened lower by 14 paisa against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 73.89 a dollar against its previous closing of 73.76.

It recovered to a high of 73.76, but failed to sustain the momentum and plunged to 74.10 and finally closed at 74.06, down by 30 paise, marking its fifth straight session of decline.

On Friday, the domestic unit plummeted by 18 paise to end at 73.76.

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows.

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows. The rupee had opened lower by 14 paisa against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 73.89 a dollar against its previous closing of 73.76. It recovered to a high of 73.76, but failed to sustain the momentum and plunged to 74.10 and finally closed at 74.06, down by 30 paise, marking its fifth straight session of decline. On Friday, the domestic unit plummeted by 18 paise to end at 73.76.

Rupee slumps 30 paise to close at record low of 74.06

In a highly volatile session, value-buying by investors in recently battered banking, oil &amp; gas and auto stocks reversed the three-session losing streak, helping the Sensex and Nifty to close on a positive note Monday.

The Sensex swung over 660 points both ways on alternate bouts of selling and buying.

The 30-share Sensex touched a high of 34,636.43 on the back of sustained buying by domestic institutional investors (DIIs), but later turned choppy and hit a low of 33,974.66 as selling pressure gathered momentum.

However, amid buying towards the fag-end, it recovered to close the day higher by 97.39 points, or 0.28 per cent, at 34,474.38.

The 30-scrip gauge had lost 2,149.15 points in the previous three straight sessions.

The 50-share NSE Nifty too recovered by 31.60 points, or 0.31 per cent, to end at 10,348.05. During the session, it moved between 10,198.40 and 10,398.35.

Besides value buying, covering-up of short positions by investors also aided the recovery in the market.

Meanwhile, global cues remained negative with Asian markets leading the sentiment. Chinese stocks, in their first trading day after a one-week holiday, tumbled even though

Beijing's central bank increased liquidity to offset the impact of an escalating trade dispute with the US.

China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second largest economy.

European markets too weakened in early session.

On a net basis, domestic institutional investors bought equities worth Rs 1,902.07 crore in the previous session Friday, while foreign funds sold shares worth a net of Rs 3,370.14 crore, provisional data showed.&nbsp;

In a highly volatile session, value-buying by investors in recently battered banking, oil & gas and auto stocks reversed the three-session losing streak, helping the Sensex and Nifty to close on a positive note Monday.

In a highly volatile session, value-buying by investors in recently battered banking, oil & gas and auto stocks reversed the three-session losing streak, helping the Sensex and Nifty to close on a positive note Monday. The Sensex swung over 660 points both ways on alternate bouts of selling and buying. The 30-share Sensex touched a high of 34,636.43 on the back of sustained buying by domestic institutional investors (DIIs), but later turned choppy and hit a low of 33,974.66 as selling pressure gathered momentum. However, amid buying towards the fag-end, it recovered to close the day higher by 97.39 points, or 0.28 per cent, at 34,474.38. The 30-scrip gauge had lost 2,149.15 points in the previous three straight sessions. The 50-share NSE Nifty too recovered by 31.60 points, or 0.31 per cent, to end at 10,348.05. During the session, it moved between 10,198.40 and 10,398.35. Besides value buying, covering-up of short positions by investors also aided the recovery in the market. Meanwhile, global cues remained negative with Asian markets leading the sentiment. Chinese stocks, in their first trading day after a one-week holiday, tumbled even though Beijing's central bank increased liquidity to offset the impact of an escalating trade dispute with the US. China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second largest economy. European markets too weakened in early session. On a net basis, domestic institutional investors bought equities worth Rs 1,902.07 crore in the previous session Friday, while foreign funds sold shares worth a net of Rs 3,370.14 crore, provisional data showed.

Market ends in the green, breaks three-day losing streak

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday.

The rupee hit an intra-day low of 74.0150 against the US dollar.

The dollar strengthened after China's central bank eased its domestic policy to support the economy.

China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy.

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday. The rupee hit an intra-day low of 74.

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday. The rupee hit an intra-day low of 74.0150 against the US dollar. The dollar strengthened after China's central bank eased its domestic policy to support the economy. China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy. Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment. On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged. Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

Rupee breaches 74-mark now, hits low of 74.06 against US dollar

A Delhi Court on Monday extended till November 1 the interim protection from arrest granted to former Union Minister P Chidambaram and his son Karti in the Aircel-Maxis case filed by the CBI and the ED.&nbsp;

Special CBI Judge O P Saini put up the matter for November 1 after the counsel appearing for agencies sought an adjournment in the matter.

Advocates appearing for the CBI and the ED, Additional Solicitor General Tushar Mehta and Nitesh Rana, told the court that the agencies required time to file a detailed reply and argue on the application filed through Chidambaram's lawyers P K Dubey and Arshdeep Singh.

Chidambaram and his son were named in the chargesheet filed by the Central Bureau of Investigation in the case on July 19.

The agency filed a supplementary charge sheet before the special judge, who will consider it on next date.

The CBI is probing how Chidambaram, who was the Union finance minister in 2006, granted a Foreign Investment Promotion Board (FIPB) approval to a foreign firm, when only the Cabinet Committee on Economic Affairs (CCEA) was empowered to do it.

The senior Congress leader's role has come under the scanner of investigating agencies in the Rs 3,500-crore Aircel-Maxis deal and the INX Media case involving Rs 305 crore.

In its charge sheet filed earlier in the case against former telecom minister Dayanidhi Maran, his brother Kalanithi Maran and others, the agency had alleged that Chidambaram had granted an FIPB approval in March, 2006 to Mauritius-based Global Communication Services Holdings Ltd, a subsidiary of Maxis.

The Maran brothers and the other accused named in the CBI chargesheet were discharged by the special court, which had said the agency had failed to produce any material against them to proceed with the trial.

The Enforcement Directorate is also probing a separate money-laundering case in the Aircel-Maxis matter, in which Chidambaram and Karti have been questioned by the agency.

Both Chidambaram and Karti have denied the allegations levelled against them by the CBI and the ED.&nbsp;

A Delhi Court on Monday extended till November 1 the interim protection from arrest granted to former Union Minister P Chidambaram and his son Karti in the Aircel-Maxis case filed by the CBI and the ED.

A Delhi Court on Monday extended till November 1 the interim protection from arrest granted to former Union Minister P Chidambaram and his son Karti in the Aircel-Maxis case filed by the CBI and the ED. Special CBI Judge O P Saini put up the matter for November 1 after the counsel appearing for agencies sought an adjournment in the matter. Advocates appearing for the CBI and the ED, Additional Solicitor General Tushar Mehta and Nitesh Rana, told the court that the agencies required time to file a detailed reply and argue on the application filed through Chidambaram's lawyers P K Dubey and Arshdeep Singh. Chidambaram and his son were named in the chargesheet filed by the Central Bureau of Investigation in the case on July 19. The agency filed a supplementary charge sheet before the special judge, who will consider it on next date. The CBI is probing how Chidambaram, who was the Union finance minister in 2006, granted a Foreign Investment Promotion Board (FIPB) approval to a foreign firm, when only the Cabinet Committee on Economic Affairs (CCEA) was empowered to do it. The senior Congress leader's role has come under the scanner of investigating agencies in the Rs 3,500-crore Aircel-Maxis deal and the INX Media case involving Rs 305 crore. In its charge sheet filed earlier in the case against former telecom minister Dayanidhi Maran, his brother Kalanithi Maran and others, the agency had alleged that Chidambaram had granted an FIPB approval in March, 2006 to Mauritius-based Global Communication Services Holdings Ltd, a subsidiary of Maxis. The Maran brothers and the other accused named in the CBI chargesheet were discharged by the special court, which had said the agency had failed to produce any material against them to proceed with the trial. The Enforcement Directorate is also probing a separate money-laundering case in the Aircel-Maxis matter, in which Chidambaram and Karti have been questioned by the agency. Both Chidambaram and Karti have denied the allegations levelled against them by the CBI and the ED.

