India's rupee resumed its downward trend against the dollar on Friday, after strong gains in the previous session, as dealers await GDP growth data and a statement from the prime minister on the ailing economy. The rupee -- Asia's worst-performing currency this year -- was at 67.37 against the dollar in morning trade, after closing at 66.55 on Thursday. However, it is much stronger than the record around 69 it touched on Wednesday. The currency gained sharply on Thursday after the Reserve Bank of India (RBI) moved to lend it support by providing dollars directly to three major oil importing companies through a separate bank. It was the latest in a string of measures by the RBI to try and stabilise the currency market, where the rupee has lost about a fifth of its value against the dollar since the start of 2013. Attention turns to Prime Minister Manmohan Singh later in the day who is expected make a statement after official growth data for the April-June quarter is released, with analysts predicting of another weak set of figures. Investors want to hear Singh's plans to kickstart the sluggish economy, which is suffering decade-low growth -- it expanded 5.0 percent in 2012/13, compared with 9.3 percent two years earlier --while government is also battling a gaping current account deficit. He told parliament on Thursday that the country was faced "with a difficult situation". His job is made all the harder because of a plunging stock market and rupee caused by a huge outflow of foreign cash as investors bet the US Federal Reserve will soon wind down its stimulus programme. In morning trade the benchmark Sensex index was up 0.54 percent at 18,500.45, although it is down about five percent this month.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor