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Cryptocurrency bitcoin jumped more than five per cent on Friday, January 8, to fresh record highs of $41,530, reversing losses from its earlier performance during the session. The world’s most popular virtual currency slid to as low as $36,618.36 on Bitstamp exchange before bouncing back. The rival cryptocurrency – ethereum rose 3 per cent after plunging more than 10 per cent. Bitcoin has rallied nearly 1,000 per cent since a low in March. Bitcoin has had a broader bull run since October 2020, ever since US-based online payments firm PayPal allowed its customers to use the cryptocurrency on its network. It topped $30,000 for the first time on January 2, after breaching the $20,000 mark on December 16. A higher demand from corporate, institutional, and even retail investors has influenced bitcoin’s surge in prices, amid its inflation-hedging qualities and potential for quick gains. “We are seeing a continued demand spike driven largely by sustained ...

The rupee gained seven paise against the US dollar on Friday, January 8, to settle at 73.24 tracking an intense rally in domestic equities, while also reflecting a sharp recovery from the day’s lowest level. The domestic unit started on a sluggish note and declined to an intraday low of 73.45 against the American currency during the day’s session. It swung between 73.20 to 73.50 during the day’s session. However, for a greater part of the trading session, the local unit remained under pressure due to stronger American currency against the key rivals and surging prices of oil. The rupee declined 20 paise lower at 73.31 against the dollar on Thursday, January 7. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12 per cent to 89.93. The domestic unit recorded a volatile trading session throughout the week. The rupee suffered losses on Thursday due to muted domestic equities an...

The rupee slipped 20 paise against the US dollar on Thursday, January 7, to settle at 73.31 (provisional), tracking muted domestic equities and a rebound in the American currency. At the interbank foreign exchange market, the local unit opened flat at 73.10 against the dollar. It registered an intra-day high of 73.08 during the session and dived to a low of 73.31. The domestic unit settled at 73.31, down 20 paise against its previous close. On Wednesday, January 6, the rupee had settled at 73.11 against the greenback. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 89.75. ”After the Democratic win in Senate Run-Offs and a near-certain confirmation of Biden as president dollar weakness should continue as more stimulus of around $ 600 billion is expected along with stimulus checks of $ 2000. The Democratic priority should be vaccination, revival of economy and jobs. Rupee...

Bitcoin crossed the $35,000 mark for the first time in Asia on Wednesday to rise to a high of $35,879, less than three weeks after crossing $20,000 (roughly ₹ 14.6 lakh) for the first time, on December 16. The world’s biggest cryptocurrency has risen more than 800 per cent since mid-March. Bitcoin’s steep rise can be attributed to a variety of factors. Some expect bitcoin to become a mainstream payment method in due course. Others see bitcoin as a hedge against inflation as governments and central banks turn on the stimulus taps in response to the COVID-19 pandemic. Yet others view it as a safe-haven play during the COVID-19 pandemic, something akin to gold, according to analysts.

The rupee declined by 15 paise against the US dollar on Tuesday, January 5, to close at 73.17 (provisional) even as the domestic equity markets settled with significant gains. According to forex traders, sustained foreign fund inflows and weakness of the American currency in the overseas market restricted the rupee’s decline. At the interbank foreign exchange market, the local unit opened flat at 73.02 against the dollar and registered an intra day of 73.02. It witnessed a low of 73.27 during the session. Settling at 73.17, it slipped 15 paise over its previous close. On Monday, January 4, the domestic unit gained marginally by nine paise to settle at a four-month high of 73.02 against the American currency.  Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.19 per cent to 89.69. On the domestic equity market front, the BSE Sensex ended 260.98 points or 0.54 per cent higher at...

The rupee appreciated by 21 paise to 72.90 against the US dollar in opening trade on Monday supported by sustained foreign fund inflows and weakness of the American currency in the overseas market. Traders said hopes of COVID-19 vaccine also improved sentiments. India’s drugs regulator on Sunday approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive. At the interbank forex market, the domestic unit opened at 72.93 against the US dollar and inched higher to 72.90 against the greenback, registering a rise of 21 paise over its previous close. On Friday, the rupee had settled at 73.11 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.24 per cent to 89.72. “An improving global economic outlook as COVID-19 vaccines a...

Domestic stock markets continued a record-breaking spree on Monday, with the S&P BSE Sensex index trading above the 48,000 mark for the first time ever, tracking record highs in Asian equities as investors pinned their hope on vaccines to eventually deliver a global economic upturn. The Sensex jumped 299.24 points, or 0.63 per cent, to an all-time high of 48,168.22 during the session and the broader NSE Nifty 50 benchmark soared to as high as 14,107.75, climbing up 89.25 points, or 0.64 per cent, from its previous close. Gains across sectors, led by banking, financial services, automobile and IT shares, supported the markets. The Sensex ended 307.82 points, or 0.64 per cent, higher at 48,176.80 and the Nifty added 114.40 points, or 0.82 per cent, to settle at settled at 14,132.90 — both record closing highs.  Tata Motors, GAIL, Tata Steel, Eicher Motors and ONGC, trading between 1.82 per cent and 3.11 per cent higher, were the top percentage gainers in the Nifty basket of 50 s...

