Indian Rupee falls even as dollar stays tepid
Indian Rupee fell sharply against the US dollar today as recent weakness stayed in place on month end dollar demand. INR closed at 85.73 per US dollar, down 23 paise on the day on weak domestic equities and a recovery in crude oil prices. INR eased even as the US dollar index stayed slippery under 97 mark, holding onto heavy losses in last week that saw the index tank around 1.30%. The US dollar index tested its lowest since February 2022 as a more dovish Fed stance and rising fiscal worries pressured the greenback. The INR has depreciated by around 0.20% in June.
Powered by Capital Market - Live News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
3 hours ago
- India Gazette
India, Bhutan hold development cooperation talks in New Delhi
New Delhi [India], June 30 (ANI): India and Bhutan held the Development Cooperation Talks in New Delhi on Monday. Secretary (West) Tanmaya Lal led the Indian delegation, and Foreign Secretary Aum Pema Choden led the Bhutanese delegation. 'India and Bhutan share an exemplary partnership characterised by trust, goodwill, mutual understanding at all levels, and strong bonds of friendship and close people-to-people ties,' the Ministry of External Affairs said in a statement. The Development Cooperation Talks are an important bilateral mechanism for reviewing the full spectrum of India-Bhutan's development partnership. According to MEA, the Government of India (GoI) has committed support of INR/Nu. 10,000 Crore (100 billion) for Bhutan's 13th Five-Year Plan period (2024-2029), which would cover Project Tied Assistance (PTA) projects, High Impact Community Development Projects (HICDP), support for Economic Stimulus Programme (ESP) and budgetary support in the form of Programme Grant. During the Talks, the two sides discussed various components of the support and reviewed the progress in the implementation of the projects approved in previous rounds. A total of 61 PTA projects amounting to INR/Nu 4958 crores (49.58 billion) and 283 HICDPs amounting to INR/Nu 417 crores (4.17 billion), covering a wide range of sectors, are in various stages of implementation, as per MEA. 'Both sides agreed to make suitable revisions to the allocations for some of the PTA projects, taking into account the evolving requirements. GoI has also released INR/Nu 750 crores (7.50 billion) towards ESP and Rs. 100 crores (1 billion) as Programme Grant. The meeting reviewed the progress in the utilisation of these funds,' MEA added. As per the MEA, the Bhutanese side presented the second tranche of PTA project proposals to be implemented during the 13th FYP period. A total of 10 projects amounting to INR/Nu. 1113 Crores (11.13 billion), covering sectors such as healthcare, connectivity, urban infrastructure and livestock, were approved by the two sides. Further the ministry higlighted that the Indian side 'conveyed that it will continue to work together with the Royal Government of Bhutan on its development agenda, in line with the shared vision of King of Bhutan Druk Gyalpo and Prime Minister of India Narendra Modi, and based on the priorities of the Royal Government and the people of Bhutan.' The ministry noted that the talks were held in a 'friendly and cordial atmosphere in keeping with the well-established tradition of regular exchanges and unique bonds of friendship and cooperation between the two countries. ' 'The two sides agreed to hold the next Development Cooperation Talks in Thimphu at a mutually convenient date,' it added. (ANI)
Economic Times
4 hours ago
- Economic Times
Trump demands 1% interest rates, blasts Fed chair Jerome 'Too Late' Powell for ‘costing trillions'
Donald Trump with Federal Reserve Chair Jerome Powell Synopsis Donald Trump has strongly criticized Federal Reserve Chairman Jerome Powell and the Fed Board, accusing them of mismanagement and costing the U.S. trillions in interest. Trump believes the Fed's inaction and high interest rates are detrimental to the country's financial health. He suggests rates should be much lower and blames the board for failing in their duties. U.S. President Donald Trump launched a sharp attack on Federal Reserve Chairman Jerome Powell and the Fed Board in a Truth Social post on Monday, accusing them of failing in their duties and causing the country to lose "trillions of dollars in interest cost." ADVERTISEMENT Trump claimed that if the Fed were 'doing their job properly,' the country would be saving trillions in interest costs, suggesting that interest rates should be as low as 1% or better. 'The Board just sits there and watches, so they are equally to blame,' Trump added, in a post that underscores his long-standing frustration with Powell, whom he appointed in 2018. Trump referred to Powell as 'Jerome 'Too Late' Powell', criticizing the central bank for what he called inaction and mismanagement of interest rates.'Jerome 'Too Late' Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States,' Trump wrote. 'They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so.' Trump's comments come amid ongoing discussions within the Federal Reserve about when and how quickly to cut interest rates amid signs of cooling inflation and global economic uncertainty. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
United News of India
9 hours ago
- United News of India
India, Bhutan hold Development Cooperation Talks, review progress in implementation of approved projects
New Delhi, June 30 (UNI) India and Bhutan held their Development Cooperation Talks in New Delhi today, during which they reviewed the progress in implementation of the projects approved in previous rounds. The Indian side conveyed that it will continue to work together with the Royal Government of Bhutan on its development agenda, in line with the shared vision of His Majesty the King of Bhutan and Prime Minister of India, and based on the priorities of the Royal Government and the people of Bhutan. The Indian delegation was led by Secretary (West) Tanmaya Lal, and the Bhutanese delegation was led by Foreign Secretary of Bhutan Aum Pema Choden. India and Bhutan share an exemplary partnership characterised by trust, goodwill, mutual understanding at all levels, and strong bonds of friendship and close people-to-people ties. The Development Cooperation Talks are an important bilateral mechanism to review the full spectrum of India-Bhutan development partnership, a statement said. Government of India (GoI) has committed support of INR/Nu. 10,000 Crore (100 billion) for Bhutan's 13th Five Year Plan period (2024-2029) which would cover Project Tied Assistance (PTA) projects, High Impact Community Development Projects (HICDP), support for Economic Stimulus Programme (ESP) and budgetary support in the form of Programme the Talks, the two sides discussed various components of the support and reviewed the progress in implementation of the projects approved in previous rounds. A total of 61 Project Tied Assistance projects amounting to INR/Nu 4958 crores (49.58 billion) and 283 HICDPs amounting to INR/Nu 417 crores (4.17 billion) covering a wide range of sectors are in various stages of implementation. Both sides agreed to make suitable revisions to the allocations for some of the PTA projects taking into account the evolving requirements. GoI has also released INR/Nu 750 crores (7.50 billion) towards ESP and Rs. 100 crores (1 billion) as Programme Grant. The meeting reviewed the progress in the utilization of these funds. The Bhutanese side presented the second tranche of PTA project proposals to be implemented during the 13th FYP period. A total of 10 projects amounting to INR/Nu. 1113 Crores (11.13 billion), covering sectors such as healthcare, connectivity, urban infrastructure and livestock were approved by the two sides. The Talks were held in a friendly and cordial atmosphere in keeping with the well-established tradition of regular exchanges and unique bonds of friendship and cooperation between the two countries. The two sides agreed to hold the next Development Cooperation Talks in Thimphu at a mutually convenient date. UNI RN
