National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

The rupee Tuesday slumped 16 paise against the dollar to trade at a life-time low of 71.37 on strong demand for the US currency.

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency.

The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies.

A sharp rally in global crude prices further dampened the overall trading sentiment.

Benchmark Brent crude oil was trading at US $78.05 a barrel.

Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar.

Meanwhile, the BSE Sensex fell by 7.60 points, or 0.01 per cent, to 38,304.92 points in early trade.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 21.13 crore on Monday, as per provisional data. 
&nbsp

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

The rupee Tuesday slumped 16 paise against the dollar to trade at a life-time low of 71.37 on strong demand for the US currency. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise. Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency. The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies. A sharp rally in global crude prices further dampened the overall trading sentiment. Benchmark Brent crude oil was trading at US $78.05 a barrel. Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar. Meanwhile, the BSE Sensex fell by 7.60 points, or 0.01 per cent, to 38,304.92 points in early trade. Foreign institutional investors (FIIs) sold shares worth a net of Rs 21.13 crore on Monday, as per provisional data.

Rupee hits new all-time low of 71.37, drops 16 paise against US dollar

US&nbspoil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.

US&nbspWest Texas Intermediate (WTI) crude futures were at $70.05 per barrel at 0353 GMT, up 25 cents, or 0.4 per cent from their last settlement.

Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.

International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close.

This came as India allowed state refiners to import Iranian oil if Tehran arranges and ensures tankers.

Many international shippers have stopped loading Iranian oil as US&nbspfinancial sanctions against Tehran prevents them from insuring its cargoes.

Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC), this means that Asia's two biggest oil importers are making plans to continue Iran purchases despite pressure by Washington to cut orders.

Traders said Brent was also pressured by emerging market turmoil and the strong dollar, which makes crude imports for countries using other currencies more expensive.

Changing market

Britain's Barclays bank said on Tuesday that oil markets had changed since 2017 when worries about rising supply were more evident.

"US&nbspproducers are resisting temptation and exercising capital discipline, OPEC and Russia have convinced market participants they are managing the supply of over half of global production, the US&nbspis using sanctions more actively, and several key OPEC producers are at risk of being failed states," Barclays said.

Crude oil "prices could reach $80 and higher in the short term", the bank said, although it added that despite these developments global supply may exceed demand next year.

For 2020, Barclays said it expects Brent to average $75 per barrel, up from its previous forecast of just $55 a barrel.

French bank BNP Paribas struck a similar tone, warning of "supply issues" for the rest of the year and into 2019.

"Crude oil export losses from Iran due to US&nbspsanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production due to market share sensitivities," the bank said.

BNP Paribas expects Brent to average $79 per barrel in 2019.

International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close.

US&nbspoil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. US&nbspWest Texas Intermediate (WTI) crude futures were at $70.05 per barrel at 0353 GMT, up 25 cents, or 0.4 per cent from their last settlement. Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane. International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close. This came as India allowed state refiners to import Iranian oil if Tehran arranges and ensures tankers. Many international shippers have stopped loading Iranian oil as US&nbspfinancial sanctions against Tehran prevents them from insuring its cargoes. Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC), this means that Asia's two biggest oil importers are making plans to continue Iran purchases despite pressure by Washington to cut orders. Traders said Brent was also pressured by emerging market turmoil and the strong dollar, which makes crude imports for countries using other currencies more expensive. Changing market Britain's Barclays bank said on Tuesday that oil markets had changed since 2017 when worries about rising supply were more evident. "US&nbspproducers are resisting temptation and exercising capital discipline, OPEC and Russia have convinced market participants they are managing the supply of over half of global production, the US&nbspis using sanctions more actively, and several key OPEC producers are at risk of being failed states," Barclays said. Crude oil "prices could reach $80 and higher in the short term", the bank said, although it added that despite these developments global supply may exceed demand next year. For 2020, Barclays said it expects Brent to average $75 per barrel, up from its previous forecast of just $55 a barrel. French bank BNP Paribas struck a similar tone, warning of "supply issues" for the rest of the year and into 2019. "Crude oil export losses from Iran due to US&nbspsanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production due to market share sensitivities," the bank said. BNP Paribas expects Brent to average $79 per barrel in 2019.

US oil prices rise as Gulf oil rigs evacuated ahead of hurricane

Asian shares fell and the dollar turned higher on Tuesday as the trade dispute between the United States and China threatened to escalate this week, and as emergency austerity measures in Argentina underscored the turbulence gripping emerging markets.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Chinese blue-chips also fell 0.3 per cent, reversing earlier gains.

Japan's Nikkei slid less than 0.1 per cent, while Australian shares were 0.4 per cent lower ahead of a central bank policy meeting.

On Monday, European shares ended mostly flat, though a weak British pound helped to lift London's blue-chip FTSE almost 1 per cent. US&nbspmarkets were closed for Labor Day.

But US&nbspstock market futures edged higher on Tuesday, with S&P500 E-mini futures gaining 0.1 per cent to 2905.5.

"The majors are the focus today rather than emerging markets," said Greg McKenna, chief market strategist at Axi Trader in Sydney, noting that weak manufacturing data and the imposition of austerity measures in Argentina had drawn the market's attention on Monday.

"Today it's back to where is the US&nbspdollar going, and at the moment the vote in Asia has been it's going to strengthen again," he said.

"It's utterly consistent that the US&nbspdollar is strengthening at the same time that US&nbspfutures are rallying if what we've seen over the last two months, which is money being allocated to the US&nbspand away from other regions, continues."

The dollar index, which tracks the greenback against a basket of six major rivals, was 0.1 per cent higher at 95.253.

The dollar was up 0.05 per cent against the yen to 111.12, while the euro was down 0.2 per cent on the day at $1.1599.

Manufacturing surveys released on Monday showed mounting stress on factories across Europe and Asia as the outlook for global trade dims.

Also on Monday, Argentine President Mauricio Macri announced new taxes on exports and steep cuts to government spending in what he termed "emergency" measures to balance next year's budget.

The Argentine peso closed 3.14 per cent weaker on Monday and is expected to face further pressure in coming days.

Turkey's central bank signalled on Monday it would take steps to combat "significant risks" to price stability, comments seen as hinting at interest rate hikes.

The lira, which has lost 40 per cent of its value against the US&nbspdollar this year, was 0.3 per cent weaker at 6.6400 to the dollar.

Looming tariffs&nbsp

US&nbspPresident Donald Trump gave fresh impetus to trade worries at the weekend when he said there was no need to keep Canada in the North American Free Trade Agreement and warned Congress not to meddle with the trade talks.

Trump was also reported to have said he is ready to impose tariffs on an additional $200 billion worth of imports from China as soon as a public comment period on the plan ends on Thursday.

"Markets are paying a little bit of attention to (Trump's tariff threats) and wondering what might happen to European autos and, at the end of the day, what will happen with the Canadian side of NAFTA as well. There's a lot of uncertainty there," McKenna said.

And in a sign of new market risks, a Reuters poll pointed to a one-in-four chance that Britain will leave the European Union in March without a deal.

The yield on benchmark 10-year Treasury notes rose to 2.8622 per cent versus its US&nbspclose of 2.853 per cent on Friday.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.633 per cent compared with a US&nbspclose of 2.629 per cent last week.

In commodity markets, US&nbspoil prices rose past the $70 per barrel mark, with production coming under pressure as two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. US&nbspcrude was 0.3 higher at $70.04 per barrel.

But Brent crude fell 0.1 per cent to $78.08 per barrel after India permitted its state refiners to import Iranian oil if Iran arranges tankers and insurance.

Gold was slightly lower as the dollar strengthened, with spot gold traded at $1,199.46 per ounce.

&nbsp&nbsp &nbsp

Japan's Nikkei slid less than 0.1 per cent, while Australian shares were 0.4 per cent lower ahead of a central bank policy meeting.

Asian shares fell and the dollar turned higher on Tuesday as the trade dispute between the United States and China threatened to escalate this week, and as emergency austerity measures in Argentina underscored the turbulence gripping emerging markets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Chinese blue-chips also fell 0.3 per cent, reversing earlier gains. Japan's Nikkei slid less than 0.1 per cent, while Australian shares were 0.4 per cent lower ahead of a central bank policy meeting. On Monday, European shares ended mostly flat, though a weak British pound helped to lift London's blue-chip FTSE almost 1 per cent. US&nbspmarkets were closed for Labor Day. But US&nbspstock market futures edged higher on Tuesday, with S&P500 E-mini futures gaining 0.1 per cent to 2905.5. "The majors are the focus today rather than emerging markets," said Greg McKenna, chief market strategist at Axi Trader in Sydney, noting that weak manufacturing data and the imposition of austerity measures in Argentina had drawn the market's attention on Monday. "Today it's back to where is the US&nbspdollar going, and at the moment the vote in Asia has been it's going to strengthen again," he said. "It's utterly consistent that the US&nbspdollar is strengthening at the same time that US&nbspfutures are rallying if what we've seen over the last two months, which is money being allocated to the US&nbspand away from other regions, continues." The dollar index, which tracks the greenback against a basket of six major rivals, was 0.1 per cent higher at 95.253. The dollar was up 0.05 per cent against the yen to 111.12, while the euro was down 0.2 per cent on the day at $1.1599. Manufacturing surveys released on Monday showed mounting stress on factories across Europe and Asia as the outlook for global trade dims. Also on Monday, Argentine President Mauricio Macri announced new taxes on exports and steep cuts to government spending in what he termed "emergency" measures to balance next year's budget. The Argentine peso closed 3.14 per cent weaker on Monday and is expected to face further pressure in coming days. Turkey's central bank signalled on Monday it would take steps to combat "significant risks" to price stability, comments seen as hinting at interest rate hikes. The lira, which has lost 40 per cent of its value against the US&nbspdollar this year, was 0.3 per cent weaker at 6.6400 to the dollar. Looming tariffs US&nbspPresident Donald Trump gave fresh impetus to trade worries at the weekend when he said there was no need to keep Canada in the North American Free Trade Agreement and warned Congress not to meddle with the trade talks. Trump was also reported to have said he is ready to impose tariffs on an additional $200 billion worth of imports from China as soon as a public comment period on the plan ends on Thursday. "Markets are paying a little bit of attention to (Trump's tariff threats) and wondering what might happen to European autos and, at the end of the day, what will happen with the Canadian side of NAFTA as well. There's a lot of uncertainty there," McKenna said. And in a sign of new market risks, a Reuters poll pointed to a one-in-four chance that Britain will leave the European Union in March without a deal. The yield on benchmark 10-year Treasury notes rose to 2.8622 per cent versus its US&nbspclose of 2.853 per cent on Friday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.633 per cent compared with a US&nbspclose of 2.629 per cent last week. In commodity markets, US&nbspoil prices rose past the $70 per barrel mark, with production coming under pressure as two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. US&nbspcrude was 0.3 higher at $70.04 per barrel. But Brent crude fell 0.1 per cent to $78.08 per barrel after India permitted its state refiners to import Iranian oil if Iran arranges tankers and insurance. Gold was slightly lower as the dollar strengthened, with spot gold traded at $1,199.46 per ounce.