Aircel-Maxis case: Chidambaram, son Karti protected from arrest till November 1

Stock market indices are trading higher in the late afternoon trade by gains in banking and OMC stocks.

At 11:45 am, Sensex was up 181.48 points at 34,558, while Nifty is up 61 points at 10, 377.50.&nbsp;

About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged.&nbsp;

Among individual stocks, oil marketing companies (OMCs) are trading higher after sliding for two days. HPCL is ruling nearly 7 per cent higher at Rs 176.25 levels while IOC has risen 4.5 per cent to Rs 123.35 levels.&nbsp;

Meanwhile, investors will also keep an eye on the rupee as the day progresses. The Indian currency dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows.

Globally, shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a bid to support growth. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, after major stock markets around the world fell for a second straight day on Friday.

Stock market indices are trading higher in the late afternoon trade by gains in banking and OMC stocks. At 11:45 am, Sensex was up 181.48 points at 34,558, while Nifty is up 61 points at 10, 377.

Stock market indices are trading higher in the late afternoon trade by gains in banking and OMC stocks. At 11:45 am, Sensex was up 181.48 points at 34,558, while Nifty is up 61 points at 10, 377.50. About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged. Among individual stocks, oil marketing companies (OMCs) are trading higher after sliding for two days. HPCL is ruling nearly 7 per cent higher at Rs 176.25 levels while IOC has risen 4.5 per cent to Rs 123.35 levels. Meanwhile, investors will also keep an eye on the rupee as the day progresses. The Indian currency dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows. Globally, shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a bid to support growth. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, after major stock markets around the world fell for a second straight day on Friday.

Stock market: Sensex extends gains, Nifty above 10,350 mark

A weak broader market pulled down the combined market valuation of the top 10 most valued Indian companies by a whopping Rs 2,55,995 crore last week, with RIL taking the steepest hit.

The equity market witnessed severe drubbing last week, with the BSE benchmark Sensex falling sharply by 1,850.15 points to end at 34,376.99.

From the top 10 pack, RIL’s market capitalisation (m-cap) plummeted Rs 1,32,061.4 crore to Rs 6,65,441.16 crore.

Tata Consultancy Services (TCS) took the second biggest hit, with its valuation plunging Rs 31,164.6 crore to Rs 8,05,187.65 crore, while that of ITC tanked Rs 23,932.94 crore to Rs 3,39,284.67 crore.

Kotak Mahindra Bank’s m-cap nosedived Rs 17,091.72 crore to Rs 2,00,874.28 crore and that of Maruti Suzuki India slumped Rs 13,821.67 crore to Rs 2,08,223.79 crore.

HDFC Bank suffered an erosion of Rs 11,629.51 crore to Rs 5,33,340.93 crore and that of Hindustan Unilever Ltd (HUL) fell sharply by Rs 10,433.61 crore to Rs 3,37,566.18 crore.

The valuation of HDFC dived Rs 6,812.89 crore to Rs 2,90,520.19 crore and that of SBI went down by Rs 6,425.7 crore to Rs 2,30,075.87 crore.

Similarly, the m-cap of Infosys fell by Rs 2,621.03 crore to Rs 3,15,331.73 crore.

In the ranking of top-10 firms, TCS stood at number one position, followed by Reliance Industries Ltd (RIL), HDFC Bank, ITC, HUL, Infosys, HDFC, SBI, Maruti and Kotak Mahindra Bank.

A weak broader market pulled down the combined market valuation of the top 10 most valued Indian companies by a whopping Rs 2,55,995 crore last week, with RIL taking the steepest hit.

A weak broader market pulled down the combined market valuation of the top 10 most valued Indian companies by a whopping Rs 2,55,995 crore last week, with RIL taking the steepest hit. The equity market witnessed severe drubbing last week, with the BSE benchmark Sensex falling sharply by 1,850.15 points to end at 34,376.99. From the top 10 pack, RIL’s market capitalisation (m-cap) plummeted Rs 1,32,061.4 crore to Rs 6,65,441.16 crore. Tata Consultancy Services (TCS) took the second biggest hit, with its valuation plunging Rs 31,164.6 crore to Rs 8,05,187.65 crore, while that of ITC tanked Rs 23,932.94 crore to Rs 3,39,284.67 crore. Kotak Mahindra Bank’s m-cap nosedived Rs 17,091.72 crore to Rs 2,00,874.28 crore and that of Maruti Suzuki India slumped Rs 13,821.67 crore to Rs 2,08,223.79 crore. HDFC Bank suffered an erosion of Rs 11,629.51 crore to Rs 5,33,340.93 crore and that of Hindustan Unilever Ltd (HUL) fell sharply by Rs 10,433.61 crore to Rs 3,37,566.18 crore. The valuation of HDFC dived Rs 6,812.89 crore to Rs 2,90,520.19 crore and that of SBI went down by Rs 6,425.7 crore to Rs 2,30,075.87 crore. Similarly, the m-cap of Infosys fell by Rs 2,621.03 crore to Rs 3,15,331.73 crore. In the ranking of top-10 firms, TCS stood at number one position, followed by Reliance Industries Ltd (RIL), HDFC Bank, ITC, HUL, Infosys, HDFC, SBI, Maruti and Kotak Mahindra Bank.

Mukesh Ambani's RIL worst affected as top 10 companies lose Rs 2.5 lakh cr in market cap

Finance Minister Arun Jaitley Saturday said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows, news agency PTI reported.

The government has taken some steps and some more measures are likely to narrow CAD, Jaitley said at the HT Leadership Summit in Delhi, the report added.

Enunciating some of the steps taken recently, he said the government cut the borrowing target for the current fiscal by Rs 70,000 crore and allowed oil companies to raise USD 10 billion in one year.

(With PTI inputs)&nbsp;

Finance Minister Arun Jaitley Saturday said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows, news agency PTI reported.

Finance Minister Arun Jaitley Saturday said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows, news agency PTI reported. The government has taken some steps and some more measures are likely to narrow CAD, Jaitley said at the HT Leadership Summit in Delhi, the report added. Enunciating some of the steps taken recently, he said the government cut the borrowing target for the current fiscal by Rs 70,000 crore and allowed oil companies to raise USD 10 billion in one year. (With PTI inputs)

Some more steps likely to narrow CAD, says Arun Jaitley

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers.

The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government.

Petrol prices were regulated until 2012, while diesel prices remained so until 2014.

The government on Thursday announced a 2.50 rupees-per-litre cut in the prices of gasoline and diesel to reduce the burden on the Indian masses from a sharp rise in crude oil prices and a weak local currency that have pushed prices at fuel pumps to all-time highs.

