&w=3840&q=100)
Rupee reverses early gains; ends 12 paise lower at 87.66/$
The domestic currency closed 12 paise lower at 87.66 against the dollar on Monday, according to Bloomberg. The currency opened 34 paise higher at 87.20, tracking gains in the Asian currencies.
All eyes will be on RBI Governor Sanjay Malhotra as the Monetary Policy Committee (MPC) begins its meeting today, August 4, to decide on key interest rates. The RBI is likely to remain status quo as per a Business Standard poll, with all analysts expecting a further reduction in the 2025-26 (FY26) inflation forecast.
According to a Business Standard poll, the rupee is expected to trade with heightened volatility, with a majority of the respondents seeing the local currency's target level near 88 per dollar, and support level near 86.50 per dollar, by September 2025.
Weighed down by foreign outflows, the currency depreciated by 2.14 per cent in July, the highest monthly fall since September 2023. The rupee fell 1.2 per cent last week, marking its biggest weekly drop since December 2022.
Meanwhile, responding to US President Donald Trump's 25 per cent tariff, Indian Prime Minister Narendra Modi urged citizens to buy locally made goods to help cushion the economy. India also remained firm on its Russia ties with a broad consensus on avoiding retaliation and resorting to negotiations.
The dollar index, the measure of the greenback against a basket of six major currencies, was down 0.3 per cent at 98.84.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
10 minutes ago
- Hindustan Times
Rwanda reached deal with US to take in up to 250 migrants, government says
By Daphne Psaledakis Rwanda reached deal with US to take in up to 250 migrants, government says WASHINGTON -The United States and Rwanda have agreed for the African country to accept up to 250 migrants deported from the U.S., the spokesperson for the Rwandan government and an official told Reuters, as President Donald Trump's administration takes a hardline approach toward immigration. The agreement, first reported by Reuters, was signed by U.S. and Rwandan officials in Kigali in June, said the Rwandan official, speaking on condition of anonymity, adding that Washington had already sent an initial list of 10 people to be vetted. "Rwanda has agreed with the United States to accept up to 250 migrants, in part because nearly every Rwandan family has experienced the hardships of displacement, and our societal values are founded on reintegration and rehabilitation," said the spokesperson for the Rwandan government, Yolande Makolo. "Under the agreement, Rwanda has the ability to approve each individual proposed for resettlement. Those approved will be provided with workforce training, healthcare, and accommodation support to jumpstart their lives in Rwanda, giving them the opportunity to contribute to one of the fastest-growing economies in the world over the last decade." The White House and State Department had no immediate comment. The Department of Homeland Security referred questions to the State Department. President Donald Trump aims to deport millions of immigrants in the U.S. illegally and his administration has sought to ramp up removals to third countries, including sending convicted criminals to South Sudan and Eswatini, formerly known as Swaziland. Rwanda has in recent years positioned itself as a destination country for migrants that Western countries would like to remove, despite concerns by rights groups that Kigali does not respect basic human rights. In May, the foreign minister said Rwanda was in the early stages of talks to receive immigrants deported from the United States. The Trump administration argues that third-country deportations help swiftly remove some migrants, including those with criminal convictions. Immigration hardliners see third-country removals as a way to deal with offenders who cannot easily be deported and could pose a threat to the public. Opponents have criticized the deportations as dangerous and cruel, since people could be sent to countries where they could face violence, have no ties and do not speak the language. US TO PROVIDE GRANT TO RWANDA Rwanda will be paid by the United States in the form of a grant, the official said, adding that the grant letter was finalized in July. The official declined to say how much the grant was for. The U.S. and Rwanda could extend the agreement beyond 250 people by mutual consent, the official said, adding that those deported to Rwanda do not have to stay in the country and can leave anytime they choose. Kigali will only accept those whose prison terms are complete or who have no criminal case against them, as there is no agreement with Washington that would allow people to serve out their U.S. sentence in Rwanda, the official said. No child sex offenders will be accepted. The Trump administration has pressed other countries to take migrants. It deported more than 200 Venezuelans accused of being gang members to El Salvador in March, where they were jailed until they were released in a prisoner swap last month. The Supreme Court in June allowed the Trump administration to deport migrants to third countries without giving them a chance to show they could be harmed. But the legality of the removals is being contested in a federal lawsuit in Boston, a case that could potentially wind its way back to the conservative-leaning high court. Western and regional leaders have praised President Paul Kagame for transforming Rwanda from the ruins of the 1994 genocide that killed more than 1 million people into a thriving economy. Rights groups have accused him of abuses and of supporting rebels in neighboring Democratic Republic of Congo, accusations that he denies. Rwanda has also engaged in peace talks led by the Trump administration to bring an end to fighting in eastern Congo. The two African nations signed a U.S.-brokered peace agreement in Washington in June, raising hopes for an end to fighting that has killed thousands and displaced hundreds of thousands more this year. The agreement to accept migrants deported from the U.S. is not the first such agreement Rwanda has reached. Kigali signed an agreement with Britain in 2022 to take in thousands of asylum seekers, a deal that was scrapped last year by then newly-elected Prime Minister Keir Starmer. No one was sent to Rwanda under the plan because of years of legal challenges. This article was generated from an automated news agency feed without modifications to text.
