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Rupee up 32 paise against US dollar

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Indian companies; rupee

The rupee recovered from its near 1-month low to trade 32 paise higher at 68.06 against the US dollar in early session today on fresh selling of the American currency by banks and exporters.

Forex dealers said selling of the greenback by banks and exporters supported the rupee but the dollar’s strength against other currencies overseas capped the gains.

Further, investor sentiment turned positive following the higher opening of the domestic equity market, they added.

Yesterday, the rupee had nosedived 39 paise to end at a near one-month low of 68.38 against the US dollar as escalating trade threats between the US and China dented sentiment.

Meanwhile, the benchmark BSE Sensex was trading 130.41 points, or 0.37 per cent, higher at 35,417.15 in opening trade today.

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Rupee rises 15 paise to 68.81 against US dollar in early trade

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IT department

Mumbai | The rupee strengthened by 15 paise to 68.81 against the US dollar in opening trade Tuesday on fresh selling of the greenback by exporters.

The weakening of the US dollar against some currencies overseas and a higher opening in domestic equity market, supported the local unit, a currency dealer said. At the Interbank forex market, the rupee opened higher at 68.88 and strengthened further to 68.81 against the US dollar, higher by 15 paise over its previous close.

On Tuesday, the rupee ended almost flat at 68.96 per US dollar as participants preferred to wait on the sidelines to see the outcome of RBI’s first-ever rupee-dollar swap auction. Brent crude futures, the global oil benchmark, was trading 0.09 percent up at USD 67.27 per barrel.

Meanwhile, the benchmark BSE Sensex recovered by 77.38 points, or 0.20 percent, to 37,886.29 in early trade Tuesday. Foreign portfolio investors (FPIs) bought equities worth a net Rs 150.40 crore Monday, provisional data showed.

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Reconstituted Jet Airways looks to fly again

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By now we all know that one of the country’s premier airlines, Jet Airways, is in the doldrums. With a debt of over 8,000 crore ₹, which it is being unable to service, to the fact that two third of its fleet of aircrafts have been grounded by lessors for non-payment of fees and add to that, the airline has not paid its staff and pilots their salary for months, who are now threatening to go on strike, and over 250 pilots and captains are mulling their options to join rivals Spice Jet and Indigo.

With less than three weeks left for the Lok Sabha Elections, it is even in the best interest of the government to find a solution for a company with 23,000 employees.

In spite of all its troubles, Jet Airways itself, nor have any of its creditors, moved bankruptcy court to initiate insolvency proceedings via the IBC route against the airline, which would take a long time and leave it with practically no chance of revival.

However, being faced with a severe cash crunch, Jet Airways defaulted on a domestic loan repayment in December. According to RBI regulations, lenders must resolve cases pertaining to defaulting companies such as Jet within 180 days of their first default; which in the case of the Naresh Goyal led airline began on 1st January 2019.

The consortium of lenders to Jet Airways, led by SBI, are finalising a plan that will involve providing an emergency funding of 1,500 crore ₹ in an attempt to bring it back to 100% operating capacity. This seems to be a transitory arrangement in which the lenders will acquire control of the airline until they can find an investor and sell their stake via an open auction process over the next two months in an attempt to maximise their value.

Jet Airways held an all important board meeting today in London and many crucial issues were discussed. The outcome of the meeting was however, on expected lines. Founder Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the airline and his shareholding has now been reduced to 25.5% from 51%, thereby relinquishing control in the airline he founded 25 years ago.

Jets Strategic partner Etihad, who previously threatened to sell its entire 24% stake for a throwaway price of 150 ₹ per share, has finally decided to stay on and its shareholding has now been reduced to 12%.

The lenders have converted their debt into equity and now hold 50.5% shareholding in the newly constituted board.

Shares of Jet Airways, on the back of this news, rose 12.41% to end the day’s trade at 254.10 ₹ per share.

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Rupee sheds 16 paise against US dollar in early trade

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trade rupee

Mumbai | The rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in domestic equity market.

Besides, the US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee, dealers said. At the Interbank Foreign Exchange (forex) market, the domestic unit opened lower at 69.07 and slipped further to 69.14 but recovered partially to quote 16 paise down at 69.11 against the dollar.

On Friday, the rupee had ended lower by 12 paise at 68.95 against the American currency on rise in demand for the greenback from importers and sell-off in domestic equities.

Forex dealers said the local unit was weighed down by strong dollar demand from importers to make month-end payments. However, sustained foreign fund inflows and easing crude prices restricted the fall.

Foreign portfolio investors (FPIs) bought equities worth Rs 1,374.57 crore Friday, provisional data showed. Brent crude futures, the global oil benchmark, slipped 0.82 percent to USD 66.48 per barrel.

Meanwhile, the benchmark BSE Sensex fell by 306.53 points, or 0.80 percent, at 37,858.08 in early deals.

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