The price cut involved a reduction in excise duty of 1.50 per litre by the government and a further cut of 1 rupee per litre by the state-owned oil marketing companies - Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd.

"The current decision could have an impact on the margins of the OMCs although one has to wait and see what course the government takes with a further fall in rupee and rise in crude prices," said Gagan Dixit, a senior oil and gas analyst at Elara Capital in Mumbai.

The price cut also hurts private fuel marketers - Nayara Energy owned by Russian oil giant Rosneft which owns close to 5,000 fuel outlets in the country and Mukesh Ambani-owned Reliance Industries Ltd which owns 1,325 outlets as they would also be forced to sell fuel at a loss to compete with the state-owned companies.

India`s Bombay Stock Exchange (BSE) oil and gas index has fallen by over 15 per cent by 0523 GMT.

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers.

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. The government on Thursday announced a 2.50 rupees-per-litre cut in the prices of gasoline and diesel to reduce the burden on the Indian masses from a sharp rise in crude oil prices and a weak local currency that have pushed prices at fuel pumps to all-time highs. The price cut involved a reduction in excise duty of 1.50 per litre by the government and a further cut of 1 rupee per litre by the state-owned oil marketing companies - Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd. "The current decision could have an impact on the margins of the OMCs although one has to wait and see what course the government takes with a further fall in rupee and rise in crude prices," said Gagan Dixit, a senior oil and gas analyst at Elara Capital in Mumbai. The price cut also hurts private fuel marketers - Nayara Energy owned by Russian oil giant Rosneft which owns close to 5,000 fuel outlets in the country and Mukesh Ambani-owned Reliance Industries Ltd which owns 1,325 outlets as they would also be forced to sell fuel at a loss to compete with the state-owned companies. India`s Bombay Stock Exchange (BSE) oil and gas index has fallen by over 15 per cent by 0523 GMT.

India's oil marketing shares slump after fuel price cut

The rupee recovered 6 paise to 73.52 against the US dollar at the forex market Friday ahead of the RBI's monetary policy outcome amid fresh selling by exporters as the government stepped in to reduce oil prices, reported news agency PTI.

Dealers said besides fresh selling of the US dollar by exporters, the greenback's weakness against some currencies overseas supported the rupee, the report added.

The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent on Thursday, marking its third straight session of losses.

Meanwhile, the benchmark BSE Sensex dropped by 231.16 points, or 0.66 per cent, to 34,938 in opening trade.

The rupee recovered 6 paise to 73.52 against the US dollar at the forex market Friday ahead of the RBI's monetary policy outcome amid fresh selling by exporters as the government stepped in to reduce oil prices, reported news agency PTI.

The rupee recovered 6 paise to 73.52 against the US dollar at the forex market Friday ahead of the RBI's monetary policy outcome amid fresh selling by exporters as the government stepped in to reduce oil prices, reported news agency PTI. Dealers said besides fresh selling of the US dollar by exporters, the greenback's weakness against some currencies overseas supported the rupee, the report added. The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent on Thursday, marking its third straight session of losses. Meanwhile, the benchmark BSE Sensex dropped by 231.16 points, or 0.66 per cent, to 34,938 in opening trade.

Rupee recovers 6 paise against US dollar ahead of RBI policy outcome

The rupee skidded by 18 paise to finish at a fresh lifetime low of 73.76 against the US dollar Friday after the RBI unexpectedly kept the policy rate unchanged.

The domestic unit crashed below the 74-mark for the first time ever in intra-day trade on persistent capital outflows and high crude oil prices.&nbsp;

Markets were caught off guard as the Reserve Bank maintained status quo on the benchmark interest rate. However, the central bank warned that rising oil prices and tightening of global financial conditions pose substantial risks to growth and inflation.

It also changed its policy stance to 'calibrated tightening' from 'neutral'.

Meanwhile, RBI Governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

"The rupee fall, in some respect, is moderate in comparison to several other emerging market peers," Patel said at the customary post-policy press meet.

"Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply," the governor added.

A majority of the analysts and bankers were expecting the six-member Monetary Policy Committee (MPC) to raise interest rate by at least 0.25 per cent, while the developments over the last few days, especially the weakness in the rupee, had led to speculations that it could be even as high as 0.50 per cent.

Equity markets racked up heavy losses for the third straight session.

The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the broader NSE Nifty dropped 282.80 points to 10,316.45.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record closing low of 73.58.

It recovered to a high of 73.42, but failed to sustain the momentum and plunged to 74.23 after RBI's policy announcement.

It finally closed at 73.76, down by 18 paise or 0.24 per cent, marking its fourth straight session of decline.

On Thursday, the domestic unit plummeted by 24 paise to end at 73.58.

"The rupee has extended losses as the RBI monetary policy meeting has clearly disappointed the street. Market was expecting at least 25 bps repo rate hike and measures to stabilise the rupee.

"Given the sell-off in the domestic equities and higher crude oil prices, the rupee is now expected to move towards 75-76 levels in next couple of sessions," said Rushabh Maru - Research Analyst , Anand Rathi Shares and Stock Brokers.

Brent crude oil prices were trading at USD 84.36 per barrel, showing a dip of 0.26 per cent. &nbsp; &nbsp;

India's benchmark 10-year sovereign yield fell to 8.04 per cent. 
Foreign institutional investors remained net sellers, offloading equities worth Rs 3,370.14 crore Friday, provisional data showed.

"Rupee was caught off guard and weakened beyond 74, after RBI surprised markets by keeping rates unchanged. Given the rising oil and trade tensions, traders will bet on exports going up, to curb further weakening in the currency," said Anand James, Chief Market Strategist at Geojit Financial Services.

Meanwhile, the FBIL set the reference rate at 73.5809 for the US dollar and 84.6975 for the euro. The pound sterling also pegged higher at 95.8877 and 64.59 for 100 Japanese yen.

The rupee skidded by 18 paise to finish at a fresh lifetime low of 73.76 against the US dollar Friday after the RBI unexpectedly kept the policy rate unchanged. The domestic unit crashed below the 74-mark for the first time ever in intra-day trade on persistent capital outflows and high crude oil prices.

The rupee skidded by 18 paise to finish at a fresh lifetime low of 73.76 against the US dollar Friday after the RBI unexpectedly kept the policy rate unchanged. The domestic unit crashed below the 74-mark for the first time ever in intra-day trade on persistent capital outflows and high crude oil prices. Markets were caught off guard as the Reserve Bank maintained status quo on the benchmark interest rate. However, the central bank warned that rising oil prices and tightening of global financial conditions pose substantial risks to growth and inflation. It also changed its policy stance to 'calibrated tightening' from 'neutral'. Meanwhile, RBI Governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it. "The rupee fall, in some respect, is moderate in comparison to several other emerging market peers," Patel said at the customary post-policy press meet. "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply," the governor added. A majority of the analysts and bankers were expecting the six-member Monetary Policy Committee (MPC) to raise interest rate by at least 0.25 per cent, while the developments over the last few days, especially the weakness in the rupee, had led to speculations that it could be even as high as 0.50 per cent. Equity markets racked up heavy losses for the third straight session. The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the broader NSE Nifty dropped 282.80 points to 10,316.45. At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record closing low of 73.58. It recovered to a high of 73.42, but failed to sustain the momentum and plunged to 74.23 after RBI's policy announcement. It finally closed at 73.76, down by 18 paise or 0.24 per cent, marking its fourth straight session of decline. On Thursday, the domestic unit plummeted by 24 paise to end at 73.58. "The rupee has extended losses as the RBI monetary policy meeting has clearly disappointed the street. Market was expecting at least 25 bps repo rate hike and measures to stabilise the rupee. "Given the sell-off in the domestic equities and higher crude oil prices, the rupee is now expected to move towards 75-76 levels in next couple of sessions," said Rushabh Maru - Research Analyst , Anand Rathi Shares and Stock Brokers. Brent crude oil prices were trading at USD 84.36 per barrel, showing a dip of 0.26 per cent. India's benchmark 10-year sovereign yield fell to 8.04 per cent. Foreign institutional investors remained net sellers, offloading equities worth Rs 3,370.14 crore Friday, provisional data showed. "Rupee was caught off guard and weakened beyond 74, after RBI surprised markets by keeping rates unchanged. Given the rising oil and trade tensions, traders will bet on exports going up, to curb further weakening in the currency," said Anand James, Chief Market Strategist at Geojit Financial Services. Meanwhile, the FBIL set the reference rate at 73.5809 for the US dollar and 84.6975 for the euro. The pound sterling also pegged higher at 95.8877 and 64.59 for 100 Japanese yen.