Asian shares hit by trade friction, emerging market tumult; dollar up

Shares of Nike Inc fell 3 per cent on Tuesday as calls for a boycott of the sportswear giant gained traction on social media following its choice of Colin Kaepernick as a face for the 30th anniversary of its "Just Do It" slogan.&nbsp

Former San Francisco quarterback Kaepernick, the first NFL player to kneel during the national anthem as a protest against racism, posted a black-and-white close-up of himself on Instagram on Monday featuring the Nike logo and "Just do it" slogan, along with the quote: "Believe in something. Even if it means sacrificing everything."&nbsp

Over 30,000 people were tweeting with the hashtag #NikeBoycott on Tuesday morning US&nbspeastern time, making it among the top trending topics on Twitter. Some posted images of themselves burning and ripping their Nike shoes and apparel.&nbsp

"First the @NFL forces me to choose between my favorite sport and my country. I chose country," Twitter user @sclancy79 said in a post retweeted 16,000 times. "Then @Nike forces me to choose between my favorite shoes and my country. Since when did the American Flag and the National Anthem become offensive?"&nbsp

Still, there were a large number of other users who took positively to Nike taking a stand on social issues.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Believe in something, even if it means sacrificing everything. <a href="https://twitter.com/hashtag/JustDoIt?src=hash&ref_src=twsrc%5Etfw">#JustDoIt</a> <a href="https://t.co/SRWkMIDdaO">pic.twitter.com/SRWkMIDdaO</a>
— Colin Kaepernick (@Kaepernick7) <a href="https://twitter.com/Kaepernick7/status/1036695513251434498?ref_src=twsrc%5Etfw">September 3, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Athletes including LeBron James and Kevin Durant showed support, posting images of Kaepernick's ad on their Instagram profiles.

Even former Iranian President Mahmoud Ahmadinejad weighed in, tweeting: "The #NFL season will start this week, unfortunately once again @Kaepernick7 is not on a NFL roster. Even though he is one of the best Quarterbacks in the league."

Retail industry analysts were divided on whether the heat around the campaign would be a commercial positive for Nike or ultimately alienate and lose customers.

"The alt-right calls for a Nike boycott will fail just like the boycott of Dick's Sporting Goods failed," said Matt Powell, a senior advisor with market research firm NPD Group. "Old angry white guys are not a core demographic for Nike."

Gun rights supporters called for the boycott of Dick's Sporting Goods earlier this year after the retailer stopped selling assault rifles and high-capacity magazines following a massacre at a Florida high school in February.

Another analyst, GlobalData Retail's Neil Saunders, said the campaign will harm Nike in middle America, where it is battle Germany's Adidas for dominance in the sneaker market.

"The company's stand may go down well on its native West Coast it will be far less welcome in many other locations," he said.

US&nbspPresident Donald Trump has been critical of athletes taking a knee during the national anthem and has said he would love to see NFL owners fire football players who disrespect the American flag.

Nike, who confirmed on Monday that Kaepernick was part of the campaign and called him "one of the inspirational athletes of his generation", did not immediately respond to requests for comment on Tuesday.

Former San Francisco quarterback Kaepernick, the first NFL player to kneel during the national anthem as a protest against racism.

Shares of Nike Inc fell 3 per cent on Tuesday as calls for a boycott of the sportswear giant gained traction on social media following its choice of Colin Kaepernick as a face for the 30th anniversary of its "Just Do It" slogan. Former San Francisco quarterback Kaepernick, the first NFL player to kneel during the national anthem as a protest against racism, posted a black-and-white close-up of himself on Instagram on Monday featuring the Nike logo and "Just do it" slogan, along with the quote: "Believe in something. Even if it means sacrificing everything." Over 30,000 people were tweeting with the hashtag #NikeBoycott on Tuesday morning US&nbspeastern time, making it among the top trending topics on Twitter. Some posted images of themselves burning and ripping their Nike shoes and apparel. "First the @NFL forces me to choose between my favorite sport and my country. I chose country," Twitter user @sclancy79 said in a post retweeted 16,000 times. "Then @Nike forces me to choose between my favorite shoes and my country. Since when did the American Flag and the National Anthem become offensive?" Still, there were a large number of other users who took positively to Nike taking a stand on social issues. Believe in something, even if it means sacrificing everything. #JustDoIt pic.twitter.com/SRWkMIDdaO — Colin Kaepernick (@Kaepernick7) September 3, 2018 × Athletes including LeBron James and Kevin Durant showed support, posting images of Kaepernick's ad on their Instagram profiles. Even former Iranian President Mahmoud Ahmadinejad weighed in, tweeting: "The #NFL season will start this week, unfortunately once again @Kaepernick7 is not on a NFL roster. Even though he is one of the best Quarterbacks in the league." Retail industry analysts were divided on whether the heat around the campaign would be a commercial positive for Nike or ultimately alienate and lose customers. "The alt-right calls for a Nike boycott will fail just like the boycott of Dick's Sporting Goods failed," said Matt Powell, a senior advisor with market research firm NPD Group. "Old angry white guys are not a core demographic for Nike." Gun rights supporters called for the boycott of Dick's Sporting Goods earlier this year after the retailer stopped selling assault rifles and high-capacity magazines following a massacre at a Florida high school in February. Another analyst, GlobalData Retail's Neil Saunders, said the campaign will harm Nike in middle America, where it is battle Germany's Adidas for dominance in the sneaker market. "The company's stand may go down well on its native West Coast it will be far less welcome in many other locations," he said. US&nbspPresident Donald Trump has been critical of athletes taking a knee during the national anthem and has said he would love to see NFL owners fire football players who disrespect the American flag. Nike, who confirmed on Monday that Kaepernick was part of the campaign and called him "one of the inspirational athletes of his generation", did not immediately respond to requests for comment on Tuesday.

Nike shares hit as Colin Kaepernick ad spurs boycott

The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top official said.&nbsp

With imports becoming costlier because of a free-fall in rupee against the US dollar, the government believes the current account deficit will overshoot the target and it cannot “disturb fiscal maths by cutting excise duty on petrol and diesel,” the official, who wished not to be identified, said.

Petrol and diesel prices Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier. Petrol price in Delhi rose to a record Rs 79.31 a litre and diesel climbed to an all-time high of Rs 71.34, renewing calls for a cut in excise duty to cushion the spike. Almost half of the retail selling price of the two fuel is made up of central and state taxes.

According to a price notification of state-owned fuel retailers, petrol price was Tuesday hiked by 16 paise per litre and diesel by 19 paise. Fuel rates have been on fire since mid-August, rising almost every day due to a combination of a drop in rupee value and rise in crude oil rates.

Petrol price has risen by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 – the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June last year. Commenting on the relentless price rise, former Finance Minister P Chidambaram said: “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly.”

“We already know that there will be a hit on current account. Knowing that we can’t disturb the fiscal deficit, we should rather be fiscally prudent,” the official in the finance ministry said. While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between inflow and outflow of foreign currency.

In an election year, the spending cut is not an option, the official said reasoning that it would hamper government’s spending on development schemes. “The government cannot disturb fiscal maths by cutting excise duty,” he said.

Last week, credit rating agency Moody’s Investors Service said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year ending March 31, 2019, as higher oil prices will add to short-term fiscal pressures. CAD will widen but will not jeopardise India’s external position, and the gap will remain significantly narrower than five years ago, it had said.

The government has budgeted fiscal deficit to be at 3.3 per cent of gross domestic product (GDP) in the current 2018-19 fiscal year. Also driven by higher oil prices and robust non-oil import demand, Moody’s expects the current account deficit to widen to 2.5 per cent of GDP in the fiscal year ending March 2019, from 1.5 per cent in fiscal 2018.

Almost half of the fuel price is made up of taxes. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years – from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. A litre of petrol in Mumbai costs Rs 86.72 while diesel is priced at Rs 75.74 per litre.

Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month. Also, crude oil has gained USD 7 a barrel in a fortnight, driven by fears that the US sanctions on Iran will likely contract supplies.

The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top official said.

The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top official said. With imports becoming costlier because of a free-fall in rupee against the US dollar, the government believes the current account deficit will overshoot the target and it cannot “disturb fiscal maths by cutting excise duty on petrol and diesel,” the official, who wished not to be identified, said. Petrol and diesel prices Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier. Petrol price in Delhi rose to a record Rs 79.31 a litre and diesel climbed to an all-time high of Rs 71.34, renewing calls for a cut in excise duty to cushion the spike. Almost half of the retail selling price of the two fuel is made up of central and state taxes. According to a price notification of state-owned fuel retailers, petrol price was Tuesday hiked by 16 paise per litre and diesel by 19 paise. Fuel rates have been on fire since mid-August, rising almost every day due to a combination of a drop in rupee value and rise in crude oil rates. Petrol price has risen by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 – the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June last year. Commenting on the relentless price rise, former Finance Minister P Chidambaram said: “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly.” “We already know that there will be a hit on current account. Knowing that we can’t disturb the fiscal deficit, we should rather be fiscally prudent,” the official in the finance ministry said. While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between inflow and outflow of foreign currency. In an election year, the spending cut is not an option, the official said reasoning that it would hamper government’s spending on development schemes. “The government cannot disturb fiscal maths by cutting excise duty,” he said. Last week, credit rating agency Moody’s Investors Service said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year ending March 31, 2019, as higher oil prices will add to short-term fiscal pressures. CAD will widen but will not jeopardise India’s external position, and the gap will remain significantly narrower than five years ago, it had said. The government has budgeted fiscal deficit to be at 3.3 per cent of gross domestic product (GDP) in the current 2018-19 fiscal year. Also driven by higher oil prices and robust non-oil import demand, Moody’s expects the current account deficit to widen to 2.5 per cent of GDP in the fiscal year ending March 2019, from 1.5 per cent in fiscal 2018. Almost half of the fuel price is made up of taxes. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. This led to its excise collections from petro goods more than doubling in last four years – from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. A litre of petrol in Mumbai costs Rs 86.72 while diesel is priced at Rs 75.74 per litre. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Officials said the spike in rates is on account of exchange rate falling to a record Rs 71 to a dollar, depreciating by Rs 2.5 in a month. Also, crude oil has gained USD 7 a barrel in a fortnight, driven by fears that the US sanctions on Iran will likely contract supplies.

Government rules out excise duty cut as fuel rates hit new high

The rupee's free fall continued unabated on Tuesday morning with the currency hitting a new all-time low of 71.57 against the US dollar.

A the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.57.&nbsp;

Analysts expect it to hit the 72 level per dollar if the strong demand for the greenback persists coupled with soaring oil prices.

The slump in the value of rupee comes amid strong demand for the American currency from importers. According to forex dealers, capital outflows too weighed down the domestic currency.

A weaker rupee has resulted in rise in import bills, costlier foreign education and travel. The biggest impact is on petrol and diesel prices which have witnessed a steady increase throughout the year.

The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies.

The rupee hasn't crashed as much as Turkish Lira or Argentine Peso did versus the greenback. These currencies depreciated over 70 per cent so far this year, while rupee shed 10 per cent, and is comparable to the currencies of Indonesia, South Africa and Brazil.&nbsp;

Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar.

(With inputs from PTI)

The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies.

The rupee's free fall continued unabated on Tuesday morning with the currency hitting a new all-time low of 71.57 against the US dollar. A the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.57. Analysts expect it to hit the 72 level per dollar if the strong demand for the greenback persists coupled with soaring oil prices. The slump in the value of rupee comes amid strong demand for the American currency from importers. According to forex dealers, capital outflows too weighed down the domestic currency. A weaker rupee has resulted in rise in import bills, costlier foreign education and travel. The biggest impact is on petrol and diesel prices which have witnessed a steady increase throughout the year. The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies. The rupee hasn't crashed as much as Turkish Lira or Argentine Peso did versus the greenback. These currencies depreciated over 70 per cent so far this year, while rupee shed 10 per cent, and is comparable to the currencies of Indonesia, South Africa and Brazil. Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar. (With inputs from PTI)

Rupee hits fresh all-time low of 71.57 against US dollar

The rupee may fall further against the US dollar, prompting the Reserve Bank to adopt "orthodox" monetary policy like hike in interest rate to check depreciation of the domestic currency, an SBI report said on Tuesday.

<a href="http://wionews.com/business-%26-economy/rupee-hits-fresh-all-time-low-of-7150-against-us-dollar-163536">Also Read:&nbspRupee hits </a><a href="http://wionews.com/business-%26-economy/rupee-hits-fresh-all-time-low-of-7150-against-us-dollar-163536">fresh</a><a href="http://wionews.com/business-%26-economy/rupee-hits-fresh-all-time-low-of-7150-against-us-dollar-163536"> all-time low of 71.50 against US dollar</a>

The rupee on Tuesday slumped 16 paise against the American unit to trade at a life-time low of 71.37 on strong demand for the dollar.&nbsp

In its research report 'Ecowrap', SBI said given the "inefficacy" of sterilised intervention, RBI may follow a relatively hands off policy in forex market for now.&nbsp

"The rupee has now depreciated by 6.2 per cent since June 2018 when RBI started hiking rates. Even as the decline is in consonance with the strengthening of the dollar, we believe it may continue further," the report said.

It noted that there has been a spate of RBI communications in recent times which have perhaps gone unnoticed by the market.&nbsp

For example, in August Monthly Bulletin and also in RBI Annual Report, there is a detailed discussion on the costs of continued RBI intervention in the foreign exchange market, said the report.&nbsp&nbsp &nbsp&nbsp

In order to arrest the declining value of the rupee, SBI made a strong case for the introduction of Standing Deposit Facility (SDF) at the earliest.

SDF is an unlimited, uncollateralised, fixed rate deposit facility, which once operationalised, would enable RBI to absorb unlimited liquidity without any constraint of securities.&nbsp

"We also urge the government and RBI to quickly implement SDF without any further delay as it has no sterilisation cost."&nbsp

"In the interregnum till SDF is implemented, RBI must continue with durable liquidity injections through regular OMO purchases so as to offset the current spate of liquidity withdrawals," it suggested.&nbsp&nbsp &nbsp

According to SBI, implementation of SDF will serve three purposes - negate the costs of sterilisation, lead to an increase in demand for bonds and ensure a lower supply of government bonds through less issuance of Cash Management Bills.&nbsp

With the amendment to the RBI Act, 1934, SDF has now been made available for adoption.&nbsp

It further said the current disturbances in foreign exchange market provide enough opportunities for RBI to fine tune its liquidity and foreign exchange management policies without bothering too much on attendant implications of market volatility, with a little bit of coordination from government on implementing SDF.&nbsp 
&nbsp

In order to arrest the declining value of the rupee, SBI made a strong case for the introduction of Standing Deposit Facility at the earliest.

The rupee may fall further against the US dollar, prompting the Reserve Bank to adopt "orthodox" monetary policy like hike in interest rate to check depreciation of the domestic currency, an SBI report said on Tuesday. Also Read:&nbspRupee hits fresh all-time low of 71.50 against US dollar The rupee on Tuesday slumped 16 paise against the American unit to trade at a life-time low of 71.37 on strong demand for the dollar. In its research report 'Ecowrap', SBI said given the "inefficacy" of sterilised intervention, RBI may follow a relatively hands off policy in forex market for now. "The rupee has now depreciated by 6.2 per cent since June 2018 when RBI started hiking rates. Even as the decline is in consonance with the strengthening of the dollar, we believe it may continue further," the report said. It noted that there has been a spate of RBI communications in recent times which have perhaps gone unnoticed by the market. For example, in August Monthly Bulletin and also in RBI Annual Report, there is a detailed discussion on the costs of continued RBI intervention in the foreign exchange market, said the report. In order to arrest the declining value of the rupee, SBI made a strong case for the introduction of Standing Deposit Facility (SDF) at the earliest. SDF is an unlimited, uncollateralised, fixed rate deposit facility, which once operationalised, would enable RBI to absorb unlimited liquidity without any constraint of securities. "We also urge the government and RBI to quickly implement SDF without any further delay as it has no sterilisation cost." "In the interregnum till SDF is implemented, RBI must continue with durable liquidity injections through regular OMO purchases so as to offset the current spate of liquidity withdrawals," it suggested. According to SBI, implementation of SDF will serve three purposes - negate the costs of sterilisation, lead to an increase in demand for bonds and ensure a lower supply of government bonds through less issuance of Cash Management Bills. With the amendment to the RBI Act, 1934, SDF has now been made available for adoption. It further said the current disturbances in foreign exchange market provide enough opportunities for RBI to fine tune its liquidity and foreign exchange management policies without bothering too much on attendant implications of market volatility, with a little bit of coordination from government on implementing SDF.

Rupee may fall further against US dollar: SBI report

The wings of Lockheed Martin's F-16 fighter jets will be produced in India, the American security and aerospace giant announced on Tuesday, in a major boost to the 'Make in India' initiative.&nbsp;

<a href="http://wionews.com/world/nasa-signs-deal-with-lockheed-martin-to-develop-supersonic-x-plane-128212">Also Read: NASA signs deal with Lockheed Martin to develop supersonic 'X-plane'</a>

Maryland-based Lockheed Martin has entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings.

Lockheed officials insisted that the planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force. Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it.

Producing F-16 wings in India will strengthen Lockheed Martin's strategic partnership with Tata Advanced Systems Limited and support the 'Make in India' initiative of the government, officials of the company said.

"Building F-16 wings in India is a natural next step that builds on our successful partnerships with Tata on the C-130J [Super Hercules airlifter] and S-92 [helicopter]," said Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin Aeronautics.

"This is a strategic business decision that reflects the value of our partnerships with India and the confidence we have in Tata to perform advanced defence manufacturing work and deliver world-class products," Lall said.

Lockheed Martin's broader proposed F-16 partnership with India to produce F-16s exclusively in India for its Air Force and export customers, &nbsp;stands firm, the company said.&nbsp;

Lockheed recently submitted a comprehensive, fully compliant 600-plus page Request for Information (RFI) response to the Indian Air Force.

Last year, Lockheed Martin and TASL announced their intent to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force.

The F-16 Block 70 features advanced avionics, a proven Active Electronically Scanned Array (AESA) radar, a modernised cockpit, advanced weapons, conformal fuel tanks, an automatic ground collision avoidance system, an advanced engine and an industry-leading extended structural service life of 12,000 hours.

To date, 4,604 F-16s have been procured by 28 customers around the world. Approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the US Air Force.

Lockheed officials insisted that the planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force.

The wings of Lockheed Martin's F-16 fighter jets will be produced in India, the American security and aerospace giant announced on Tuesday, in a major boost to the 'Make in India' initiative. Also Read: NASA signs deal with Lockheed Martin to develop supersonic 'X-plane' Maryland-based Lockheed Martin has entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings. Lockheed officials insisted that the planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force. Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it. Producing F-16 wings in India will strengthen Lockheed Martin's strategic partnership with Tata Advanced Systems Limited and support the 'Make in India' initiative of the government, officials of the company said. "Building F-16 wings in India is a natural next step that builds on our successful partnerships with Tata on the C-130J [Super Hercules airlifter] and S-92 [helicopter]," said Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin Aeronautics. "This is a strategic business decision that reflects the value of our partnerships with India and the confidence we have in Tata to perform advanced defence manufacturing work and deliver world-class products," Lall said. Lockheed Martin's broader proposed F-16 partnership with India to produce F-16s exclusively in India for its Air Force and export customers, stands firm, the company said. Lockheed recently submitted a comprehensive, fully compliant 600-plus page Request for Information (RFI) response to the Indian Air Force. Last year, Lockheed Martin and TASL announced their intent to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force. The F-16 Block 70 features advanced avionics, a proven Active Electronically Scanned Array (AESA) radar, a modernised cockpit, advanced weapons, conformal fuel tanks, an automatic ground collision avoidance system, an advanced engine and an industry-leading extended structural service life of 12,000 hours. To date, 4,604 F-16s have been procured by 28 customers around the world. Approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the US Air Force.

