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June 25, Sunday 2017 10:43 PM       

       HEADLINES: Handwriting is not that of Pulsar Suni’s, Dilip’s statement to be recorded                                              Woman tied to tree and assaulted, an insult to state, says Chennithala                                              Telephonic conversation between Dilip’s manager and Vishnu exposed                                              Unexpected hurricane at Kundamkulam                                              K R Mohanan dies                                              Five more TN fishermen arrested by Sri Lankan Navy                                              Modi greets nation on Eid, says diversity is India's strength                                              123 killed, 100 injured as oil tanker explodes in Pak                                              Malaysia-bound AirAsia flight ‘shaking like washing machine’ returns to Aus                                              Shiv Kapur makes cut, but slips to T-42nd in Germany                                              Super Srikanth lifts Australian Open Super Series                                              BAI announces Rs 5 lakh for Srikanth                                              Kaumudi Facebook
       BUSINESS Next Article: NDTV shares tank nearly 7% in intra-day after CBI searches  
       Rupee scales near 3-week high of 64.36 ahead of RBI policy
 
         Posted on :01:27:50 Jun 6, 2017
   
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       Last edited on:01:27:50 Jun 6, 2017
         Tags: Rupee scales near 3-week high of 64.36 ahead
 
MUMBAI: Rallying for the fourth straight session, the rupee today strengthened by 8 paise to close at a near three-week high of 64.36 a dollar on steady selling of the American currency by state-owned banks and exporters.
 
The rupee's previous best was seen on May 17, when it had closed at 64.15.
 
A spectacular record-breaking bull-run in local stock markets along with robust capital inflows predominantly weighed on the home currency, despite strong dollar overseas.
 
Foreign funds and investors have pumped USD 4.2 billion in the country's capital market in May in view of the country's preparedness for the Goods and Services Tax (GST) roll out from the next month.
 
Expectations of normal monsoon also added to the optimism.
 
Extending its strong upmove, the rupee resumed substantially higher at 64.35 against last weekend's close of 64.44 at the Interbank Foreign Exchange (Forex) Market.
 
It gained further ground to hit an intra-day high of 64.29 in late morning deals.
 
But, some caution adopted by participants ahead of the apex bank meet along with modest dollar demand, which pressurised the home currency to give up early strong advances to hit a low of 64.39 before ending at 64.36, showing a gain of 0.08 paise, or 0.12 per cent.
 
The RBI, meanwhile, fixed the reference rate for the dollar at 64.3485 and for the euro at 72.4886.
 
The GST regime came a step closer to meet its July 1 target of rollout after the GST Council on Saturday fixed the rates for almost all the remaining items, such as precious metals (gold and silver), diamonds, biscuits, textiles, and footwear.
 
Meanwhile, the Reserve Bank of India is scheduled to meet on June 6-7 to decide key policy rates in its bi-monthly monetary policy announcement.
 
Stocks witnessed yet another upbeat session on Monday, extending its dream-run ahead of the RBI meet against the backdrop of heightened global uncertainty and overall subdued domestic GDP growth.
 
On the global front, the US dollar pulled away from seven-month lows against a basket of other major currencies despite subdued jobs data, while sterling pushed higher in the aftermath of a weekend terrorist attack in London.
 
The dollar index, which tracks the US currency against a basket of six major rivals, was up 0.24 per cent at 96.85.
 
In cross-currency trades, the rupee retreated against the British pound to finish at 83.08 from 82.85 per pound and fell back against the euro to conclude at 72.35 as compared to 72.26 last Friday.
 
The local unit also drifted against the Japanese Yen to close at 58.21 per 100 yens from 57.78.
 
In the meantime, country's forex reserves fell by USD 547 million to USD 378.8 billion during the week ended 26 May 2017. Reserves touched an all-time high of USD 379.3 billion during the preceding week.
 
The benchmark Sensex rose by 36.20 points or 0.12 per cent to close at 31,309.49 today, while the broader Nifty climbed 21.60 points to record 9,675.10.
 
In forward market today, premium for dollar mixed on bouts of receivings and payments from exporters.
 
The benchmark six-month premium payable in November eased to 145-147 paise from 146-147 paise Last Friday and far forward May 2017 contract inched up to 295-297 as against 295-296 paise.
 
In the international commodity front, crude prices reversed their strong early gains to trade weak on Monday as concerns over global supply glut re-emerged after cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states.
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       BUSINESS
Next Article: NDTV shares tank nearly 7% in intra-day after CBI searches
 
 
BUSINESS HEADLINES
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Sensex hits all-time high of 31,522  
RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
Sensex closes higher, Nifty advances as inflation cools  
RBI issues new Rs.500 bank notes with inset letter 'A'  
Govt close to resolution on stressed power projects: Goyal  
Inflation at record low of 2.18%; factory output slows to 3.1%  
Cut down on salads to save costs: AI staff  
GST: Lowers tax for 66 items, price of coir and cashew to go down  
GST Council revises rates for cinema tickets  
GoAir to launch additional flight on Delhi-Patna route  
 
Actress case: Do you think Pulsar Suni's letter is part of a conspiracy?
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