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Indian Stocks Decline After 4-Day Gains; Rupee Near All-Time Low

Rupee

This morning, it opened near its record low. Meanwhile, India’s forex reserves had dropped significantly, which is currently at a two-year low, because of RBI’s likely intervention in the market to defend the depreciating rupee.

New Delhi: Indian stock indices, after having extended gains for the fourth straight session till the previous session, fell marginally on Thursday morning, tracking overnight weak sentiments from US markets.
Also, foreign capital outflows, widening current account deficit, and tightening monetary policy globally to tame inflation were some of the concerns among the investors’ community, analysts said. At 9.56 am, Sensex traded at 58,962.18 points, down 145.01 points or 0.25 per cent, whereas Nifty traded at 17,468.35 points, down 43.90 points or 0.25 per cent.

“Sustained flows into mutual funds, particularly via the SIP route, is a major factor imparting strength to the market even in the context of negative global economic news. So long as DIIs are flush with funds markets are unlikely to correct sharply. Fundamental support to the market is coming from the good Q2 numbers, particularly from financials,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Meanwhile, the Indian rupee fell below 83 versus the US dollar for the first time on Wednesdy as the US dollar continued to strengthen. The rupee plunged 61 points and closed at a record low of 83.01 against the dollar.

Also Read:Heavy Rains Lash Bengaluru, Downpour Likely To Continue For 3 More Days

This morning, it opened near its record low. Meanwhile, India’s forex reserves had dropped significantly, which is currently at a two-year low, because of RBI’s likely intervention in the market to defend the depreciating rupee.
Typically, the RBI intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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Heavy Rains Lash Bengaluru, Downpour Likely To Continue For 3 More Days

Shashank
Rain

Last month, the city grappled with unprecedented floods after rain for three straight days that set off a political tussle between the ruling BJP and the Congress.

Bengaluru: Heavy rain lashed the city of  Bengaluru on Wednesday evening, flooding several arterial roads in the east, south, and central part of the city, including the IT zone of Bellandur.

59 mm of rainfall was recorded in Rajamahal Guttahalli in the northern part of the city. The weather office has issued a yellow alert, indicative of heavy rain, which it said will continue for the next three days, according to the Meteorological Department.

Visuals from low-lying areas showed heavily waterlogged roads, with water flowing into open manholes, flooded basement parkings, and damaged vehicles. Office-goers on the way home had to take shelter at metro stations, as the rains started around 7.30 — the peak evening hour.

Also Read:“We Have Different Political Mindsets, But We Have The Same Thoughts For Sports”: Sharad Pawar Ahead Of MCA Polls

The incessant heavy rain led to the collapse of a wall near the Majestic that resulted in damage to several four-wheelers parked on the road.

Last month, the city grappled with unprecedented floods after rain for three straight days that set off a political tussle between the ruling BJP and the Congress.

Parts of the city where global IT companies and home-grown start-ups are located, were underwater, which took days to recede. In nearby residential areas, roads were marooned and water and electricity lines snapped. Tractors were pressed into service to rescue residents in some of the posh housing colonies.

Schools were shut and office-goers were advised to work from home. Flight operations were affected and dramatic videos of rescues, flooded roads, and houses, submerged expensive cars made the rounds of the internet.

The IT capital has broken all records for heavy rains this year, logging 1706 mm since the monsoon started. In 2017, the city received 1,696 mm of rain.

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