Lockheed Martin to build F-16 fighter jet wings in India

Stock market indices extended their decline to the fifth session after Sensex fell 154 points today, dragged down by FMCG and banking stocks. The Nifty suffered a 62-point loss to settle at 11,520.&nbsp

The rupee declined to a fresh all-time low of 71.43 against the US dollar per dollar on Tuesday, cementing its position as Asia's worst performing currency. At this level, the rupee has depreciated more than 10 per cent so far this calendar year.

Shares of Infosys (up 2.64%), TCS (up 1.86%), Axis Bank (up 1.39%), Wipro (up 1.42%), Reliance Industries (up 0.97%), HDFC (up 0.79%) were the only gainers among all the components of BSE Sensex index.&nbsp

All the sectoral indices of NSE closed in red barring Nifty IT (up 2.06%) with Nifty PSU Bank (down 3.55%), Nifty Media (down 2.95%), Nifty FMCG (down 2.08%), Nifty Metal (down 1.94%), Nifty Realty (down 1.85%), Nifty Auto (down 1.6%), Nifty Pharma (down 1.49%), Nifty Bank (down 1.4%), Nifty Private Bank (down 1.18%) and Nifty Financial Services (down 0.94%).

A market-wide sell-off was seen in Indian equities on Tuesday as all the broader market indices of NSE concluded in deep red with Nifty Next 50 (down 3.05%), Nifty Midcap 50 (down 3.08%), Nifty Midcap 100 (down 2.72%) and Nifty Smallcap 100 (down 2.59%).

The rupee declined to a fresh all-time low of 71.43 against the US dollar per dollar on Tuesday, cementing its position as Asia's worst performing currency.

Stock market indices extended their decline to the fifth session after Sensex fell 154 points today, dragged down by FMCG and banking stocks. The Nifty suffered a 62-point loss to settle at 11,520. The rupee declined to a fresh all-time low of 71.43 against the US dollar per dollar on Tuesday, cementing its position as Asia's worst performing currency. At this level, the rupee has depreciated more than 10 per cent so far this calendar year. Shares of Infosys (up 2.64%), TCS (up 1.86%), Axis Bank (up 1.39%), Wipro (up 1.42%), Reliance Industries (up 0.97%), HDFC (up 0.79%) were the only gainers among all the components of BSE Sensex index. All the sectoral indices of NSE closed in red barring Nifty IT (up 2.06%) with Nifty PSU Bank (down 3.55%), Nifty Media (down 2.95%), Nifty FMCG (down 2.08%), Nifty Metal (down 1.94%), Nifty Realty (down 1.85%), Nifty Auto (down 1.6%), Nifty Pharma (down 1.49%), Nifty Bank (down 1.4%), Nifty Private Bank (down 1.18%) and Nifty Financial Services (down 0.94%). A market-wide sell-off was seen in Indian equities on Tuesday as all the broader market indices of NSE concluded in deep red with Nifty Next 50 (down 3.05%), Nifty Midcap 50 (down 3.08%), Nifty Midcap 100 (down 2.72%) and Nifty Smallcap 100 (down 2.59%).

Sensex closes 154 points lower at 38,157, Nifty ends at 11,520

The BSE Sensex rallied nearly 300 points in early session Monday on fresh buying in IT, tech and capital goods counters following robust GDP growth rate for the April-June quarter of fiscal and recovery in rupee.

The 30-share index rebounded by 289.28 points, or 0.74 per cent, to quote at 38,934.35. The benchmark bourse, however, pared some gains within the first hour of the session and was trading 153.03 points, or 0.40 per cent, higher at 38,798.10 at 1000 hrs.

The gauge had lost 251.56 points in the past three sessions.

The NSE Nifty also went past 10,700 rising 71.30 points, or 0.61 per cent, to 11,751.80.

Official data released after market hours Friday showed India's economy grew at two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest-growing major economy.

The rupee's recovery from its record low against the dollar and fresh buying by domestic institutional investors also fuelled the uptrend in the market, brokers said.

However, weak Asian cues capped the gains, they added.

Heavy buying was seen in IT, teck, capital goods, consumer durables, healthcare, power, auto, metal and PSU indices on BSE, rising up to 0.91 per cent.

Auto stocks were in demand after the release of sales data for August on Saturday.

Wipro stock was the top gainer in the Sensex pack, by surging 6 per cent, after the IT services major on Sunday said it has won an over US $1.5 billion engagement from Alight Solutions LLC, its biggest deal till date.

Other gainers included Sun Pharma, Tata Motors, PowerGrid, Asian Paints, Coal India, Bajaj Auto, L&T, Infosys, SBI, TCS, ITC, M&M, HDFC Bank, Vedanta, Yes Bank, Hero MotoCorp, Tata Steel, Adani Ports and Bharti Airtel, climbing up to 2.06 per cent.

However, shares of the country's largest private lender ICICI Bank fell 1.24 per cent followed by Maruti Suzuki, Axis Bank, HUL and RIL, falling up to 1 per cent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 171.92 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 212.81 crore on Friday, provisional data showed.

Weak trend in Asian bourses was witnessed on worries about further escalation of the US and China trade war.

Hong Kong's Hang Seng was down 0.28 per cent, Japan's Nikkei fell 0.21 per cent, while Shanghai Composite index shed 0.32 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.09 per cent lower on Friday's trade.&nbsp

The rupee's recovery from its record low against the dollar and fresh buying by domestic institutional investors also fuelled the uptrend in the market, brokers said.

The BSE Sensex rallied nearly 300 points in early session Monday on fresh buying in IT, tech and capital goods counters following robust GDP growth rate for the April-June quarter of fiscal and recovery in rupee. The 30-share index rebounded by 289.28 points, or 0.74 per cent, to quote at 38,934.35. The benchmark bourse, however, pared some gains within the first hour of the session and was trading 153.03 points, or 0.40 per cent, higher at 38,798.10 at 1000 hrs. The gauge had lost 251.56 points in the past three sessions. The NSE Nifty also went past 10,700 rising 71.30 points, or 0.61 per cent, to 11,751.80. Official data released after market hours Friday showed India's economy grew at two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest-growing major economy. The rupee's recovery from its record low against the dollar and fresh buying by domestic institutional investors also fuelled the uptrend in the market, brokers said. However, weak Asian cues capped the gains, they added. Heavy buying was seen in IT, teck, capital goods, consumer durables, healthcare, power, auto, metal and PSU indices on BSE, rising up to 0.91 per cent. Auto stocks were in demand after the release of sales data for August on Saturday. Wipro stock was the top gainer in the Sensex pack, by surging 6 per cent, after the IT services major on Sunday said it has won an over US $1.5 billion engagement from Alight Solutions LLC, its biggest deal till date. Other gainers included Sun Pharma, Tata Motors, PowerGrid, Asian Paints, Coal India, Bajaj Auto, L&T, Infosys, SBI, TCS, ITC, M&M, HDFC Bank, Vedanta, Yes Bank, Hero MotoCorp, Tata Steel, Adani Ports and Bharti Airtel, climbing up to 2.06 per cent. However, shares of the country's largest private lender ICICI Bank fell 1.24 per cent followed by Maruti Suzuki, Axis Bank, HUL and RIL, falling up to 1 per cent. Domestic institutional investors (DIIs) bought shares worth a net of Rs 171.92 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 212.81 crore on Friday, provisional data showed. Weak trend in Asian bourses was witnessed on worries about further escalation of the US and China trade war. Hong Kong's Hang Seng was down 0.28 per cent, Japan's Nikkei fell 0.21 per cent, while Shanghai Composite index shed 0.32 per cent in early trade today. The US Dow Jones Industrial Average ended 0.09 per cent lower on Friday's trade.

Sensex, Nifty rally on robust GDP data, rupee recovery

The rupee recovered from an all-time low of 71 and strengthened by 23 paise to 70.77 against the US dollar in early trade at the interbank foreign exchange market Monday amid robust growth data for the April-June quarter of current fiscal.

Official data released after market hours on Friday showed India's economy grew at a two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy.

Forex dealers said besides fresh selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

However, the positive dollar against other currencies overseas, on escalating global trade tensions, capped the gains.

On Friday, the rupee had plunged by 26 paise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers.

Meanwhile, the benchmark BSE Sensex rallied 289.28 points, or 0.74 per cent, to 38,934.35 points in early trade Monday.

On Friday, the rupee had plunged by 26 paise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers

The rupee recovered from an all-time low of 71 and strengthened by 23 paise to 70.77 against the US dollar in early trade at the interbank foreign exchange market Monday amid robust growth data for the April-June quarter of current fiscal. Official data released after market hours on Friday showed India's economy grew at a two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy. Forex dealers said besides fresh selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee. However, the positive dollar against other currencies overseas, on escalating global trade tensions, capped the gains. On Friday, the rupee had plunged by 26 paise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers. Meanwhile, the benchmark BSE Sensex rallied 289.28 points, or 0.74 per cent, to 38,934.35 points in early trade Monday.

Rupee recovers from record low, up 23 paise against US dollar

The price&nbsp;of petrol rose further on Monday. The fuel was selling at Rs 79.15 a litre in Delhi and Rs 86.56 a litre in Mumbai.

With an increase of 0.39 per litre, the price of diesel meanwhile rose to&nbsp;Rs 71.15 a litre in Delhi and Rs 75.54 a litre in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar.

Petrol and diesel prices had gone up by almost a rupee a litre within a fortnight.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan blamed the "external factors" for the rise in domestic prices of petrol and diesel on Sunday.

Pradhan said that the factors responsible for the drop in production of crude oil have resulted in the rise of fuel prices in the country.

"I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. Apart from that, crises in countries like Venezuela and Iran are increasing. There is a pressure on oil prices due to a decrease in production. Secondly, global currencies have weakened against the US dollar," he said.