Rupee slumps to all-time low of 73.76 as RBI holds rate

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52.

Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers."

Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."

Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August.

By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports.

In absolute terms, the rupee is down around 17 per cent since January this year.

Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it. After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52. Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers." Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply." Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August. By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports. In absolute terms, the rupee is down around 17 per cent since January this year. Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

Rupee at 74 to a dollar is still better than other emerging market peers: RBI governor Urjit Patel

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after&nbsp;the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged.

<a href="http://www.wionews.com/business-economy/rbi-keeps-policy-rate-unchanged-in-surprise-move-169622">Also Read:&nbsp;RBI keeps policy rate unchanged in surprise move</a>

At one point, the Sensex had fallen over 900 points while going down&nbsp;300 points in the morning session extending its losing streak for the third straight day on Friday.

In the end, the Sensex closed&nbsp;at 34,376.99&nbsp;down 2.25 per cent and the Nifty&nbsp;fell 282.80 points or 2.67 per cent to close at 10,316.50.

Banking stocks HDFC, Yes Bank and ICICI Bank crashed with Reliance Industries falling over six per cent. Finance companies also experienced huge falls with Bajaj Finance, Indiabulls Housing Finance and DHFL going down over nine per cent.

RBI's monetary policy also affected the Rupee with the Indian currency falling&nbsp;below the 74-level against the US dollar for the first time ever.

The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged.

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged. Also Read: RBI keeps policy rate unchanged in surprise move At one point, the Sensex had fallen over 900 points while going down 300 points in the morning session extending its losing streak for the third straight day on Friday. In the end, the Sensex closed at 34,376.99 down 2.25 per cent and the Nifty fell 282.80 points or 2.67 per cent to close at 10,316.50. Banking stocks HDFC, Yes Bank and ICICI Bank crashed with Reliance Industries falling over six per cent. Finance companies also experienced huge falls with Bajaj Finance, Indiabulls Housing Finance and DHFL going down over nine per cent. RBI's monetary policy also affected the Rupee with the Indian currency falling below the 74-level against the US dollar for the first time ever. The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

Sensex crashes 792 points to close below 35,000 mark; Nifty tanks 282 points

The continuing downfall of Rupee has led to the Indian currency breaching the 74-mark against US dollar for the first time. The Reserve Bank of India (RBI), in a surprise move, kept the key rates unchanged which many analysts feel is the reason for Rupee's further fall.

The rupee has tanked 14 per cent against the dollar this year as investors withdraw from emerging markets.

The RBI raised rates in June and August in part to help shore up the currency, which started 2018 at 63.67 to the dollar.

The partially convertible rupee had hit a <a href="http://www.wionews.com/business-economy/rupee-crashes-to-all-time-low-of-7381-on-capital-outflows-surging-oil-prices-169479">life-time low</a> of 73.81 per dollar on Thursday before recovering to 73.62 later in the day.

Confidence has ebbed in India's markets in recent weeks. The rupee has set all-time lows, bonds are at their weakest since November 2014, and share markets have suffered a sharp correction after hitting record highs in August.

A liquidity scare erupted last month after a series of debt defaults by <a href="http://www.wionews.com/business-economy/new-board-to-consider-all-options-to-revive-ilfs-169502">Infrastructure Leasing &amp; Financial Services</a> (IL&amp;FS) sparked redemption pressure at other shadow banking companies.

And dollar selling by the RBI to support the rupee has put a further squeeze on rupee liquidity.

Rising global oil prices, they climbed two per cent on Wednesday to hit a four year-high, are bad news for importing nations like India.

The current account has faced additional pressure as India, like many emerging market economies, has also suffered due to rising US interest rates drawing investors away.

(With inputs from Reuters)

The continuing downfall of Rupee has led to the Indian currency breaching the 74-mark against US dollar for the first time. The Reserve Bank of India (RBI), in a surprise move, kept the key rates unchanged which many analysts feel is the reason for Rupee's further fall.

The continuing downfall of Rupee has led to the Indian currency breaching the 74-mark against US dollar for the first time. The Reserve Bank of India (RBI), in a surprise move, kept the key rates unchanged which many analysts feel is the reason for Rupee's further fall. The rupee has tanked 14 per cent against the dollar this year as investors withdraw from emerging markets. The RBI raised rates in June and August in part to help shore up the currency, which started 2018 at 63.67 to the dollar. The partially convertible rupee had hit a life-time low of 73.81 per dollar on Thursday before recovering to 73.62 later in the day. Confidence has ebbed in India's markets in recent weeks. The rupee has set all-time lows, bonds are at their weakest since November 2014, and share markets have suffered a sharp correction after hitting record highs in August. A liquidity scare erupted last month after a series of debt defaults by Infrastructure Leasing & Financial Services (IL&FS) sparked redemption pressure at other shadow banking companies. And dollar selling by the RBI to support the rupee has put a further squeeze on rupee liquidity. Rising global oil prices, they climbed two per cent on Wednesday to hit a four year-high, are bad news for importing nations like India. The current account has faced additional pressure as India, like many emerging market economies, has also suffered due to rising US interest rates drawing investors away. (With inputs from Reuters)

Rupee breaches 74-mark for first time as RBI keeps key rates unchanged

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

Minutes before closing, the Sensex was trading at 34,267.

The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues.

It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.

Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent.

The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85.

Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps.

The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014.

(With inputs from agencies)

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged. Minutes before closing, the Sensex was trading at 34,267. The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues. It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices. Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent. The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85. Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. (With inputs from agencies)

Sensex down over 900 points, trading below 35,000-mark

The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices.

The RBI's monetary policy committee (MPC) left the repo rate at 6.50 per cent, though 35 out of 64 analysts surveyed by Reuters last week had forecast a rate hike.

The panel however, shifted its policy stance to 'calibrated tightening" from 'neutral'. Five of the six panel members voted to leave the rate unchanged.

"Global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook," the RBI said in its policy statement, adding that it was vital "to further strengthen domestic macroeconomic fundamentals."

The MPC also held the reverse repo rate at 6.25 percent.

