The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters.

At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday.

Meanwhile, stock markets <a href="http://www.wionews.com/business-economy/sensex-begins-2018-on-negative-note-down-18-points-28215">opened flat on Monday</a> with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters. At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade. Dealers said increased selling of the dollar by exporters supported the rupee. The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday. Meanwhile, stock markets opened flat on Monday with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Rupee starts 2018 on a better note, up 5 paise against dollar

Indian shares rose on Monday and the rupee strengthened as investors breathed a sigh of relief after the market&#39;s favoured candidate, Emmanuel Macron, won the first round of the French presidential election.

The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets, although in India gains were tempered as investors awaited a slew of quarterly earnings reports, including that of Reliance Industries Ltd due later in the day.

&quot;There&#39;s a good chance in France for Macron to win, which is positive for global markets,&quot; said Neeraj Dewan, director at Quantum Securities.

Macron will now face far-right leader Marine Le Pen in a May 7 runoff, with opinion polls on Sunday predicting an easy win for him in the final clash.

The broader NSE Nifty rose 0.62 percent to 9,175.60 by 0622 GMT, while the benchmark BSE Sensex was 0.52 percent higher at 29,518.15.

The rupee strengthened to 64.4850/4900 per dollar from its close of 64.61/62 on Friday, but bonds fell, with the benchmark 10-year bond yield rising 2 basis points to 6.94 percent.

Cement stocks were among the biggest gainers on the NSE index, following better-than-expected quarterly results by ACC Ltd on Friday. The Nifty realty index climbed as much as 3.9 percent to its highest since July 2014.

ACC gained as much as 6.2 percent and was the top percentage gainer on the Nifty.

HDFC Bank Ltd rose as much as 2.8 percent to a record high after the country&#39;s second-biggest lender by assets on Friday reported higher-than-expected profit for the March quarter.

But IT stocks fell on continued concerns over U.S. President Donald Trump&#39;s order last week to a review the country&#39;s visa program to encourage hiring Americans. Tata Consultancy Services Ltd, Infosys Ltd, and Wipro Ltd dropped more than 1 percent each.

Indian firms like Tata Consultancy Services, Infosys, and Wipro are top beneficiaries of the H-1B visa programme, using it to send computer engineers to service clients in the U.S., their largest overseas market.

(Reuters)

The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets

Indian shares rose on Monday and the rupee strengthened as investors breathed a sigh of relief after the market's favoured candidate, Emmanuel Macron, won the first round of the French presidential election. The outcome led to a mass unwinding of safe-haven trades in favour of riskier assets, although in India gains were tempered as investors awaited a slew of quarterly earnings reports, including that of Reliance Industries Ltd due later in the day. "There's a good chance in France for Macron to win, which is positive for global markets," said Neeraj Dewan, director at Quantum Securities. Macron will now face far-right leader Marine Le Pen in a May 7 runoff, with opinion polls on Sunday predicting an easy win for him in the final clash. The broader NSE Nifty rose 0.62 percent to 9,175.60 by 0622 GMT, while the benchmark BSE Sensex was 0.52 percent higher at 29,518.15. The rupee strengthened to 64.4850/4900 per dollar from its close of 64.61/62 on Friday, but bonds fell, with the benchmark 10-year bond yield rising 2 basis points to 6.94 percent. Cement stocks were among the biggest gainers on the NSE index, following better-than-expected quarterly results by ACC Ltd on Friday. The Nifty realty index climbed as much as 3.9 percent to its highest since July 2014. ACC gained as much as 6.2 percent and was the top percentage gainer on the Nifty. HDFC Bank Ltd rose as much as 2.8 percent to a record high after the country's second-biggest lender by assets on Friday reported higher-than-expected profit for the March quarter. But IT stocks fell on continued concerns over U.S. President Donald Trump's order last week to a review the country's visa program to encourage hiring Americans. Tata Consultancy Services Ltd, Infosys Ltd, and Wipro Ltd dropped more than 1 percent each. Indian firms like Tata Consultancy Services, Infosys, and Wipro are top beneficiaries of the H-1B visa programme, using it to send computer engineers to service clients in the U.S., their largest overseas market. (Reuters)

Sensex, rupee rise as French vote brings relief

The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the U.S. Federal Reserve raised interest rates as expected but signalled no pick-up in the pace of tightening.&nbsp;

The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 per cent.

