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Rupee dives 17 paise against dollar in early trade

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Rupee

Mumbai | The rupee declined by 17 paise to 68.85 per dollar in early trade today due to appreciation of the American currency overseas. A weak trend at Dalal Street also weighed on sentiment at the Interbank Foreign Exchange market.

Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas put pressure on the rupee.

Yesterday, the domestic unit had ended lower by 5 paise to 68.68 against the US dollar on renewed buying interest for the greenback even as domestic equities remained in a triumphant mode.

Meanwhile, the benchmark BSE Sensex slipped from its record high, falling 106.02 points, or 0.27 per cent, to 37,918.35. The NSE Nifty too fell 25.50 points, or 0.22 per cent, to 11,445.20 in early trade today.

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Coca-Cola India rejigs leadership team

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Coca-Cola India

Mumbai  |  Coca-Cola India today said it has rejigged its leadership team to enable India and South West Asia business to be a growth engine for the Atlanta-based beverage giant.

While Sundeep Bajoria, a 14-year veteran of the Coca-Cola system, has been promoted as vice-president South West Asia operations, from his earlier role of vice-president – strategy and insights; Chandrasekar Radhakrishnan has been appointed as the new vice-president – strategy and insights, Coca-Cola India and South West Asia, it said in a release.

“The new structure is designed to enable the India and South West Asia business to be a growth engine for the Coca-Cola Company by capitalising on emerging opportunities while continuing to build on talent development,” it added.

Coca-Cola India and South West Asia president T Krishnakumar said there are significant opportunities that lie ahead to grow the company’s portfolio and meaningfully penetrate the market.

“These changes will address developing business needs and pave the way to develop a stronger portfolio for the future. It also reinforces our commitment towards investing in talent development,” he added

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Sensex rises over 250 pts, Nifty reclaims 11,400 mark

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Sensex

Mumbai | The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in metal, realty and banking stocks after the US and China agreed to resume trade talks last night.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 percent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty reclaimed the 11,400 mark, by rising 62.15 points, or 0.55 percent, to 11,447.20.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 percent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 percent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump’s demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan’s Nikkei rose 0.44 percent and Hong Kong’s Hang Seng was up 0.46 percent, while Shanghai Composite Index was down 0.39 percent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 percent higher yesterday.

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Rupee plummets to historic low of 70.09 on Turkish lira collapse

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Mumbai  |  Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

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