While the RBI kept its rates unchanged, analysts expect the central bank to raise rates by at least 50 basis points more going ahead, as inflationary pressures become more pronounced.

The Indian rupee weakened from 73.65 to hit an all-time low of 74.15 post the RBI policy, before stabilising around the 74 level.

The rupee has slumped in recent months amid a global rise in oil prices and a sell-off in emerging markets. It has fallen more than 13 percent since January, making it the worst performing major Asian emerging market currency.

The 10-year benchmark bond yield fell to 8.03 per cent from 8.13 per cent before the policy was announced, as traders expecting a rate hike were wrongfooted.

The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices.

The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices. The RBI's monetary policy committee (MPC) left the repo rate at 6.50 per cent, though 35 out of 64 analysts surveyed by Reuters last week had forecast a rate hike. The panel however, shifted its policy stance to 'calibrated tightening" from 'neutral'. Five of the six panel members voted to leave the rate unchanged. "Global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook," the RBI said in its policy statement, adding that it was vital "to further strengthen domestic macroeconomic fundamentals." The MPC also held the reverse repo rate at 6.25 percent. While the RBI kept its rates unchanged, analysts expect the central bank to raise rates by at least 50 basis points more going ahead, as inflationary pressures become more pronounced. The Indian rupee weakened from 73.65 to hit an all-time low of 74.15 post the RBI policy, before stabilising around the 74 level. The rupee has slumped in recent months amid a global rise in oil prices and a sell-off in emerging markets. It has fallen more than 13 percent since January, making it the worst performing major Asian emerging market currency. The 10-year benchmark bond yield fell to 8.03 per cent from 8.13 per cent before the policy was announced, as traders expecting a rate hike were wrongfooted.

RBI keeps policy rate unchanged in surprise move

Domestic stock markets started Thursday's session on a negative note, with the BSE benchmark Sensex cracking over 850 points in early session Thursday as <a href="http://www.wionews.com/business-economy/rupee-continues-slide-against-dollar-hits-new-low-7377-169314">the rupee hit another low</a> amid weak global cues and fears of widening current account deficit.

The 50-share Nifty tumbled nearly 250 points to test the 10,600-mark.&nbsp;

Reliance Industries and Eicher Motors were the biggest losers among Nifty50 stocks, sinking 6.5 per cent each.

HDFC Bank, TCS, Infosys, HDFC, ITC, Bajaj Finance, HUL, ICICI Bank, Bajaj Finserv and IndusInd Bank were down 1-4 percent while L&amp;T, Bharti Infratel and Yes Bank gained more than 1 percent.

Meanwhile, international benchmark Brent crude breached the $86 per barrel level, nearing its four-year high.

Brokers said weakness was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here.

The rupee's plunge to a new record low of 73.72 against the dollar in early trade, too, weighed on investor mood.

Commerce and Industry Minister Suresh Prabhu will hold an inter-ministerial meeting later in the day to discuss trade deficit and its impact on rupee as well as ways to boost exports, an official told PTI.&nbsp;

Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,550 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,402 crore Wednesday.

Elsewhere in Asia, Hong Kong's Hang Seng, Japan, Singapore and Taiwan were trading sharply lower by falling over 1 per cent.

The US Dow Jones Industrial Average, however, ended 0.20 per cent higher Wednesday.&nbsp;

(With inputs&nbsp;from PTI)

Domestic stock markets started Thursday's session on a negative note, with the BSE benchmark Sensex cracking over 850 points in early session Thursday as the rupee hit another low amid weak global cues and fears of widening current account deficit.

Domestic stock markets started Thursday's session on a negative note, with the BSE benchmark Sensex cracking over 850 points in early session Thursday as the rupee hit another low amid weak global cues and fears of widening current account deficit. The 50-share Nifty tumbled nearly 250 points to test the 10,600-mark. Reliance Industries and Eicher Motors were the biggest losers among Nifty50 stocks, sinking 6.5 per cent each. HDFC Bank, TCS, Infosys, HDFC, ITC, Bajaj Finance, HUL, ICICI Bank, Bajaj Finserv and IndusInd Bank were down 1-4 percent while L&T, Bharti Infratel and Yes Bank gained more than 1 percent. Meanwhile, international benchmark Brent crude breached the $86 per barrel level, nearing its four-year high. Brokers said weakness was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here. The rupee's plunge to a new record low of 73.72 against the dollar in early trade, too, weighed on investor mood. Commerce and Industry Minister Suresh Prabhu will hold an inter-ministerial meeting later in the day to discuss trade deficit and its impact on rupee as well as ways to boost exports, an official told PTI. Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,550 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,402 crore Wednesday. Elsewhere in Asia, Hong Kong's Hang Seng, Japan, Singapore and Taiwan were trading sharply lower by falling over 1 per cent. The US Dow Jones Industrial Average, however, ended 0.20 per cent higher Wednesday. (With inputs from PTI)

Bloodbath in markets, Sensex nosedives over 850 points

The BSE benchmark Sensex cracked over 750&nbsp;points in early session Thursday as the <a href="http://www.wionews.com/business-economy/rupee-continues-slide-against-dollar-hits-new-low-7377-169314">rupee hit another low</a> amid weak global cues and fears of widening current account&nbsp;deficit.

The international benchmark Brent crude breached the $86 per barrel level, nearing its four-year high.

The 30-share Sensex was down as much as 634 points at 35,341.68 while the 50-share Nifty tumbled over 150 points to 10,663.65.&nbsp;

The laggards include Reliance Industries, Hero MotoCorp, Maruti Suzuki, Bharti Airtel, HDFC, Infosys, Coal India, SBI, HDFC Bank, M&amp;M, IndusInd Bank, Adani Ports, Axis Bank, NTPC, and PowerGrid, falling up to 4.75 per cent.

The gauge had lost nearly 550 points in the previous session Wednesday.

Brokers said weakness was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here.

The rupee's plunge to a new record low of 73.77 against the dollar by falling 44 paise in early trade, too, weighed on investor mood.

Commerce and Industry Minister Suresh Prabhu will hold an inter-ministerial meeting later in the day to discuss trade deficit and its impact on rupee as well as ways to boost exports, an official told PTI.&nbsp;

Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,550 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,402 crore Wednesday.

Elsewhere in Asia, Hong Kong's Hang Seng, Japan, Singapore and Taiwan were trading sharply lower by falling over 1 per cent.

The US Dow Jones Industrial Average, however, ended 0.20 per cent higher Wednesday.&nbsp;

The BSE benchmark Sensex cracked over 750 points in early session Thursday as the rupee hit another low amid weak global cues and fears of widening current account deficit.

The BSE benchmark Sensex cracked over 750 points in early session Thursday as the rupee hit another low amid weak global cues and fears of widening current account deficit. The international benchmark Brent crude breached the $86 per barrel level, nearing its four-year high. The 30-share Sensex was down as much as 634 points at 35,341.68 while the 50-share Nifty tumbled over 150 points to 10,663.65. The laggards include Reliance Industries, Hero MotoCorp, Maruti Suzuki, Bharti Airtel, HDFC, Infosys, Coal India, SBI, HDFC Bank, M&M, IndusInd Bank, Adani Ports, Axis Bank, NTPC, and PowerGrid, falling up to 4.75 per cent. The gauge had lost nearly 550 points in the previous session Wednesday. Brokers said weakness was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here. The rupee's plunge to a new record low of 73.77 against the dollar by falling 44 paise in early trade, too, weighed on investor mood. Commerce and Industry Minister Suresh Prabhu will hold an inter-ministerial meeting later in the day to discuss trade deficit and its impact on rupee as well as ways to boost exports, an official told PTI. Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,550 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,402 crore Wednesday. Elsewhere in Asia, Hong Kong's Hang Seng, Japan, Singapore and Taiwan were trading sharply lower by falling over 1 per cent. The US Dow Jones Industrial Average, however, ended 0.20 per cent higher Wednesday.