The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since October 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close.

Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 per cent.

(Reuters)

&nbsp;

The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT

The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the U.S. Federal Reserve raised interest rates as expected but signalled no pick-up in the pace of tightening. The NSE Nifty rose as much as 0.64 per cent to a record high of 9,143 points, and was up 0.59 per cent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 per cent. The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since October 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close. Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 per cent. (Reuters)

Nifty hits record, rupee reaches 17-month high

The rupee today tumbled by 30 paise to end at a fresh 2016 low of 68.76 due to deteriorating sentiment in the midst of worsening impact of fund outflows.

Frantic dollar demand from corporates along with aggressive hedging strategy adopted by importers in the wake of currency volatility predominately took a toll on domestic unit despite moves by the central bank to stabilise the currency.

Massive funds outflows in the wake of impending US Fed rate hike and a bullish dollar overseas have hit the rupee sentiment, a forex dealer commented.

Ongoing redemption pressure on foreign currency non-resident (FCNR) deposits also aided to the rupee woes, the dealer said further.

At the Interbank Foreign Exchange (forex) market, the local unit opened modestly higher at 68.42 from last Friday&#39;s closing value of 68.46.

However, the initial positive momentum failed to gain ground with the currency retreating sharply to hit a intraday low of 68.80 before ending at 68.76 - its lowest closing level so far this year - showing a steep loss of 30 paise, 0.44 per cent.

The rupee has shed 3.95 per cent of its value since the beginning of 2016.

The rupee had plunged to a record low of 68.8650 in day trade last Thursday before recovering on RBI intervention to settle at 68.74 -- the lowest level in 39 months.

It had closed at a record low of 68.80 on August 28, 2013 impacted by the so-called taper tantrum after the Fed&#39;s signal to end its unprecedented bond purchases.

Foreign investors have pulled out close to USD 5 billion from the capital markets in November so far amid concerns over the impact of demonetisation coupled with fears of rate hike by the US Federal Reserve.

In worldwide trade, the greenback fell back modestly against all its major rivals at the beginning of the week after its longest winning streak in three years.

The dollar has strengthened nearly 6 per cent so far this month after the US presidential election outcome as markets speculated buoyant fiscal stimulus to boost economy that will boost inflation and aggressive Fed rate hike cycle.

The US dollar index was quoted higher at 101.51 in late afternoon.

Meanwhile, RBI today fixed the reference rate for the dollar at 68.7235 and euro at 73.1768.&nbsp;

In cross-currency trades, the rupee firmed up further against the pound sterling to settle at 85.26 from 85.28 in previous close. But it fell back against the euro to finish at 72.92 as compared to 72.53 previously. It also drifted down against the Japanese yen to conclude at 61.22 from 60.66 per 100 yens earlier.

Country&#39;s foreign exchange reserves fell sharply by USD 1.542 billion to USD 365.499 billion in the week to November 18.

The outflows on account of selling by foreign investors and hedge funds remained unabated for the fourth straight week with USD 737.49 million of outflows from equities and debt markets.

In the forward market, premium for dollar edged up further due to sustained paying pressure from corporates.

The benchmark six-month premium for April rose to 103-105 paise from 99-103 paise and the far-forward October 2017 contract also firmed up to 251-253 paise from 248-252 paise from 230-233 last weekend.

Meanwhile, the BSE Sensex rose nearly 34 points to close at 26,350.17, while the broder Nifty added 12.60 pts to 8,126.90.&nbsp;

(PTI)

Frantic dollar demand from corporates along with aggressive hedging strategy adopted by importers took a toll on domestic unit