The Hindu
10 minutes ago
- The Hindu
U.S. reverses pledge to link disaster funds to Israel boycott stance
The Trump administration on Monday (August 4, 2025) reversed course on requiring U.S. cities and States to rebuke boycotts of Israeli companies in order to receive disaster funds, according to a statement, and deleted the earlier policy from its website. The U.S. Department of Homeland Security removed its statement that said States must certify they will not sever 'commercial relations specifically with Israeli companies' to qualify for the funding. Reuters reported on Monday that the language applied to at least $1.9 billion that states rely on to cover search-and-rescue equipment, emergency manager salaries and backup power systems, among other expenses, according to 11 agency grant notices reviewed by Reuters. This is a shift for the administration of President Donald Trump, which has previously tried to penalise institutions that don't align with its views on Israel or antisemitism. Economic pressure on Israel The disaster funding requirement took aim at the Boycott, Divestment, and Sanctions movement designed to put economic pressure on Israel to end its occupation of Palestinian territories. The campaign's supporters grew more vocal in 2023, after Hamas attacked southern Israel and Israel invaded Gaza in response. 'FEMA grants remain governed by existing law and policy and not political litmus tests,' said DHS Spokeswoman Tricia McLaughlin in a statement on Monday afternoon. DHS oversees the Federal Emergency Management Agency. FEMA in grant notices posted on Friday said states must follow its 'terms and conditions' to qualify for disaster preparation funding. Those conditions required that they not support what the agency called a 'discriminatory prohibited boycott,' a term defined as refusing to deal with 'companies doing business in or with Israel.' The new terms, posted later on Monday, do not include that language.
Time of India
28 minutes ago
- Time of India
HC frees Margadarsi from criminal liability in 18-yr-old case
Hyderabad: In a major relief to the successors of the Margadarsi group, founded by the late media baron Ch Ramoji Rao, Telangana high court on Monday quashed the criminal cases filed against Margadarsi Financiers by the former Andhra Pradesh govt in 2008. A division bench comprising Justice P Sam Koshy and Justice K Sujana ruled that the case stood abated following the death of Ramoji Rao last year. The court held that in the absence of the main accused, further prosecution of the company could not continue effectively. The ruling thus brings a long-pending legal battle to a close, nearly 18 years after the original case was filed. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The AP govt had alleged that Margadarsi collected public deposits without legal permission, violating provisions of the Reserve Bank of India (RBI) Act. The firm, however, argued that it was functioning as a Hindu joint family business, which is not prohibited under law, and that the restrictions cited in the RBI Act applied only to non-banking financial companies. The RBI opposed this argument, asserting that the charges were against the corporate entity, not just Ramoji Rao. It said the business operations of Margadarsi Financiers were still active, and the legal question of whether it had accepted deposits in violation of the RBI Act remained unresolved. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Biggest Real Estate Discounts Ever at M3M India. Enquire Now! M3M India Book Now Undo Therefore, it argued, the case should not be dismissed on the grounds of the founder's death. However, Justice Koshy, announcing the court's decision, stated that prosecution could not move forward in the absence of the key individual accused and allowed the company's plea. Margadarsi was represented by a team of senior advocates, including S Nagamurthy, Mukul Rohatgi, and Siddharth Luthra. The RBI was represented by senior counsel L Ravichander, and the AP govt by public prosecutor Palle Nageshwar Rao. The high court also closed the petitions filed by the current management of the company seeking to be made parties in the case. Since the main petition was allowed and the criminal cases quashed, their applications were declared closed.