With rupee in freefall, Sensex tanks over 750 points

India's Infrastructure Leasing &amp; Financial Services (IL&amp;FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday.

The new board of IL&amp;FS does not underestimate the challenge, Uday Kotak told reporters.

The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector.

"We have listed down various options available to us as the next steps," said Kotak, who is also the managing director of Kotak Mahindra Bank.

"Depending on the various assessment of facts, we will be able to take a view on which of the roads to take and there are two or three or four options clearly available with us and you will see them unfold over the new few days and weeks," he said.

It would take time to revive the company and the new board would try to ensure a fair value for the assets of IL&amp;FS, Kotak said.

The new board was made aware that there are 348 entities of the IL&amp;FS group, which underscores the task at hand, Kotak said.

The board also appointed Vineet Nayyar, a former civil servant with a reputation for turning companies around, as its managing director.

Nayyar, currently executive vice-chairman of Tech Mahindra, helped revive failed computer services company Satyam, also following government intervention.

The Mahindra group acquired Satyam in 2009.

Nayyar was also the founding chairman of the state-run gas firm GAIL India Ltd.

India's Infrastructure Leasing & Financial Services (IL&FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday.

India's Infrastructure Leasing & Financial Services (IL&FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday. The new board of IL&FS does not underestimate the challenge, Uday Kotak told reporters. The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector. "We have listed down various options available to us as the next steps," said Kotak, who is also the managing director of Kotak Mahindra Bank. "Depending on the various assessment of facts, we will be able to take a view on which of the roads to take and there are two or three or four options clearly available with us and you will see them unfold over the new few days and weeks," he said. It would take time to revive the company and the new board would try to ensure a fair value for the assets of IL&FS, Kotak said. The new board was made aware that there are 348 entities of the IL&FS group, which underscores the task at hand, Kotak said. The board also appointed Vineet Nayyar, a former civil servant with a reputation for turning companies around, as its managing director. Nayyar, currently executive vice-chairman of Tech Mahindra, helped revive failed computer services company Satyam, also following government intervention. The Mahindra group acquired Satyam in 2009. Nayyar was also the founding chairman of the state-run gas firm GAIL India Ltd.

New board to consider all options to revive IL&FS

Shortly after Union Minister Arun Jaitley announced <a href="http://www.wionews.com/business-economy/centre-has-decided-to-cut-fuel-prices-by-rs-25-with-immediate-effect-state">fuel-price cut by Rs 2.5</a>0 on Thursday, the governments of Gujarat, Chhattisgarh, Uttar Pradesh and Tripura decided to cut fuel prices by Rs 2.50, giving a cumulative relief of Rs 5 to the consumers. While Maharashtra has offered a cut of Rs 2.50 for petrol, Jharkhand has done the same for diesel prices in the state.&nbsp;

"Finance Minister Arun Jaitley Ji has announced Rs.2.50 cuts in petrol and diesel prices, reciprocating positively to FM’s announcement, the Govt Of Gujarat has also decided to reduce Rs.2.50 on both petrol &amp; diesel. Thus petrol and diesel would be Rs. 5 cheaper in the State of Gujarat," Gujarat CM Vijay Rupani tweeted.&nbsp;

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Finance Minister Sh <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> Ji has announced Rs.2.5 cuts in petrol &amp; diesel prices, reciprocating positively to FM’s announcement, the Govt Of Gujarat has also decided to reduce Rs.2.50 on both petrol &amp; diesel. Thus petrol &amp; diesel wd be Rs. 5 cheaper in the State of Gujarat
— Vijay Rupani (@vijayrupanibjp) <a href="https://twitter.com/vijayrupanibjp/status/1047794009819602945?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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Maharashtra's Chief Minister also tweeted out announcing a petrol-price cut in the state by Rs 2.50. The government is contemplating a cut in state diesel price.&nbsp;

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Govt of Chhattisgarh has also decided to reduce Rs 2.50 on both petrol &amp; diesel in the state. Thus petrol &amp; diesel will be Rs 5 cheaper in Chhattisgarh: Chhattisgarh CM Raman Singh (file pic) <a href="https://t.co/7ChJfrNOwK">pic.twitter.com/7ChJfrNOwK</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047808802819592192?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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"Maharashtra Government also decided to give additional relief of ₹2.50/litre on Petrol to give a total benefit of ₹5/litre in the State of Maharashtra," the tweet read. &nbsp;

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Madhya Pradesh government has also decided to give an additional relief of ₹2.5/litre on petrol&amp;diesel to give total benefit of ₹5/litre in the state, tweets Madhya Pradesh CM Shivraj Singh Chouhan. (File pic) <a href="https://t.co/FcENG8IbBf">pic.twitter.com/FcENG8IbBf</a>
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The government of has Jharkhand announced a Rs 2.50 cut in diesel price.&nbsp;

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Jharkhand Government has decided to give an additional relief of ₹2.5/litre on diesel in the state: Raghubar Das, Jharkhand Chief Minister. (File pic) <a href="https://t.co/CZGY0clUJl">pic.twitter.com/CZGY0clUJl</a>
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Union Finance Minister Arun Jaitley on Thursday announced that the excise duty will be cut by Rs 1.5 rupee to give relief to the consumers, whereas oil companies in the country will "absorb another Rs 1" to give Rs 2.50 relief on fuel prices to consumers.&nbsp;

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Tripura Government has also decided to give additional relief of ₹2.5/litre on Petrol &amp; Diesel to give total benefit of ₹5/litre in the state of Tripura.
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047809757518725120?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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The Finance Minister urged state governments to also follow the lead and make necessary reductions in state fuel prices to give further respite to citizens.&nbsp;

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Central Govt reduced prices of petrol &amp; diesel by Rs. 2.50 per litre today that will give a great relief to common man. UP Govt has also decided to give additional relief of Rs. 2.50 per litre on the prices of petrol &amp; diesel: CM Yogi Adityanath <a href="https://t.co/irLH9c9k63">pic.twitter.com/irLH9c9k63</a>
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"We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media.

Shortly after Union Minister Arun Jaitley announced fuel-price cut by Rs 2.50 on Thursday, the governments of Gujarat, Chhattisgarh, Uttar Pradesh and Tripura decided to cut fuel prices by Rs 2.