Digital currency Bitcoin extended its record-smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method. The price of the world’s most popular cryptocurrency traded as high as $33,099 on Saturday, with almost all other markets closed over the first weekend in 2021. It was last up about 12 per cent at $32,883. Bitcoin advanced more than 300 per cent in 2020, and with the latest leg higher has added more than 50% since crossing $20,000 just two weeks ago. The blockchain currency has only been around for a decade or so, and in 2020 it has seen demand grow from larger U.S investors, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method. Investors said limited supply of bitcoin – produced by so-called “mining” computers that valid...

The Maharashtra government’s revenue from registration of documents rose by ₹ 367 crore due to a three per cent waiver in stamp duty between September and December 2020, a state minister said on Friday. Talking to PTI, Revenue Minister Balasaheb Thorat said the stamp duty waiver scheme, introduced in September for four months till December 31, was aimed at reviving the construction and real estate sectors, which were in trouble due to the coronavirus-induced lockdown and resultant economic downturn. “The stamp duty was six per cent in urban areas and five per cent in rural areas, both of which were brought down by three per cent,” he said. “In four months, the registration of documents rose by 4.11 lakh, or 48.73 per cent, giving the state exchequer higher revenue of ₹ 367.73 crore, a rise of 3.97 per cent,” he added. The number of documents registered during these four months was 12,56,224, up from 8,44,636 in the September- December period in 2019, an inc...

The rupee surged by seven paise against the US dollar on Tuesday, December 29, to settle at 73.42 (provisional), amid positive domestic equities and weak American currency. This was the fourth straight session of the domestic unit’s gain against the dollar. At the interbank foreign exchange market, the local unit opened at 73.42 against the dollar and registered an intra-day high of 73.34. It witnessed a low of 73.44. In the opening session, the rupee rose by 11 paise at 73.38 against the dollar keeping on track with stronger Asian peers. The domestic unit finally closed at 73.42 against the greenback, registering a rise of seven paise over its previous close. On Monday, December 28, the rupee had settled at 73.49 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.32 per cent to 90.04. According to traders, the sustained foreig...

Unaccounted income of ₹ 100 crore has been detected after the income tax department raided three “leading” contractors of Northeast India based in Assam early this week, the CBDT said on Saturday. The search and survey action was initiated on December 22 at fourteen locations in Guwahati, Silapathar and Pathsala in Assam and in Delhi. “Cash of ₹ 2.95 crore has been seized. Overall, undisclosed income to the tune of approximately ₹ 100 crore has been unearthed so far during the search and survey operation,” the Board said in a statement without sharing the identities of those raided. It added that “jewellery of ₹ 9.79 lakh has been seized and the sources of acquisition of some other jewellery worth ₹ 2 crore is under verification.” The Central Board of Direct Taxes frames policy for the I-T department. The entities covered are “leading contractors of Northeast and one group is also involved in the hospitality business,” it said. “The ...

Continuing its winning streak, the rupee climbed 21 paise against the US dollar on Thursday, December 24, to close at 73.55 (provisional) amid positive domestic equities and sustained foreign fund inflows, boosting investor sentiment. At the interbank foreign exchange market, the local unit opened at 73.66 against the dollar and registered an intra-day high of 73.54. It witnessed a low of 73.66. In the opening trade session, the rupee surged by 14 paise to 73.62 against the greenback. The domestic unit finally closed at 73.55 against the dollar, registering an increase of 21 paise over its previous close. On Wednesday, December 23, the rupee had settled at 73.76 against the American currency, snapping its two-day losing streak. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.20 per cent to 90.23. According to traders, the weakness of the American currency against key rivals also sup...

The rupee snapped its two-day losing streak and rose by eight paise against the US dollar on Wednesday, December 13, to settle at 73.76 (provisional), amid sustained foreign fund inflows and strong domestic equities. At the interbank foreign exchange market, the domestic unit opened at 73.89 against the dollar and registered an intra-day high of 73.73. It witnessed a low of 73.90. The local unit plunged by six paise to 73.90 against the greenback in opening trade today, due to weaker Asian peers amid concerns over the new COVID-19 strain. The rupee finally settled at 73.76 against the American currency, registering a surge of eight paise over its previous close. On Tuesday, December 22, the local unit had settled at 73.84 against the dollar.  Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined by 0.29 per cent to 90.39. On December 21 (Monday), the...