The rupee today tumbled by 30 paise to end at a fresh 2016 low of 68.76 due to deteriorating sentiment in the midst of worsening impact of fund outflows. Frantic dollar demand from corporates along with aggressive hedging strategy adopted by importers in the wake of currency volatility predominately took a toll on domestic unit despite moves by the central bank to stabilise the currency. Massive funds outflows in the wake of impending US Fed rate hike and a bullish dollar overseas have hit the rupee sentiment, a forex dealer commented. Ongoing redemption pressure on foreign currency non-resident (FCNR) deposits also aided to the rupee woes, the dealer said further. At the Interbank Foreign Exchange (forex) market, the local unit opened modestly higher at 68.42 from last Friday's closing value of 68.46. However, the initial positive momentum failed to gain ground with the currency retreating sharply to hit a intraday low of 68.80 before ending at 68.76 - its lowest closing level so far this year - showing a steep loss of 30 paise, 0.44 per cent. The rupee has shed 3.95 per cent of its value since the beginning of 2016. The rupee had plunged to a record low of 68.8650 in day trade last Thursday before recovering on RBI intervention to settle at 68.74 -- the lowest level in 39 months. It had closed at a record low of 68.80 on August 28, 2013 impacted by the so-called taper tantrum after the Fed's signal to end its unprecedented bond purchases. Foreign investors have pulled out close to USD 5 billion from the capital markets in November so far amid concerns over the impact of demonetisation coupled with fears of rate hike by the US Federal Reserve. In worldwide trade, the greenback fell back modestly against all its major rivals at the beginning of the week after its longest winning streak in three years. The dollar has strengthened nearly 6 per cent so far this month after the US presidential election outcome as markets speculated buoyant fiscal stimulus to boost economy that will boost inflation and aggressive Fed rate hike cycle. The US dollar index was quoted higher at 101.51 in late afternoon. Meanwhile, RBI today fixed the reference rate for the dollar at 68.7235 and euro at 73.1768. In cross-currency trades, the rupee firmed up further against the pound sterling to settle at 85.26 from 85.28 in previous close. But it fell back against the euro to finish at 72.92 as compared to 72.53 previously. It also drifted down against the Japanese yen to conclude at 61.22 from 60.66 per 100 yens earlier. Country's foreign exchange reserves fell sharply by USD 1.542 billion to USD 365.499 billion in the week to November 18. The outflows on account of selling by foreign investors and hedge funds remained unabated for the fourth straight week with USD 737.49 million of outflows from equities and debt markets. In the forward market, premium for dollar edged up further due to sustained paying pressure from corporates. The benchmark six-month premium for April rose to 103-105 paise from 99-103 paise and the far-forward October 2017 contract also firmed up to 251-253 paise from 248-252 paise from 230-233 last weekend. Meanwhile, the BSE Sensex rose nearly 34 points to close at 26,350.17, while the broder Nifty added 12.60 pts to 8,126.90. (PTI)

Rupee cracks to 2016-low on funds exodus; ends at 68.76

The rupee today collapsed to a fresh life-time low of 68.86 against the dollar by crashing 30 paise amid sustained foreign capital outflows with investors being inclined towards US dollar hoping protectionist measures by President-elect Donald Trump.

Investors also remained cautious weighing the impact of government&#39;s demonetisation move. Surging US bond yields have also contributed to the rupee&#39;s fall.

Moreover, the US currency was trading at multi-year highs against its major rivals in overseas markets.

The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013.

Expectations that Trump will adopt an expansionary fiscal measures -- which will drive inflation higher and lead to higher US interest rates -- are behind surging US yields that have attracted investors towards the dollar.

Consistent dollar demand from importers mainly kept the rupee under pressure.

At the interbank foreign exchange market, the rupee opened lower at 68.76 a dollar against 68.56 previously and and dropped to an all-time intra-day new low of 68.86 in the afternoon trade.

The Indian currency has shrunk 2.92 per cent since Donald Trump&#39;s victory in the US Presidential polls earlier this month. 
&nbsp;

Sentiment was mainly hit by the dollar surging to multi-year highs against a basket of major global currencies on better prospects for hike in US interest rates, banks forex dealers said.

The benchmark BSE Sensex was down by 193.42 points, or 0.74 per cent, at 25,858.39 in afternoon trade.