Shortly after Union Minister Arun Jaitley announced fuel-price cut by Rs 2.50 on Thursday, the governments of Gujarat, Chhattisgarh, Uttar Pradesh and Tripura decided to cut fuel prices by Rs 2.50, giving a cumulative relief of Rs 5 to the consumers. While Maharashtra has offered a cut of Rs 2.50 for petrol, Jharkhand has done the same for diesel prices in the state. "Finance Minister Arun Jaitley Ji has announced Rs.2.50 cuts in petrol and diesel prices, reciprocating positively to FM’s announcement, the Govt Of Gujarat has also decided to reduce Rs.2.50 on both petrol & diesel. Thus petrol and diesel would be Rs. 5 cheaper in the State of Gujarat," Gujarat CM Vijay Rupani tweeted. Finance Minister Sh @arunjaitley Ji has announced Rs.2.5 cuts in petrol & diesel prices, reciprocating positively to FM’s announcement, the Govt Of Gujarat has also decided to reduce Rs.2.50 on both petrol & diesel. Thus petrol & diesel wd be Rs. 5 cheaper in the State of Gujarat — Vijay Rupani (@vijayrupanibjp) October 4, 2018 × Maharashtra's Chief Minister also tweeted out announcing a petrol-price cut in the state by Rs 2.50. The government is contemplating a cut in state diesel price. Govt of Chhattisgarh has also decided to reduce Rs 2.50 on both petrol & diesel in the state. Thus petrol & diesel will be Rs 5 cheaper in Chhattisgarh: Chhattisgarh CM Raman Singh (file pic) pic.twitter.com/7ChJfrNOwK — ANI (@ANI) October 4, 2018 × "Maharashtra Government also decided to give additional relief of ₹2.50/litre on Petrol to give a total benefit of ₹5/litre in the State of Maharashtra," the tweet read. Madhya Pradesh government has also decided to give an additional relief of ₹2.5/litre on petrol&diesel to give total benefit of ₹5/litre in the state, tweets Madhya Pradesh CM Shivraj Singh Chouhan. (File pic) pic.twitter.com/FcENG8IbBf — ANI (@ANI) October 4, 2018 × The government of has Jharkhand announced a Rs 2.50 cut in diesel price. Jharkhand Government has decided to give an additional relief of ₹2.5/litre on diesel in the state: Raghubar Das, Jharkhand Chief Minister. (File pic) pic.twitter.com/CZGY0clUJl — ANI (@ANI) October 4, 2018 × Union Finance Minister Arun Jaitley on Thursday announced that the excise duty will be cut by Rs 1.5 rupee to give relief to the consumers, whereas oil companies in the country will "absorb another Rs 1" to give Rs 2.50 relief on fuel prices to consumers. Tripura Government has also decided to give additional relief of ₹2.5/litre on Petrol & Diesel to give total benefit of ₹5/litre in the state of Tripura. — ANI (@ANI) October 4, 2018 × × The Finance Minister urged state governments to also follow the lead and make necessary reductions in state fuel prices to give further respite to citizens. Central Govt reduced prices of petrol & diesel by Rs. 2.50 per litre today that will give a great relief to common man. UP Govt has also decided to give additional relief of Rs. 2.50 per litre on the prices of petrol & diesel: CM Yogi Adityanath pic.twitter.com/irLH9c9k63 — ANI UP (@ANINewsUP) October 4, 2018 × "We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media.

Gujarat, Chhattisgarh, UP follow Jaitley's lead, cut petrol, diesel prices by Rs 2.50

The rupee continued its slide against the dollar, hitting a new low of 73.77 early Thursday morning.&nbsp;

The Sensex crashed too in early morning trade.&nbsp;The Sensex had closed Wednesday at 35,975.&nbsp;

It opened Thursday at 35,820 but quickly crashed to a low of 35,341 in early morning trade — a fall of close to 500 points.&nbsp;

The Nifty meanwhile opened at 10,754 but dropped over 150 points in early morning trade.&nbsp;It had closed Wednesday at 10,858.&nbsp;

The rupee has been Asia's worst-performing currency, falling over 14% against the dollar this year.&nbsp;

There are a number of reasons for the fall.&nbsp;

The prices of crude have in general been rising — petrol in Mumbai is selling at over Rs 90 a litre; there have also been fears that crude oil prices could sometime soon touch $100 a barrel — &nbsp;and the US has been putting pressure on countries to stop buying oil from Iran.

India gets a chunk of its oil from Iran.&nbsp;

The rupee has also been rattled by the trade war started by Trump with China.&nbsp;

And China's yuan has fallen in recent&nbsp;months, leading to a dollar flight from developing economies, all of which make the dollar dearer, and the rupee less so.&nbsp;

The rupee continued its slide against the dollar, hitting a new low of 73.77 early Thursday morning. The Sensex crashed too in early morning trade. The Sensex had closed Wednesday at 35,975.

The rupee continued its slide against the dollar, hitting a new low of 73.77 early Thursday morning. The Sensex crashed too in early morning trade. The Sensex had closed Wednesday at 35,975. It opened Thursday at 35,820 but quickly crashed to a low of 35,341 in early morning trade — a fall of close to 500 points. The Nifty meanwhile opened at 10,754 but dropped over 150 points in early morning trade. It had closed Wednesday at 10,858. The rupee has been Asia's worst-performing currency, falling over 14% against the dollar this year. There are a number of reasons for the fall. The prices of crude have in general been rising — petrol in Mumbai is selling at over Rs 90 a litre; there have also been fears that crude oil prices could sometime soon touch $100 a barrel — and the US has been putting pressure on countries to stop buying oil from Iran. India gets a chunk of its oil from Iran. The rupee has also been rattled by the trade war started by Trump with China. And China's yuan has fallen in recent months, leading to a dollar flight from developing economies, all of which make the dollar dearer, and the rupee less so.

Rupee continues to slide against dollar, hits new low of 73.77

Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices.&nbsp;

The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.50 rupee to give relief to the consumers.&nbsp;

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Excise duty to be reduced by Rs.1.50 &amp; OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol: Finance Minister Arun Jaitley <a href="https://t.co/sV4eZwmKEw">pic.twitter.com/sV4eZwmKEw</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047786317441114112?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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According to the Finance Minister, while the excise duty has been cut by Rs 1.50, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.50 on fuel prices to the consumers.

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We are writing to the state govts that as the central govt is cutting Rs 2.50 on both petrol &amp; diesel, they do the same: FM Arun Jaitley <a href="https://t.co/7QQ6TFrsnJ">pic.twitter.com/7QQ6TFrsnJ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047786767510896640?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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"We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media.

Jaitley stated the widening Current Account Deficit as the major concern adding that it is "directly linked to global oil prices."&nbsp;

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Rs 10,500 Crore will be the impact of excise duty cut this year: FM Arun Jaitley <a href="https://t.co/GChrYo8zlp">pic.twitter.com/GChrYo8zlp</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047787838308343809?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country.&nbsp;

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Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%: Finance Minister Arun Jaitley <a href="https://t.co/Dk5yLDfggX">pic.twitter.com/Dk5yLDfggX</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1047788914432532480?ref_src=twsrc%5Etfw">October 4, 2018</a></blockquote>
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"Rs 10,500 Crore will be the impact of excise duty cut this year," he noted adding that the overall health of the economy looks healthy and stable.&nbsp;

"Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%," the minister said.&nbsp;

Jaitley also talked about the series of measures that were recently taken by the Central government to check the widening CAD and stem tumbling Indian currency.

"We had taken import restraining steps which had nearly 15 billion dollar impact. Money raised from masala bonds was exempted from tax," Jaitley shared.&nbsp;

The government's fuel-price cut move comes after petrol in Mumbai on Thursday reached Rs 91.34 per litre, while <a href="http://www.wionews.com/india-news/petrol-price-rises-rs-9134litre-mumbai-rs-84litre-delhi-169288">diesel rose to Rs 80.10 per litre</a>. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively.&nbsp;

Indian stock markets today witnessed&nbsp;a tumult with the BSE benchmark Sensex cracking over 850 points in early session as the <a href="http://www.wionews.com/business-economy/rupee-continues-slide-against-dollar-hits-new-low-7377-169314">rupee hit another low</a> amid weak global cues and fears of widening current account deficit.

Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices. The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.

Union Finance Minister Arun Jaitley on Thursday briefed the media over looming concerns of relentlessly tumbling rupee and the unabated rise in fuel prices. The minister stated that after intermagisterial discussions and meeting with the revenue department officials, it has been decided that the excise duty will be cut by Rs 1.50 rupee to give relief to the consumers. Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol: Finance Minister Arun Jaitley pic.twitter.com/sV4eZwmKEw — ANI (@ANI) October 4, 2018 × According to the Finance Minister, while the excise duty has been cut by Rs 1.50, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.50 on fuel prices to the consumers. We are writing to the state govts that as the central govt is cutting Rs 2.50 on both petrol & diesel, they do the same: FM Arun Jaitley pic.twitter.com/7QQ6TFrsnJ — ANI (@ANI) October 4, 2018 × "We have decided to cut the excise duty through the revenue department and the oil marketing companies. I would urge state governments to also absorb similar amount to provide relief to the consumer," Jaitley told media. Jaitley stated the widening Current Account Deficit as the major concern adding that it is "directly linked to global oil prices." Rs 10,500 Crore will be the impact of excise duty cut this year: FM Arun Jaitley pic.twitter.com/GChrYo8zlp — ANI (@ANI) October 4, 2018 × The Finance Minister opened his address noting that the world crude prices this year have witnessed an all-time high. He added that Prime Minister Narendra Modi has been concerned about the escalating fuel prices in the country. Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%: Finance Minister Arun Jaitley pic.twitter.com/Dk5yLDfggX — ANI (@ANI) October 4, 2018 × "Rs 10,500 Crore will be the impact of excise duty cut this year," he noted adding that the overall health of the economy looks healthy and stable. "Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%," the minister said. Jaitley also talked about the series of measures that were recently taken by the Central government to check the widening CAD and stem tumbling Indian currency. "We had taken import restraining steps which had nearly 15 billion dollar impact. Money raised from masala bonds was exempted from tax," Jaitley shared. The government's fuel-price cut move comes after petrol in Mumbai on Thursday reached Rs 91.34 per litre, while diesel rose to Rs 80.10 per litre. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively. Indian stock markets today witnessed a tumult with the BSE benchmark Sensex cracking over 850 points in early session as the rupee hit another low amid weak global cues and fears of widening current account deficit.

Centre has decided to cut fuel prices by Rs 2.50 with immediate effect: Jaitley

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses. The rupee has lost 110 paise or 1.51 per cent in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows.

The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23 per cent - a level not seen since mid-2011.

Hawkish comments about the US economy by Federal Reserve Chairman Jerome Powell have also boosted the dollar buying.

Emerging currencies including the rupee bore the brunt during the day as investors shifted funds from riskier assets to safe bets like the US dollar.

The dollar strengthened against the Chinese yuan by 0.2 per cent to 6.9 in the offshore market and touched a fresh 20-year high against the Indonesian rupiah. South African rand, Mexican peso and Australian dollar also dropped up to 1.5 per cent.

Brent crude also breached the four-year high of $86 dollar per barrel level, fuelling worries over widening current account and trade deficit.

Oil prices have reached four-year peaks as the market focused on upcoming US sanctions on Iran while shrugging off the year's largest weekly build in US crude stockpiles.

"The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday," V K Sharma, Head PCG &amp; Capital Markets Group HDFC Securities.

India's benchmark 10-year sovereign yield rose to 8.16 per cent.

Stocks markets crashed up to 2.24 per cent due to heavy selling pressure banking, energy, pharma and IT stocks.

Foreign investors remained net sellers for a third day pulling out Rs 2,760.63 crore from stock markets.

To stem the rupee fall, the RBI Wednesday allowed oil companies to access foreign capital of $10 billion on a long-term basis to finance their working capital requirements.

The government Thursday said state-owned fuel retailers will have to complete $10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure.

The central government and mostly BJP-led states announced a cut in excise and VAT rates to reduce fuel prices by Rs 5 per litre.

The rupee opened on a weak note at 73.72 against the previous close of 73.34 per dollar. It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand.

Bank of America Merrill Lynch in a report explained that pre-committing $8 billion a month for it over and above the $25-30 billion lost in interventions since April will push the overall forex reserves below the critical eight-month import cover mark.

The rupee, however, made a spirited recovery of 23 paise from lifetime lows in last 15 minutes of trade backed by the government steps to reduce oil prices. 
It finally settled at 73.58, it all-time closing low, with a loss of 24 paise.

The FBIL set the reference rate at 73.7509 for the US dollar and 84.6257 for the euro. The pound sterling was pegged at 95.3904 and Japanese yen at 64.49 for 100 rupees.&nbsp;

 
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The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high. The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses. The rupee has lost 110 paise or 1.51 per cent in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows. The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23 per cent - a level not seen since mid-2011. Hawkish comments about the US economy by Federal Reserve Chairman Jerome Powell have also boosted the dollar buying. Emerging currencies including the rupee bore the brunt during the day as investors shifted funds from riskier assets to safe bets like the US dollar. The dollar strengthened against the Chinese yuan by 0.2 per cent to 6.9 in the offshore market and touched a fresh 20-year high against the Indonesian rupiah. South African rand, Mexican peso and Australian dollar also dropped up to 1.5 per cent. Brent crude also breached the four-year high of $86 dollar per barrel level, fuelling worries over widening current account and trade deficit. Oil prices have reached four-year peaks as the market focused on upcoming US sanctions on Iran while shrugging off the year's largest weekly build in US crude stockpiles. "The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday," V K Sharma, Head PCG & Capital Markets Group HDFC Securities. India's benchmark 10-year sovereign yield rose to 8.16 per cent. Stocks markets crashed up to 2.24 per cent due to heavy selling pressure banking, energy, pharma and IT stocks. Foreign investors remained net sellers for a third day pulling out Rs 2,760.63 crore from stock markets. To stem the rupee fall, the RBI Wednesday allowed oil companies to access foreign capital of $10 billion on a long-term basis to finance their working capital requirements. The government Thursday said state-owned fuel retailers will have to complete $10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure. The central government and mostly BJP-led states announced a cut in excise and VAT rates to reduce fuel prices by Rs 5 per litre. The rupee opened on a weak note at 73.72 against the previous close of 73.34 per dollar. It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand. Bank of America Merrill Lynch in a report explained that pre-committing $8 billion a month for it over and above the $25-30 billion lost in interventions since April will push the overall forex reserves below the critical eight-month import cover mark. The rupee, however, made a spirited recovery of 23 paise from lifetime lows in last 15 minutes of trade backed by the government steps to reduce oil prices. It finally settled at 73.58, it all-time closing low, with a loss of 24 paise. The FBIL set the reference rate at 73.7509 for the US dollar and 84.6257 for the euro. The pound sterling was pegged at 95.3904 and Japanese yen at 64.49 for 100 rupees.

Rupee crashes to all-time low of 73.81 on capital outflows, surging oil prices