Business

Rupee records biggest gain in two months after exit poll results

The rupee Monday appreciated by 49 paise, the biggest single-day gain in two months, to close at 69.74 against the US dollar following sharp gains in equities and forex inflows after exit polls suggested another term for the ruling NDA government. Forex traders said investors welcomed exit poll results that predicted a thumping majority for the current BJP-led government. 
At the interbank foreign exchange, the domestic unit opened at 70.36 and advanced to a high of 69.44 during the day. The currency finally settled at a nearly two-week high of 69.74, registering a rise of 49 paise or 0.70 per cent against the dollar over its previous close. On Friday, the rupee had settled at 70.23 against the US dollar.

This is the biggest single-day for the rupee since March 18 when the currency had zoomed by 57 paise or 0.82 per cent. According to WGC Wealth Chief Investment Officer Rajesh Cheruvu, India saw a remarkable strengthening in its currency after exit polls and some de-coupling of the INR from other emerging currencies could be seen over the next few trading sessions. 

Alliance Group CMD awarded the Global Indian of the Year 2018-19 for real estate

Chennai: Alliance Group Chairman and Managing Director, Manoj Namburu, at a glittering function was honoured with the Global Indian of the Year 2018-1...

Corporate tax reliefs are one of the biggest reforms ever: Cll

New Delhi: The Confederation of Indian Industry (Cll) said on Friday that drastic reduction in corporate taxes is a huge game-changer for the economy ...

Talcher Fertilisers awards coal gasification contract to Wuhuan Engineering of China

New Delhi: Talcher Fertilisers Ltd (T FL) has awarded a lump-sum turnkey contract to Wuhuan Engineering of China for implementing its coal gasificatio...

SAIL allowed to sell 25 pc iron ore production from captive mines in open market

New Delhi: The government has allowed Steel Authority of India Ltd (SAIL) to sell 25 per cent of its iron ore production from captive mines and dispos...