ECONOMY ANALYSIS:
Rupee off record lows as exporters, state banks sell USD
High spectrum cost may increase call rates by 50%: Telcos
Orange County in California drags TCS to court
Magnitude 6.8 earthquake shakes New Zealand
Margins for cane milling biz to remain weak
Modi is the message: Decoding him post Bhuj I-Day speech
High spectrum cost may increase call rates by 50%: Telcos
Orange County in California drags TCS to court
Magnitude 6.8 earthquake shakes New Zealand
Margins for cane milling biz to remain weak
Modi is the message: Decoding him post Bhuj I-Day speech
MARKET ANALYSIS:
The S&P BSE Sensex cracked after a weak start and plunged over 750 points in trade as jittery investors turned sellers on concerns over the depreciating rupee and tapering of the monetary stimulus by US Federal Reserve.
The rupee fell to an all-time low of 62 per dollar before paring some losses allegedly on the Reserve Bank of India's intervention. The partially convertible rupee was at 61.75, down 32 paise against its previous close against the US dollar.
The RBI's restrictions over forex spending by individuals and also on overseas investments by companies hurt market sentiment.
"Rupee has remained weak despite various measures undertaken by the Government and RBI due to the high level of CAD.
The rupee fell to an all-time low of 62 per dollar before paring some losses allegedly on the Reserve Bank of India's intervention. The partially convertible rupee was at 61.75, down 32 paise against its previous close against the US dollar.
The RBI's restrictions over forex spending by individuals and also on overseas investments by companies hurt market sentiment.
"Rupee has remained weak despite various measures undertaken by the Government and RBI due to the high level of CAD.
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