(PTI)

The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013

The rupee today collapsed to a fresh life-time low of 68.86 against the dollar by crashing 30 paise amid sustained foreign capital outflows with investors being inclined towards US dollar hoping protectionist measures by President-elect Donald Trump. Investors also remained cautious weighing the impact of government's demonetisation move. Surging US bond yields have also contributed to the rupee's fall. Moreover, the US currency was trading at multi-year highs against its major rivals in overseas markets. The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013. Expectations that Trump will adopt an expansionary fiscal measures -- which will drive inflation higher and lead to higher US interest rates -- are behind surging US yields that have attracted investors towards the dollar. Consistent dollar demand from importers mainly kept the rupee under pressure. At the interbank foreign exchange market, the rupee opened lower at 68.76 a dollar against 68.56 previously and and dropped to an all-time intra-day new low of 68.86 in the afternoon trade. The Indian currency has shrunk 2.92 per cent since Donald Trump's victory in the US Presidential polls earlier this month. Sentiment was mainly hit by the dollar surging to multi-year highs against a basket of major global currencies on better prospects for hike in US interest rates, banks forex dealers said. The benchmark BSE Sensex was down by 193.42 points, or 0.74 per cent, at 25,858.39 in afternoon trade. (PTI)

Rupee hits new record low of 68.86, plunges 30 paise

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000.

Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification.

The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported.

Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation.&nbsp;

This will also include housing loans and agriculture loans, it said.

The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report.

The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues.&nbsp; 
 
(WION with inputs from agencies)

Banks and other financiers will get the extension for car, housing, farm and other loans of up to Rs 10 million (USD 146,800)

The Reserve Bank of India on Monday relaxed rules for classifying bad loans for small borrowers saying they may need more time to repay their loan dues after the government withdrew higher-value banknotes of Rs 500 and Rs 1000. Banks and other financiers will get an additional 60 days for recognising certain loans of up to 10 million rupees ($146,800) as substandard, the RBI said in a notification. The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less, PTI reported. Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation. This will also include housing loans and agriculture loans, it said. The relaxation will apply to dues payable between November 1 and December 31, said a Reuters report. The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 (USD 352) per week, limiting their options to repay their dues. (WION with inputs from agencies)

Demonetisation: Reserve Bank of India grants 60-day repayment relief to small loan borrowers

In recent years, offering citizenship or permanent residencies has grown to become a lucrative business opportunity for countries. With more and more countries joining the list of those that offer immediate citizenship, people have a chance at moving beyond borders, more than a tourist.

Here is a list of countries that sell their citizenship, if you have the money to buy it:

<div class="ui-state-default" contenteditable="false"><img alt="" draggable="false" src="http://s.wionews.com/photos/listicle%20table-20161019092156.jpg" />
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Countries and their citizenship program (Table) (WION)
</div>
<a class="close-mark close-div" href="javascript:void(0)" id="jqclosemark">&times;</a></div>

<ul>
	<li>Bulgaria</li>
</ul>

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A pedestrian walks past a puddle near a tree decorated with Christmas lights in Sofia, Bulgaria (AFP)
</div>
<a class="close-mark close-div" href="javascript:void(0)" id="jqclosemark">&times;</a></div>

Allows: Visa-free travel to 153 countries 
The country ties up your cash for 5 years interest free. It will take two years to get the passport and you will be required to visit Bulgaria twice. Residence is granted only after a clean background check. Bulgaria is only one of two countries where the principal amount can be returned to you.

<ul>
	<li>Hungary</li>
</ul>

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Sz&eacute;chenyi Chain Bridge, Budapest, Hungary (Others)
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Allows: Visa-free travel to 152 countries 
It has one of the fastest application processes, which can be completed within 30 days. It is a guaranteed investment plan that can be returned after 5 years. The passport gives free movement throughout Europe&#39;s Schengen zone.

<ul>
	<li>St. Lucia</li>
</ul>

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St Lucia, Caribbean Island (Others)
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<a class="close-mark close-div" href="javascript:void(0)" id="jqclosemark">&times;</a></div>

Allows: Visa-free travel to 121 countries and 180 days in the Schengen area 
Instead of paying the amount, you could also invest $550,000 and get a passport immediately. The capital will be returned in 5 years. &nbsp;

<ul>
	<li>Cyprus</li>
</ul>

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Paphos castle at night in Cyprus (Others)
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Allows: Visa-free travel to 166 countries 
Cyprus is the third smallest nation in the European Union. It started its citizenship program after the country faced a severe economic recession in 2013.&nbsp;

<ul>
	<li>Dominica</li>
</ul>

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Typical landscape near the sea along the eastern coast of Dominica (Others)
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Allows: Visa-free travel to 91 countries 
It is the least expensive of all the passports in this list.