He also said that the increase in the prices was temporary.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Petrol at Rs 79.15/litre (increase by Rs 0.31/litre) and diesel at Rs 71.15/litre (increase by Rs 0.39/litre) in Delhi. Petrol at Rs 86.56/litre (increase by Rs 0.31/litre) and diesel at Rs 75.54/litre (increase by Rs 0.44/litre) in Mumbai <a href="https://t.co/LCcn8S22p4">pic.twitter.com/LCcn8S22p4</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1036442405216706560?ref_src=twsrc%5Etfw">September 3, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

(With inputs from agencies)

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar.

The price of petrol rose further on Monday. The fuel was selling at Rs 79.15 a litre in Delhi and Rs 86.56 a litre in Mumbai. With an increase of 0.39 per litre, the price of diesel meanwhile rose to Rs 71.15 a litre in Delhi and Rs 75.54 a litre in Mumbai. Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. Petrol and diesel prices had gone up by almost a rupee a litre within a fortnight. Union Petroleum and Natural Gas Minister Dharmendra Pradhan blamed the "external factors" for the rise in domestic prices of petrol and diesel on Sunday. Pradhan said that the factors responsible for the drop in production of crude oil have resulted in the rise of fuel prices in the country. "I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. Apart from that, crises in countries like Venezuela and Iran are increasing. There is a pressure on oil prices due to a decrease in production. Secondly, global currencies have weakened against the US dollar," he said. He also said that the increase in the prices was temporary. Petrol at Rs 79.15/litre (increase by Rs 0.31/litre) and diesel at Rs 71.15/litre (increase by Rs 0.39/litre) in Delhi. Petrol at Rs 86.56/litre (increase by Rs 0.31/litre) and diesel at Rs 75.54/litre (increase by Rs 0.44/litre) in Mumbai pic.twitter.com/LCcn8S22p4 — ANI (@ANI) September 3, 2018 × (With inputs from agencies)

Petrol selling at Rs 86.56 a litre in Mumbai, govt says price rise temporary

Rajiv Kumar, the vice-chairman of economic think-tank NITI Aayog, on Monday, said that it wasn't demonetisation but deleveraging of credit under former RBI chief Raghuram Rajan's tenure that led to the economic slowdown in India.

In an interview, Kumar said that growth rate came down not because of demonetisation but there was a declining trend.&nbsp;

"Starting from last quarter of 2015-16, the growth rate had come down for six successive quarters," he said.

"It is a continuation of a trend of a declining growth, and why was this growth declining, it was declining because of the rising NPAs in the banking sector. When this (NDA) government came into office that figure was 4 lakh crore, it rose to 10.5 lakh crore by the middle of 2017 because under the previous RBI governor, Mr Rajan, they had identified mechanisms to identify stressed and non-performing assets which is why the banks stopped giving credit to industries," Kumar said.

He added that there was no evidence to prove that there was a direct link between demonetisation and slowdown in the growth rate.

On the recent statement issued by former finance minister P Chidambaram that latest Q1 growth numbers were based on the lowest base (5.6) in the last eight quarters and would decline in the future, Rajiv Kumar told ANI that the veteran Congress leader is issuing such statements just for the sake of “opposition dharma.”

“This is a completely false narrative and I am afraid leading people like Mr Chidambaram and our former Prime Minister added to this,” Rajiv Kumar said.

A Parliamentary committee had recently questioned the RBI for failing to take preemptive action in checking bad loans in the banking system prior to the Asset Quality Review undertaken in December 2015.

Rajiv Kumar, the vice-chairman of economic think-tank NITI Aayog, on Monday, said former Reserve Bank of India chief Raghuram Rajan, not demonetisation, was to blame for the economic slowdown in the country.

Rajiv Kumar, the vice-chairman of economic think-tank NITI Aayog, on Monday, said that it wasn't demonetisation but deleveraging of credit under former RBI chief Raghuram Rajan's tenure that led to the economic slowdown in India. In an interview, Kumar said that growth rate came down not because of demonetisation but there was a declining trend. "Starting from last quarter of 2015-16, the growth rate had come down for six successive quarters," he said. "It is a continuation of a trend of a declining growth, and why was this growth declining, it was declining because of the rising NPAs in the banking sector. When this (NDA) government came into office that figure was 4 lakh crore, it rose to 10.5 lakh crore by the middle of 2017 because under the previous RBI governor, Mr Rajan, they had identified mechanisms to identify stressed and non-performing assets which is why the banks stopped giving credit to industries," Kumar said. He added that there was no evidence to prove that there was a direct link between demonetisation and slowdown in the growth rate. On the recent statement issued by former finance minister P Chidambaram that latest Q1 growth numbers were based on the lowest base (5.6) in the last eight quarters and would decline in the future, Rajiv Kumar told ANI that the veteran Congress leader is issuing such statements just for the sake of “opposition dharma.” “This is a completely false narrative and I am afraid leading people like Mr Chidambaram and our former Prime Minister added to this,” Rajiv Kumar said. A Parliamentary committee had recently questioned the RBI for failing to take preemptive action in checking bad loans in the banking system prior to the Asset Quality Review undertaken in December 2015.

Video: Raghuram Rajan responsible for slowdown, not demonetisation, says Niti Aayog vice chairman

The Indian rupee nosedived to a new lifetime low of 71.10, shedding 10 paise against the US dollar in late afternoon trade on Monday, tracking weakening trend in emerging market currencies.

A surge in global oil prices, concerns over US-China trade war and contagion risks from Turkey and Argentina are the factors impacting forex market sentiment.

Brent crude oil moved up by 0.57 per cent 78.08 a barrel.

The rupee's previous record low was 71, marked on August 31.

Meanwhile, the BSE Sensex fell over 332.55 points to end at 38,312.52 and the NSE Nifty dipped below the 11,600-level by losing 98.15 points to close at 11,582.35 today on heavy losses in FMCG, realty, power, banking, auto, oil & gas, PSU, IT, tech, infrastructure and capital goods counters amid a global rout in equity markets.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 212.81 crore Friday, as per provisional data.

Rupee nosedived to a new lifetime low of 71.10, shedding 10 paise against the US dollar in late afternoon trade on Monday.

The Indian rupee nosedived to a new lifetime low of 71.10, shedding 10 paise against the US dollar in late afternoon trade on Monday, tracking weakening trend in emerging market currencies. A surge in global oil prices, concerns over US-China trade war and contagion risks from Turkey and Argentina are the factors impacting forex market sentiment. Brent crude oil moved up by 0.57 per cent 78.08 a barrel. The rupee's previous record low was 71, marked on August 31. Meanwhile, the BSE Sensex fell over 332.55 points to end at 38,312.52 and the NSE Nifty dipped below the 11,600-level by losing 98.15 points to close at 11,582.35 today on heavy losses in FMCG, realty, power, banking, auto, oil & gas, PSU, IT, tech, infrastructure and capital goods counters amid a global rout in equity markets. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 212.81 crore Friday, as per provisional data.

Rupee plunges to yet another record low of 71.10 against US dollar

Turkey reported its highest inflation rate in 15 years Monday fuelled by a spectacular drop in the Turkish lira, as analysts predicted that worse is probably to come.

Consumer prices rose 17.9 per cent in August from the same month in the previous year --their highest increase since late 2003 -- up from 15.85 per cent in July, according to the Turkish statistics office (TUIK), increasing pressure on the central bank to hike interest rates.

The figure was higher than the Bloomberg consensus forecast of 17.6 per cent.

The lira was worth 6.6 against the US dollar, a loss of nearly 1.5 per cent on the day after 0930 GMT, rallying slightly after the central bank's indication that it would act at the next monetary policy committee meeting on September 13.

The highest annual rise in the month was in the cost of transport, up 27.13 per cent, while prices for food and non-alcoholic drinks were up 19.75 per cent, TUIK said in a statement.

Last month the Turkish lira was sent into a tailspin by a bitter diplomatic spat with the United States over Turkey's detention of an American pastor for almost two years on terror-related charges.&nbsp

Washington imposed sanctions on two Turkish ministers last month and doubled steel and aluminium tariffs, putting further pressure on the Turkish currency.

At one point the lira weakened to more than 7 against the greenback before it rallied, although the currency's loss against the dollar in the last month alone still stands at over 25 per cent.

As tensions between the NATO allies remain high, Turkish President Recep Tayyip Erdogan on Sunday vowed that Ankara would pursue non-dollar transactions in trade with Russia and other countries, and accused the US of behaving like "wild wolves".

'Effects of weaker lira'

Jason Tuvey, senior emerging markets economist at London-based Capital Economics, said the inflation rise "largely reflects the effects of a weaker lira".

But Deniz Cicek, economist at Istanbul-based QNB Finansbank, cautioned that the full effect of the "substantial" currency depreciation had not yet been seen.

"As a result, even without additional depreciation, we see the headline inflation to exceed 20 per cent in the upcoming months," Cicek said in a note.

Turkish Treasury and Finance Minister Berat Albayrak, who is Erdogan's son-in-law, said last week 2019 would be a "very strong" year in Turkey's fight against inflation as he sought to reassure investors that Ankara was aware of the issues troubling its economy.

Albayrak was due to meet with British finance minister Philip Hammond on Monday, after his meeting in Paris last week with French counterpart Bruno Le Maire.

Central bank promises&nbsp

Markets have been hoping for a significant rate rise to calm the currency crisis but economists fear that Erdogan is pressuring the nominally independent central bank not to raise rates in order to maintain growth.

Erdogan previously called rates the "mother and father of all evil" and argued higher rates lead to higher inflation, flying in the face of economic orthodoxy.

After Monday's data release, the bank sought to reassure the markets that it will take the "necessary actions to support price stability" in September after recent developments suggested "significant risks to price stability".

"Monetary stance will be adjusted at the September monetary policy committee meeting in view of the latest developments," the bank said in a statement.

But Tuvey of Capital Economics said in a note that the rate hike would likely be around 200 basis points, lower than the 700 to 1000 bps that the markets want to see.

The lira was worth 6.6 against the US dollar, a loss of nearly 1.5 per cent on the day after 0930 GMT, rallying slightly after the central bank's indication that it would act at the next monetary policy committee meeting on September 13.

Turkey reported its highest inflation rate in 15 years Monday fuelled by a spectacular drop in the Turkish lira, as analysts predicted that worse is probably to come. Consumer prices rose 17.9 per cent in August from the same month in the previous year --their highest increase since late 2003 -- up from 15.85 per cent in July, according to the Turkish statistics office (TUIK), increasing pressure on the central bank to hike interest rates. The figure was higher than the Bloomberg consensus forecast of 17.6 per cent. The lira was worth 6.6 against the US dollar, a loss of nearly 1.5 per cent on the day after 0930 GMT, rallying slightly after the central bank's indication that it would act at the next monetary policy committee meeting on September 13. The highest annual rise in the month was in the cost of transport, up 27.13 per cent, while prices for food and non-alcoholic drinks were up 19.75 per cent, TUIK said in a statement. Last month the Turkish lira was sent into a tailspin by a bitter diplomatic spat with the United States over Turkey's detention of an American pastor for almost two years on terror-related charges. Washington imposed sanctions on two Turkish ministers last month and doubled steel and aluminium tariffs, putting further pressure on the Turkish currency. At one point the lira weakened to more than 7 against the greenback before it rallied, although the currency's loss against the dollar in the last month alone still stands at over 25 per cent. As tensions between the NATO allies remain high, Turkish President Recep Tayyip Erdogan on Sunday vowed that Ankara would pursue non-dollar transactions in trade with Russia and other countries, and accused the US of behaving like "wild wolves". 'Effects of weaker lira' Jason Tuvey, senior emerging markets economist at London-based Capital Economics, said the inflation rise "largely reflects the effects of a weaker lira". But Deniz Cicek, economist at Istanbul-based QNB Finansbank, cautioned that the full effect of the "substantial" currency depreciation had not yet been seen. "As a result, even without additional depreciation, we see the headline inflation to exceed 20 per cent in the upcoming months," Cicek said in a note. Turkish Treasury and Finance Minister Berat Albayrak, who is Erdogan's son-in-law, said last week 2019 would be a "very strong" year in Turkey's fight against inflation as he sought to reassure investors that Ankara was aware of the issues troubling its economy. Albayrak was due to meet with British finance minister Philip Hammond on Monday, after his meeting in Paris last week with French counterpart Bruno Le Maire. Central bank promises Markets have been hoping for a significant rate rise to calm the currency crisis but economists fear that Erdogan is pressuring the nominally independent central bank not to raise rates in order to maintain growth. Erdogan previously called rates the "mother and father of all evil" and argued higher rates lead to higher inflation, flying in the face of economic orthodoxy. After Monday's data release, the bank sought to reassure the markets that it will take the "necessary actions to support price stability" in September after recent developments suggested "significant risks to price stability". "Monetary stance will be adjusted at the September monetary policy committee meeting in view of the latest developments," the bank said in a statement. But Tuvey of Capital Economics said in a note that the rate hike would likely be around 200 basis points, lower than the 700 to 1000 bps that the markets want to see.

Turkey inflation surges to 15-year high in August

Stock market indices ended nearly 1 per cent lower on Monday after India's manufacturing growth eased in August on softer domestic demand and on concerns over the escalation of the global trade war.

The Sensex and Nifty fell sharply in late trade, led by the selloff in FMCG, banking, and auto stocks.&nbsp

The S&P BSE Sensex ended at 38,313, down 333 points while the broader Nifty50 index settled at 11,582, down 98 points.

Among FMCG majors, ITC fell nearly 2% while HUL slumped nearly 5%.

Other top losers among Sensex stocks included Maruti, Axis Bank, ICICI Bank, and PowerGrid, each down between 1.5% and 3%.

TCS, Kotak Mahindra Bank and ONGC were down over 1%. The rupee was trading at 71.04 against the US dollar in late trade.

Other top losers among Sensex stocks included Maruti, Axis Bank, ICICI Bank, and PowerGrid, each down between 1.5% and 3%.

Stock market indices ended nearly 1 per cent lower on Monday after India's manufacturing growth eased in August on softer domestic demand and on concerns over the escalation of the global trade war. The Sensex and Nifty fell sharply in late trade, led by the selloff in FMCG, banking, and auto stocks. The S&P BSE Sensex ended at 38,313, down 333 points while the broader Nifty50 index settled at 11,582, down 98 points. Among FMCG majors, ITC fell nearly 2% while HUL slumped nearly 5%. Other top losers among Sensex stocks included Maruti, Axis Bank, ICICI Bank, and PowerGrid, each down between 1.5% and 3%. TCS, Kotak Mahindra Bank and ONGC were down over 1%. The rupee was trading at 71.04 against the US dollar in late trade.

Sensex ends 333 points lower at 38,313; Nifty closes at 1,582

Growth in India's manufacturing sector unexpectedly slowed in August as domestic demand softened, a private business survey showed on Monday.

Data on Friday showed India's economy expanded 8.2 percent in the April-June quarter, its fastest pace in more than two years, driven by solid growth in manufacturing and consumer spending.

But the Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, suggested a slight loss of momentum last month.

The activity gauge fell to a three-month low of 51.7 from July's 52.3. Analysts polled by Reuters had expected growth to pick up, forecasting a reading of 52.8.

Still, the rate of expansion remained solid. The PMI has not been below the 50-mark which separates growth from contraction since July 2017, when manufacturing took a hit from the hasty implementation of a goods and services tax.

Although sub-indices tracking output and total orders touched three-month lows last month, foreign demand rose at the quickest pace since February despite global trade tensions.

A weakening Indian rupee, which has been hitting fresh lows against the U.S. dollar in the past few months, likely boosted exports.

Meanwhile, input prices rose at the slowest pace since May and the rate of increase in output prices fell, signalling a further easing in overall inflation pressures.

"Indian manufacturers retained positive projections for output over the next 12 months, but the level of sentiment eased in August. Indeed, some of the key headwinds facing the economy include high global oil prices, monetary policy tightening, and capital outflows from emerging markets," IHS Markit economist Aashna Dodhia said in a statement.

Data on Friday said India's economy expanded 8.2 per cent in the April-June quarter, its fastest pace in more than two years, driven by solid growth in manufacturing and consumer spending.

Growth in India's manufacturing sector unexpectedly slowed in August as domestic demand softened, a private business survey showed on Monday. Data on Friday showed India's economy expanded 8.2 percent in the April-June quarter, its fastest pace in more than two years, driven by solid growth in manufacturing and consumer spending. But the Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, suggested a slight loss of momentum last month. The activity gauge fell to a three-month low of 51.7 from July's 52.3. Analysts polled by Reuters had expected growth to pick up, forecasting a reading of 52.8. Still, the rate of expansion remained solid. The PMI has not been below the 50-mark which separates growth from contraction since July 2017, when manufacturing took a hit from the hasty implementation of a goods and services tax. Although sub-indices tracking output and total orders touched three-month lows last month, foreign demand rose at the quickest pace since February despite global trade tensions. A weakening Indian rupee, which has been hitting fresh lows against the U.S. dollar in the past few months, likely boosted exports. Meanwhile, input prices rose at the slowest pace since May and the rate of increase in output prices fell, signalling a further easing in overall inflation pressures. "Indian manufacturers retained positive projections for output over the next 12 months, but the level of sentiment eased in August. Indeed, some of the key headwinds facing the economy include high global oil prices, monetary policy tightening, and capital outflows from emerging markets," IHS Markit economist Aashna Dodhia said in a statement.

Manufacturing growth slows in August as demand softens: Pvt survey

India Inc raised USD 2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed. &nbsp

In July 2017, the companies raised USD 1.89 billion by tapping foreign markets. &nbspOf the total borrowings (ECB), USD 1.75 billion was raised through automatic route and rest from approval route of the ECB.

Reliance Jio Infocom was the only company to have raised over USD 1 billion via the approval route. &nbsp

Among the major borrowers in the automatic route included JSW Steel USD 165 million for modernisation project, Dewan Housing Finance Corporation USD 240 million for refinancing of earlier ECB and GE Diesel Locomotive USD 121 million for refinancing of rupee loan.

Prodair Air Products India Ltd USD 72.28 million for new project and BMW India Financial Services USD 48.68 million for the purpose of on lending. &nbspNo money was raised through the way of Rupee denominated bonds (RDB) during the month, showed the data.

India Inc raised USD 2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed.

India Inc raised USD 2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed. In July 2017, the companies raised USD 1.89 billion by tapping foreign markets. &nbspOf the total borrowings (ECB), USD 1.75 billion was raised through automatic route and rest from approval route of the ECB. Reliance Jio Infocom was the only company to have raised over USD 1 billion via the approval route. Among the major borrowers in the automatic route included JSW Steel USD 165 million for modernisation project, Dewan Housing Finance Corporation USD 240 million for refinancing of earlier ECB and GE Diesel Locomotive USD 121 million for refinancing of rupee loan. Prodair Air Products India Ltd USD 72.28 million for new project and BMW India Financial Services USD 48.68 million for the purpose of on lending. &nbspNo money was raised through the way of Rupee denominated bonds (RDB) during the month, showed the data.

India Inc’s foreign borrowing rises 74 per cent to USD 2.18 billion in July

The Centre on Saturday said the filing of income tax returns (ITR) till August 31 saw an upsurge of 71 per cent, compared to the corresponding period in the preceding year.

The total number of ITRs filed online up to August 31 was 5.42 crore, as against 3.17 crore up to August 31 last year, marking an increase of 70.86 per cent. Almost 34.95 lakh returns were uploaded on August 31 itself, an official release from the Ministry of Finance noted.

"A remarkable increase is seen in the number of ITRs in 2 categories, that is, ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4)," the release read.

The total number of e-returns of salaried Individual taxpayers filed till August 31 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering an increase of 1.18 crore returns, thus highlighting a growth of almost 54 per cent.

With regards to the number of returns e-filed by persons availing the benefit of Presumptive Tax, the Ministry noted that 1.17 crore returns were filed up to August 31, compared to 14.93 lakh returns filed last year, thus registering a massive increase of 681.69 per cent.

The increase in the number of returns reveals a marked improvement in the level of voluntary compliance of taxpayers, which can be attributed to several factors, including the impact of demonetisation, enhanced persuasion and education of taxpayers as also the impending provision of late fee which would be effective on late filing of returns, the Ministry noted.

"This is indicative of an India moving steadily towards a more tax compliant society and reflects the impact of continuous leveraging of technology to improve taxpayer service delivery," it added.

The total number of ITRs filed online up to August 31 was 5.42 crore, as against 3.17 crore up to August 31 last year, marking an increase of 70.86 per cent.