The domestic stock exchanges witnessed their worst single-day selloff in over seven months on Monday mirroring losses in European markets after the fast-spreading new strain of coronavirus was 70 per cent more infectious, the United Kingdom government said. The new strain of the virus led to lockdown in parts of the United Kingdom and a host of countries imposed restrictions on travellers coming from the UK, triggering a sharp selloff in equities across the world. The Sensex fell as much as 2,037 points to hit an intraday low of 44,923.08 and Nifty 50 index touched an intraday low of 13,131.45 after hitting record high of 13,777.50 earlier in the session. The Sensex fell 1,407 points or 3 per cent to close at 45,554 and Nifty 50 index dropped 432 points or 3.14 per cent to close at 13,328 on the back of a broad-based selling pressure. ICICI Bank, HDFC Bank, HDFC, ITC, State Bank of India and Axis Bank were the top drags on the Sensex. European markets witnessed heavy selling pressure a...

The domestic unit may strengthen marginally against the US dollar next year. According to a recent report titled ‘Ecoscope – India’s Quarterly Economic Outlook’ released by Motilal Oswal, the country has posted its first quarterly current account surplus in 13 years and expected to post a first annual surplus in 17 years in the financial year 2021-22. This is a result of a sharp contraction in domestic economic activity, a crash in commodity (oil and non-oil) prices, and very strong capital inflows. Going into calendar year 2021, as the country’s real gross domestic product (GDP) growth improves, its current account surplus would also disappear. The current balance may move from a surplus of 1.3 per cent of GDP in FY21 to a deficit of 0.2 per cent of GDP next year. However, due to the Reserve Bank of India’s intervention and the general bias against a strong rupee, the currency actually weakened 3.1 per cen...

The domestic unit may strengthen marginally against the US dollar next year. According to a recent report titled ‘Ecoscope – India’s Quarterly Economic Outlook’ released by Motilal Oswal, the country has posted its first quarterly current account surplus in 13 years and expected to post a first annual surplus in 17 years in the financial year 2021-22. This is a result of a sharp contraction in domestic economic activity, a crash in commodity (oil and non-oil) prices, and very strong capital inflows. Going into calendar year 2021, as the country’s real gross domestic product (GDP) growth improves, its current account surplus would also disappear. The current balance may move from a surplus of 1.3 per cent of GDP in FY21 to a deficit of 0.2 per cent of GDP next year. However, due to the Reserve Bank of India’s intervention and the general bias against a strong rupee, the currency actually weakened 3.1 per cen...

A day after settling flat, the rupee rose marginally higher by three paise against the US dollar on Friday, December 18, to close at 73.56 (provisional) amid positive domestic equities and sustained foreign fund inflows. At the interbank foreign exchange market, the domestic unit opened at 73.55 against the greenback and registered an intra-day high of 73.49. It witnessed a low of 73.57. In early trade, the local unit opened five paise higher at 73.54 against the dollar. It finally settled at 73.56 against the American currency, recording a surge of three paise over its previous close. On Thursday, December 17, the domestic unit settled flat at 73.59 against the dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading up 0.20 per cent at 90.00. According to traders, the weakness in the American currency in the overseas market supported the domestic unit. According to exchange ...

Finance Minister Nirmala Sitharaman held pre-budget consultations with representatives of the social sector on Thursday, December 17, ahead of the Union Budget 2021-22. Along with Finance Minister Nirmala Sitharaman, Finance Secretary Dr A.B. Pandey, Department of Economic Affairs (DEA) Secretary Tarun Bajaj, Chief Economic Advisor (CEA) K V Subramanian besides other senior officials were also present in the meeting. On Monday, December 14, with top industrialists in the national capital, according to the Ministry of Finance. The finance minister is likely to present her second budget of the Modi 2.0 government on February 1, 2021.

Leading virtual currency bitcoin on Wednesday traded above $20,000 for the first time following a sustained run higher in recent weeks. Just 12 years old, bitcoin reached a record-high $20,398.50 before pulling back to $20,145, which was still an intra-day gain of nearly four percent. It has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency. A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Consumer inflation in the country stood at 6.93 per cent in November, easing from 7.61 per cent in the previous month, government data released on Monday showed. That was better than a reading of 7.10 per cent estimated by analysts in a poll by news agency Reuters. Still, retail inflation — or the rate of increase in the prices that consumers pay for a group of items — stayed the RBI’s comfort zone of 4-6 per cent for a seventh straight month, a streak not seen since August 2014.  Retail inflation was helped by lower increases in food prices, but fuel continued to put pressure on the overall reading. Food inflation — or inflation in the prices of food items — eased to 9.43 per cent last month, escaping double-digit readings recorded in the past few months. In October, it had stood at 11 per cent.  At its December 2-4 meeting, the Reserve Bank of India’s Monetary Policy Committee kept its key repo rate at 4.0 per cent and decided to retain...