<ul>
	<li>Antigua and Barbuda</li>
</ul>

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Antigua, Carlisle Bay, Caribbean (Others)
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Allows: Visa-free travel to 132 countries

<ul>
	<li>St. Kitts and Nevis</li>
</ul>

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View of St. Kitts from a ship on the coast (Others)
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Allows: Visa-free travel to 132 countries, which includes Brazil as the latest addition 
St. Kitts and Nevis recorded the highest number of passport sales in the last year. Just pay the money or invest in property and you will be given a passport without even a visit.&nbsp;

<ul>
	<li>Grenada</li>
</ul>

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Grenada (Others)
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Allows: Visa-free travel to 110 countries 
It is the second passport on this list apart from St. Kitts that is not necessarily on everyone&rsquo;s radar and where transaction can be completed in private.

In many nations, foreigners can now purchase citizenship legitimately in return for an investment. There are, however, two forms of residency programs - one that is immediate and one that entails &ldquo;staying for a minimum period of time.&rdquo;&nbsp;The recent spurt&nbsp;in the number of applications&nbsp;for residency in&nbsp;these countries has&nbsp;proven that people are increasingly&nbsp;keen to move and experience a new life in places that might be far removed from their countries of birth. This works well for these host countries too, as the influx of foreign money helps build their infrastructure and economies.&nbsp;

(Contributed by: Zeba Khan)

Writing one cheque can give you a new identity and visa-free travel to more than 100 countries around the world

In recent years, offering citizenship or permanent residencies has grown to become a lucrative business opportunity for countries. With more and more countries joining the list of those that offer immediate citizenship, people have a chance at moving beyond borders, more than a tourist. Here is a list of countries that sell their citizenship, if you have the money to buy it: Countries and their citizenship program (Table) (WION) × Bulgaria A pedestrian walks past a puddle near a tree decorated with Christmas lights in Sofia, Bulgaria (AFP) × Allows: Visa-free travel to 153 countries The country ties up your cash for 5 years interest free. It will take two years to get the passport and you will be required to visit Bulgaria twice. Residence is granted only after a clean background check. Bulgaria is only one of two countries where the principal amount can be returned to you. Hungary Széchenyi Chain Bridge, Budapest, Hungary (Others) × Allows: Visa-free travel to 152 countries It has one of the fastest application processes, which can be completed within 30 days. It is a guaranteed investment plan that can be returned after 5 years. The passport gives free movement throughout Europe's Schengen zone. St. Lucia St Lucia, Caribbean Island (Others) × Allows: Visa-free travel to 121 countries and 180 days in the Schengen area Instead of paying the amount, you could also invest $550,000 and get a passport immediately. The capital will be returned in 5 years. Cyprus Paphos castle at night in Cyprus (Others) × Allows: Visa-free travel to 166 countries Cyprus is the third smallest nation in the European Union. It started its citizenship program after the country faced a severe economic recession in 2013. Dominica Typical landscape near the sea along the eastern coast of Dominica (Others) × Allows: Visa-free travel to 91 countries It is the least expensive of all the passports in this list. Antigua and Barbuda Antigua, Carlisle Bay, Caribbean (Others) × Allows: Visa-free travel to 132 countries St. Kitts and Nevis View of St. Kitts from a ship on the coast (Others) × Allows: Visa-free travel to 132 countries, which includes Brazil as the latest addition St. Kitts and Nevis recorded the highest number of passport sales in the last year. Just pay the money or invest in property and you will be given a passport without even a visit. Grenada Grenada (Others) × Allows: Visa-free travel to 110 countries It is the second passport on this list apart from St. Kitts that is not necessarily on everyone’s radar and where transaction can be completed in private. In many nations, foreigners can now purchase citizenship legitimately in return for an investment. There are, however, two forms of residency programs - one that is immediate and one that entails “staying for a minimum period of time.” The recent spurt in the number of applications for residency in these countries has proven that people are increasingly keen to move and experience a new life in places that might be far removed from their countries of birth. This works well for these host countries too, as the influx of foreign money helps build their infrastructure and economies. (Contributed by: Zeba Khan)

These 8 countries sell their citizenship. Any takers?

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