The Centre on Saturday said the filing of income tax returns (ITR) till August 31 saw an upsurge of 71 per cent, compared to the corresponding period in the preceding year. The total number of ITRs filed online up to August 31 was 5.42 crore, as against 3.17 crore up to August 31 last year, marking an increase of 70.86 per cent. Almost 34.95 lakh returns were uploaded on August 31 itself, an official release from the Ministry of Finance noted. "A remarkable increase is seen in the number of ITRs in 2 categories, that is, ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4)," the release read. The total number of e-returns of salaried Individual taxpayers filed till August 31 increased to 3.37 crore from 2.19 crore returns filed during the corresponding period of 2017, registering an increase of 1.18 crore returns, thus highlighting a growth of almost 54 per cent. With regards to the number of returns e-filed by persons availing the benefit of Presumptive Tax, the Ministry noted that 1.17 crore returns were filed up to August 31, compared to 14.93 lakh returns filed last year, thus registering a massive increase of 681.69 per cent. The increase in the number of returns reveals a marked improvement in the level of voluntary compliance of taxpayers, which can be attributed to several factors, including the impact of demonetisation, enhanced persuasion and education of taxpayers as also the impending provision of late fee which would be effective on late filing of returns, the Ministry noted. "This is indicative of an India moving steadily towards a more tax compliant society and reflects the impact of continuous leveraging of technology to improve taxpayer service delivery," it added.

71% surge in ITR filed till August 31: Centre

Reversing early losses, the benchmark BSE Sensex recovered over 100 points and NSE Nifty reclaimed the 11,700-mark ahead of the release of key GDP data scheduled later in the day.

The 30-share Sensex rose 138.06 points, or 0.36 per cent, to 38,828.16 in early trade, after hitting a low of 38,611.46 at the outset. It lost 206.53 points in the previous two sessions.

All the sectoral indices, led by healthcare, IT, tech, power and consumer durables, rose up to 2 per cent.

The NSE Nifty too gained 47.70 points, or 0.41 per cent, to 11,724.50 after touching a low of 11,654.80.

Investors built up fresh positions as September futures and options (F&O) series opened today, brokers said.&nbsp

However, volatility remained as the rupee hit the 71 mark for the first time and other global markets were trading in the negative zone on worries prompted by a report that new US tariffs on China were imminent, they added.

Investors are also eyeing GDP data for the April-June quarter that will be released later in the day.

Prominent gainers included Sun Pharma, Wipro, Infosys, PowerGrid, ONGC, Coal India, NTPC, Asian Paint, HUL, ITC Ltd, L&T, Kotak Bank, IndusInd Bank and Tata Steel, rising up to 2.27 per cent.

While, top losers include Yes Bank, RIL, Vedanta, Bharti Airtel, Axis Bank and HDFC Bank remained under pressure, falling up to 3.44 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 958.01 crore yesterday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 1,598.67 crore, provisional data showed.

Elsewhere in Asia, Hong Kong's Hang Seng was down 0.98 per cent, Japan's Nikkei shed 0.17 per cent and Shanghai Composite Index fell 0.08 per cent in early trade.

The US Dow Jones Industrial Average ended 0.50 per cent lower yesterday.&nbsp

The 30-share Sensex rose 138.06 points, or 0.36 per cent, to 38,828.16 in early trade, after hitting a low of 38,611.46 at the outset. It lost 206.53 points in the previous two sessions.

Reversing early losses, the benchmark BSE Sensex recovered over 100 points and NSE Nifty reclaimed the 11,700-mark ahead of the release of key GDP data scheduled later in the day. The 30-share Sensex rose 138.06 points, or 0.36 per cent, to 38,828.16 in early trade, after hitting a low of 38,611.46 at the outset. It lost 206.53 points in the previous two sessions. All the sectoral indices, led by healthcare, IT, tech, power and consumer durables, rose up to 2 per cent. The NSE Nifty too gained 47.70 points, or 0.41 per cent, to 11,724.50 after touching a low of 11,654.80. Investors built up fresh positions as September futures and options (F&O) series opened today, brokers said. However, volatility remained as the rupee hit the 71 mark for the first time and other global markets were trading in the negative zone on worries prompted by a report that new US tariffs on China were imminent, they added. Investors are also eyeing GDP data for the April-June quarter that will be released later in the day. Prominent gainers included Sun Pharma, Wipro, Infosys, PowerGrid, ONGC, Coal India, NTPC, Asian Paint, HUL, ITC Ltd, L&T, Kotak Bank, IndusInd Bank and Tata Steel, rising up to 2.27 per cent. While, top losers include Yes Bank, RIL, Vedanta, Bharti Airtel, Axis Bank and HDFC Bank remained under pressure, falling up to 3.44 per cent. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 958.01 crore yesterday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 1,598.67 crore, provisional data showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.98 per cent, Japan's Nikkei shed 0.17 per cent and Shanghai Composite Index fell 0.08 per cent in early trade. The US Dow Jones Industrial Average ended 0.50 per cent lower yesterday.

Sensex rises over 100 points ahead of GDP data release; Nifty reclaims 11,700

The Rupee today hit a historic low of 71 against the US dollar, falling 26 paise in morning trade today.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

The Rupee is now the worst performing currency in Asia, it has fallen nearly 10 per cent this year.&nbsp;The Sensex was also down 32.76 points at 38,657.34 on Friday, while the Nifty was down 10 points at 11666.80.

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering China-US trade tensions&nbsp;weighed on the domestic currency. &nbsp;

On Thursday, the Rupee had slid 15 paise to close at a fresh lifetime low of 70.74 due to low demand for the US currency from importers and rising crude oil prices. A stronger dollar in overseas markets and losses in local stocks markets also impacted the rupee sentiment.

The BSE benchmark Sensex slipped 33 points, or 0.08 per cent to settle at 38,690. &nbsp;The NSE Nifty had declined 15 points, or 0.13 per cent, to 11,677. &nbsp;Intra-day, the 50-share index had moved between 11,698.80 and 11,639.70 on Thursday. 
&nbsp;

On Thursday, the Rupee had slid 15 paise to close at a fresh lifetime low of 70.74

The Rupee today hit a historic low of 71 against the US dollar, falling 26 paise in morning trade today. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74. The Rupee is now the worst performing currency in Asia, it has fallen nearly 10 per cent this year. The Sensex was also down 32.76 points at 38,657.34 on Friday, while the Nifty was down 10 points at 11666.80. Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering China-US trade tensions weighed on the domestic currency. On Thursday, the Rupee had slid 15 paise to close at a fresh lifetime low of 70.74 due to low demand for the US currency from importers and rising crude oil prices. A stronger dollar in overseas markets and losses in local stocks markets also impacted the rupee sentiment. The BSE benchmark Sensex slipped 33 points, or 0.08 per cent to settle at 38,690. The NSE Nifty had declined 15 points, or 0.13 per cent, to 11,677. Intra-day, the 50-share index had moved between 11,698.80 and 11,639.70 on Thursday.

Rupee hits record low of 71 against US dollar for first time

Idea Cellular Ltd and Vodafone Plc completed the merger of their operations on Friday, creating the country's largest telecom operator by subscribers and revenue after the entry of a new player sparked a bitter price war.

The merged entity would be a formidable rival to billionaire Mukesh Ambani's Reliance Jio Infocomm, which has caused a widespread disruption in the domestic telecom industry.

Stiff competition triggered consolidation in world's No. 2 mobile phone market, with Vodafone and Idea agreeing to merge their operations in India in a $23 billion deal last February.

The combined entity will have a revenue share of 32.2 per cent in the market and a total customer base of around 400 million, racing ahead of Bharti Airtel, Idea said on Friday.

The entity's board will have 12 directors, with Kumar Mangalam Birla as chairman and Balesh Sharma as chief executive officer.

Himanshu Kapania has stepped down as managing director of Idea Cellular, but will continue as a non-executive director on the merged entity's board.

The merged entity would be a formidable rival to billionaire Mukesh Ambani's Reliance Jio Infocomm.

Idea Cellular Ltd and Vodafone Plc completed the merger of their operations on Friday, creating the country's largest telecom operator by subscribers and revenue after the entry of a new player sparked a bitter price war. The merged entity would be a formidable rival to billionaire Mukesh Ambani's Reliance Jio Infocomm, which has caused a widespread disruption in the domestic telecom industry. Stiff competition triggered consolidation in world's No. 2 mobile phone market, with Vodafone and Idea agreeing to merge their operations in India in a $23 billion deal last February. The combined entity will have a revenue share of 32.2 per cent in the market and a total customer base of around 400 million, racing ahead of Bharti Airtel, Idea said on Friday. The entity's board will have 12 directors, with Kumar Mangalam Birla as chairman and Balesh Sharma as chief executive officer. Himanshu Kapania has stepped down as managing director of Idea Cellular, but will continue as a non-executive director on the merged entity's board.

Idea Cellular, Vodafone complete merger to create country's largest telecom operator

Banks' loans in the country rose 12.9 per cent in the two weeks to August 17 as compared to the last year, news agency Reuters reported.&nbsp;

Deposits, on the other hand, rose 8.3 per cent, as stated by the Reserve Bank of India on Friday.

According to reports, outstanding loans fell 36.00 billion rupees ($507.33 million) to 86.75 trillion rupees in the two weeks to August 17.&nbsp;

Non-food credit fell 85.30 billion rupees to 86.21 trillion rupees, while food credit rose 49.30 billion rupees to 541.60 billion rupees.

Bank deposits fell 719.00 billion rupees to 115.11 trillion rupees in the two weeks to August 17.

Meanwhile, India's GDP for the June quarter touched an impressive high of 8.2 per cent -- highest ever in two years.&nbsp;

The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent.

India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent.

The national currency, Rupee, on Friday slumped by 26 paise to close at a historic low of 71 level for the first time against the US dollar.&nbsp;

The currency also fell against the pound sterling to finish slightly lower at Rs 92.12/14 per pound.&nbsp;

&nbsp;Experts blame the slump on firming crude oil prices and strong month-end demand from oil importers.

(With inputs from agencies)&nbsp;

India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent.

