Rupee trades marginally higher against US dollar

So far this year, the rupee has weakened 7%, while foreign investors have sold $410.30 million and $5.62 billion in equity and debt markets, respectively. Photo: Mint Mumbai:The Indian rupee on Wednesday was trading marginally higher against the US dollar, tracking gains in local equity markets. At 9.12am, the rupee was trading at 68.64 a dollar, up 0.05% from its previous close of 68.69. The currency opened at 68.66 a dollar. Bond yields gained for the fifth consecutive session after crude oil prices rose. Crude prices which were trading up…

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India: short term effects of rupee demonetisation could hit outbound market

On November 8, the government announced that the ₹500 and ₹1,000 notes – the two largest value bank notes in the currency – will no longer be legal tender, with almost immediate effect. “Eventually it’s going to be more positive. On the shorter term it’s going to be a little bit negative” The decision was made by Prime Minister Narendra Modi with the aim of ridding the country’s economy of ‘black money’, counterfeit notes, and corruption. A new ₹500 note and a ₹2,000 note will be introduced into circulation soon. India…

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Falling rupee to boost earnings of TCS, Infosys and other IT companies

The rupee’s sudden fall in the past few days may prove to be an added advantage for software exporters who are betting big on the improving outsourcing demand in the US and Europe. The rupee traded at 65 per US dollar on Friday. This is 2.5% depreciation from the average rupee level of 63.4 at the end of the June 2015 quarter. Industry trackers point out that every 1% fall in the rupee may improve operating margin of software exporters by 30-50 bps. Indian IT exporters are witnessing a strong…

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