Banks' loans in the country rose 12.9 per cent in the two weeks to August 17 as compared to the last year, news agency Reuters reported. Deposits, on the other hand, rose 8.3 per cent, as stated by the Reserve Bank of India on Friday. According to reports, outstanding loans fell 36.00 billion rupees ($507.33 million) to 86.75 trillion rupees in the two weeks to August 17. Non-food credit fell 85.30 billion rupees to 86.21 trillion rupees, while food credit rose 49.30 billion rupees to 541.60 billion rupees. Bank deposits fell 719.00 billion rupees to 115.11 trillion rupees in the two weeks to August 17. Meanwhile, India's GDP for the June quarter touched an impressive high of 8.2 per cent -- highest ever in two years. The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent. India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent. The national currency, Rupee, on Friday slumped by 26 paise to close at a historic low of 71 level for the first time against the US dollar. The currency also fell against the pound sterling to finish slightly lower at Rs 92.12/14 per pound. Experts blame the slump on firming crude oil prices and strong month-end demand from oil importers. (With inputs from agencies)

Banks' loans rose 12.9 per cent in two weeks to August 17: RBI 

Funds run by BlackRock Inc&nbspvoted over Tesla Inc's&nbspobjections in favour of a shareholder proposal in June that would have required the electric carmaker to replace Elon Musk with an independent board chairman if the motion had not been defeated, a regulatory filing showed on Thursday.

BlackRock-managed funds voted for a measure requiring the board chairman be an independent director, according to a BlackRock filing with the U.S. Securities and Exchange Commission.

More than 86 million shares voted against the proposal at a shareholder meeting in June, while fewer than 17 million voted in favour, according to Tesla.

Musk serves both as Tesla's chairman and chief executive officer. Some corporate-governance activists call for the role to be split between two people to improve oversight, and the new filing revealed at least one major investor backed such changes at Tesla. BlackRock's role in backing the proposal was not previously reported.

Musk has been under public pressure over the company's spending and after tweeting on August 7 that he planned to take the company private, only to abandon the idea by August 24.

Tesla's board had said that the company's success "would not have been possible" without Musk's "day-to-day exposure to the company's business."

Yet top proxy adviser Institutional Shareholder Services supported the proposal, citing concerns about Musk's pay and board independence.

"BlackRock's approach to investment stewardship is driven by our fiduciary duties to our clients, the asset owners," a BlackRock spokeswoman said in an emailed statement. "Our approach to engaging with companies and proxy voting activities is consistent with our commitment to drive long-term shareholder value for our clients."

BlackRock funds are a top-10 Tesla stockholder, controlling nearly 6.5 million of Tesla's 170 million shares, according to Thomson Reuters data based on public filings.

Vanguard Group Inc-run funds voted against the independent-chair proposal, a recent filing showed. Funds run by Fidelity Investments sided with Tesla on director votes and other controversial items this spring, earlier filings showed.

BlackRock's filings also showed it voted this year in favour of shareholder proposals at Facebook Inc&nbspand Google parent Alphabet Inc&nbspto give each shareholder an equal vote on governance matters.

Some companies are structured in a way that effectively gives some shareholders more power than others, regardless of the number of shares they hold.

BlackRock withheld votes or voted against nearly all management recommendations at Netflix Inc, including an advisory vote on executive pay.

More than 86 million shares voted against the proposal at a shareholder meeting in June.

Funds run by BlackRock Inc&nbspvoted over Tesla Inc's&nbspobjections in favour of a shareholder proposal in June that would have required the electric carmaker to replace Elon Musk with an independent board chairman if the motion had not been defeated, a regulatory filing showed on Thursday. BlackRock-managed funds voted for a measure requiring the board chairman be an independent director, according to a BlackRock filing with the U.S. Securities and Exchange Commission. More than 86 million shares voted against the proposal at a shareholder meeting in June, while fewer than 17 million voted in favour, according to Tesla. Musk serves both as Tesla's chairman and chief executive officer. Some corporate-governance activists call for the role to be split between two people to improve oversight, and the new filing revealed at least one major investor backed such changes at Tesla. BlackRock's role in backing the proposal was not previously reported. Musk has been under public pressure over the company's spending and after tweeting on August 7 that he planned to take the company private, only to abandon the idea by August 24. Tesla's board had said that the company's success "would not have been possible" without Musk's "day-to-day exposure to the company's business." Yet top proxy adviser Institutional Shareholder Services supported the proposal, citing concerns about Musk's pay and board independence. "BlackRock's approach to investment stewardship is driven by our fiduciary duties to our clients, the asset owners," a BlackRock spokeswoman said in an emailed statement. "Our approach to engaging with companies and proxy voting activities is consistent with our commitment to drive long-term shareholder value for our clients." BlackRock funds are a top-10 Tesla stockholder, controlling nearly 6.5 million of Tesla's 170 million shares, according to Thomson Reuters data based on public filings. Vanguard Group Inc-run funds voted against the independent-chair proposal, a recent filing showed. Funds run by Fidelity Investments sided with Tesla on director votes and other controversial items this spring, earlier filings showed. BlackRock's filings also showed it voted this year in favour of shareholder proposals at Facebook Inc&nbspand Google parent Alphabet Inc&nbspto give each shareholder an equal vote on governance matters. Some companies are structured in a way that effectively gives some shareholders more power than others, regardless of the number of shares they hold. BlackRock withheld votes or voted against nearly all management recommendations at Netflix Inc, including an advisory vote on executive pay.

BlackRock voted to replace Tesla's Musk with independent board chair

The rupee today slumped by 26 paise breach the historic low of 71 level for the first time against the US currency due to firming crude oil prices and strong month-end demand from oil importers.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

The rupee pared some of the losses to touch a day's high of 70.85 but slumped in late trade to close at its lifetime trading low of 71.00, showing a loss of 26 paise or 0.37 per cent over the previous close.&nbsp

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.

"The rupee has made a new record low of 71 today on the back of rising crude oil prices in the international market. Emerging market currencies are under pressure, this has also weighed on the rupee. The dollar index continues to remain higher on expectations of aggressive interest rate hike by the Federal Reserve," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers said.&nbsp

Yesterday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.

Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.

Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade.

Meanwhile, both the key indices Sensex and Nifty recorded their sixth straight week of gains by rising 393.27 points or 1.02 per cent, and 123.40 points or 1.07 per cent, respectively.&nbsp

The rupee also fell against the pound sterling to finish slightly lower at Rs 92.12/14 per pound.&nbsp

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

The rupee today slumped by 26 paise breach the historic low of 71 level for the first time against the US currency due to firming crude oil prices and strong month-end demand from oil importers. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74. The rupee pared some of the losses to touch a day's high of 70.85 but slumped in late trade to close at its lifetime trading low of 71.00, showing a loss of 26 paise or 0.37 per cent over the previous close. Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency. "The rupee has made a new record low of 71 today on the back of rising crude oil prices in the international market. Emerging market currencies are under pressure, this has also weighed on the rupee. The dollar index continues to remain higher on expectations of aggressive interest rate hike by the Federal Reserve," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers said. Yesterday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears. Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency. Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade. Meanwhile, both the key indices Sensex and Nifty recorded their sixth straight week of gains by rising 393.27 points or 1.02 per cent, and 123.40 points or 1.07 per cent, respectively. The rupee also fell against the pound sterling to finish slightly lower at Rs 92.12/14 per pound.

Rupee slumps 26 paise to close at historic low of 71 level

Even as the rupee breached the crucial 71 level plumbing a new life-time low today, State Bank said one should not get too much worried about a "little bit of depreciation" as the currency is still "overvalued".

The rupee has been the worst among the large emerging market peers, losing over 10 per cent from the beginning of the year. But SBI managing director PK Gupta told reporters that the rupee has been faring better than many of its peers, including the Turkish, Argentinean, and Indonesian currencies.

"You need to look at what's happening globally. Argentina, Indonesia...Most of the currencies are losing against the dollar. In fact, the fall of the rupee against the dollar has been much lesser compared to most other currencies," Gupta said.

"I don't think the value of the rupee is so much of a concern now. The unit is overvalued in any case. A little bit of depreciation should not impact too much at this stage," he added.

The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the greenback amid rising crude prices and projection of a further spike going ahead.

At the interbank foreign exchange market, the rupee opened sharply lower at 70.95 and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Forex dealers said besides robust month-end demand for the dollar from oil importers, the strength of the dollar is rising against its rival currencies on expectations of rising interest rates in the US amid lingering trade wars between the US and China, weighed on the domestic currency.

Yesterday, the rupee slid 15 paise to close at a fresh lifetime low of 70.74 due to strong demand for the greenback from oil importers and surging crude prices, stoking inflation fears which anyway has been on a northward ho for the past many months now.

Growing fears about rising inflation amid high global crude prices and consistent selling by foreign funds from the domestic equity markets also weighed on the rupee.

Benchmark Brent crude was at trading at USD 78 a barrel in early Asian trade.&nbsp

Growing fears about rising inflation amid high global crude prices and consistent selling by foreign funds from the domestic equity markets also weighed on the rupee.

Even as the rupee breached the crucial 71 level plumbing a new life-time low today, State Bank said one should not get too much worried about a "little bit of depreciation" as the currency is still "overvalued". The rupee has been the worst among the large emerging market peers, losing over 10 per cent from the beginning of the year. But SBI managing director PK Gupta told reporters that the rupee has been faring better than many of its peers, including the Turkish, Argentinean, and Indonesian currencies. "You need to look at what's happening globally. Argentina, Indonesia...Most of the currencies are losing against the dollar. In fact, the fall of the rupee against the dollar has been much lesser compared to most other currencies," Gupta said. "I don't think the value of the rupee is so much of a concern now. The unit is overvalued in any case. A little bit of depreciation should not impact too much at this stage," he added. The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the greenback amid rising crude prices and projection of a further spike going ahead. At the interbank foreign exchange market, the rupee opened sharply lower at 70.95 and slipped further to hit its lifetime low of 71 from its previous close of 70.74. Forex dealers said besides robust month-end demand for the dollar from oil importers, the strength of the dollar is rising against its rival currencies on expectations of rising interest rates in the US amid lingering trade wars between the US and China, weighed on the domestic currency. Yesterday, the rupee slid 15 paise to close at a fresh lifetime low of 70.74 due to strong demand for the greenback from oil importers and surging crude prices, stoking inflation fears which anyway has been on a northward ho for the past many months now. Growing fears about rising inflation amid high global crude prices and consistent selling by foreign funds from the domestic equity markets also weighed on the rupee. Benchmark Brent crude was at trading at USD 78 a barrel in early Asian trade.

SBI says Rupee still overvalued, no need to panic