Rupee hits 11-month high against U.S. dollar

11 July, 2019, 16:23 | Author: Regina Silva
  • Image Bloomberg

Mumbai: The rupee declined by 7 paise to close at 68.58 against the United States dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices. The rupee finally closed at 68.44, down 14 paise over its previous close.

World stocks rose and emerging market currencies appreciated after US Federal Reserve Chairman Jerome Powell told a Congressional committee that the central bank is ready to "act as appropriate" to boost growth amid multiple headwinds, bolstering hopes of a rate cut as early as this month.

The rupee had declined by 7 paise to close at 68.58 against the USA dollar Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices. Any level below 68.50 could bring momentum buying in rupee against dollar.

In an appearance before his Congressional overseers on Wednesday, Powell confirmed that the U.S. economy is still under threat and that the central bank stands ready to "act as appropriate".

"Federal Reserve Chairman Jerome Powell's testimony to the US Congress is surprisingly more dovish than markets were expecting, given the US jobs data", Bianca Botes, Treasury partner at Peregrine Treasury Solutions, said in a note.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 674.26 crore Tuesday, provisional data with the exchanges showed.

What does Yabusele's departure mean for Tacko Fall?
Would Timofey Mozgov , Kosta Koufos , or Tyson Chandler get you pumped for the season almost as much as Fall would? Unlike his draft class-mate Jaylen Brown , Yabusele doesn't have a future with the Boston Celtics.


Aston Villa close in on £12m signing of Brentford defender Ezri Konsa
Ahead of linking up with his new team-mates, Konsa himself revealed his excitement at sealing a move to a Premier League side.


Another Life: Netflix Teases Katee Sackhoff (Battlestar Galactica) Series
But as Niko and her young crew investigate, they face "unimaginable danger on what might very well be a one-way mission". Netflix ordered a 10-episode first season of the series last spring, and now it's finally nearing its release date.


A weak trend at the domestic equity markets and global trade tensions also kept sentiment subdued, traders said.

The 30-share index, however, gave up some gains to trade 106.35 points, or 0.28 per cent, higher at 38,663.39 at 0930 hours. Again you can get a confirmation from the composite dollar index that reflects the way the dollar performs against a basket of currencies and it was down 0.2%, from 97.104 to 96.906.

Brent crude futures, the global oil benchmark, rose 0.36 per cent to Dollars 67.25 per barrel amid reduced U.S. inventories and geopolitical tensions.

US West Texas Intermediate (WTI) crude futures were up 11 cents at $60.54 a barrel while Brent crude futures were down 5 cents, or 0.1 percent, at $66.96 a barrel, after ending Wednesday up 4.4 percent.

The 10-year government bond yield was at 6.49 per cent.

Recommended:

  • Lata Mangeshkar requests MS Dhoni not to retire

    Lata Mangeshkar requests MS Dhoni not to retire

    Soon, fans started fearing that they might have seen the last of Dhoni as he could announce his retirement in the coming future. Even though India lost by a margin of 18 runs, Dhoni and Jadeja proved to be the heroes we needed.
    Feds plan to deport 1 million illegal immigrants: Trump official

    Feds plan to deport 1 million illegal immigrants: Trump official

    They've been all the way through the due process and have final removal orders", Cuccinelli said. So far this fiscal year, deportations have hit 282,000.
    Labour denies claims senior figures interfered with anti-Semitism complaints

    Labour denies claims senior figures interfered with anti-Semitism complaints

    Deputy leader Tom Watson said the revelations in the BBC's Panorama programme on anti-Semitism in his party were "harrowing". The party added that they had filed a complaint with the BBC's director general Lord Hall over the documentary.
  • Taylor Swift beats the Kardashians as highest paid celebrity

    Taylor Swift beats the Kardashians as highest paid celebrity

    Social media and reality TV star Kylie Jenner is ranked second on the list with an estimated pre-tax pay packet of $170m (£136m). The Forbes list, released Wednesday, ranks 100 celebrities, including musicians, film stars, athletes and comedians.
    Mario World is Available to Download Now!

    Mario World is Available to Download Now!

    Nintendo has yet to confirm that the mobile game is out now on iOS and Android, but it's likely they will as the day goes on. Staff up with assistants like Goomba, Koopa Troopa, and Buzzy Beetle to help your doctors out with additional skills.

    The Lenovo Smart Clock is already $60 ($20 off) from Walmart

    Using these speakers, you can use your voice to control your smart home, find information from the web, play music, and more. Moreover, with their other products, you can train the camera to recognize people by their face.
  • Viviani claims his first career stage win

    Viviani claims his first career stage win

    Viviani has now posted stage wins at all three Grand Tours, including four at the Giro and three at the Spanish Vuelta. He completed the 213.5 kilometres route from Reims to Nancy in a time of 5 hours 9min 20sec.
    Allardyce reveals he turned down Newcastle job offer

    Allardyce reveals he turned down Newcastle job offer

    The 58-year-old is keen on managing in the Premier League again and wants to hear what Newcastle have to offer to him. Benitez departed after his contract expired, saying the Premier League club " did not share his vision ".
    Dozens killed in Papua New Guinea tribal unrest

    Dozens killed in Papua New Guinea tribal unrest

    William Bando acknowledged he had now called for on the least 100 extra police to pork up the prevailing 40 local officers. Local media reported the attack appeared to be in retaliation for the ambush and murder for six people the day before.
  • Shocked Arsenal chiefs launch disciplinary action against Koscielny after tour refusal

    Shocked Arsenal chiefs launch disciplinary action against Koscielny after tour refusal

    Reports suggest that the experienced stopper asked to be released from his contract this summer, only for the club to refuse. Cape Town - Arsenal captain Laurent Koscielny has refused to travel for the club's pre-season tour in the United States.
    Recovered GoPro footage shows missing climbers scaling Himalayan mountain

    Recovered GoPro footage shows missing climbers scaling Himalayan mountain

    Since so few have managed to climb it, the mountain has remained pristine, unlike the littered and congested Everest. Expert climbers dispatched by ITBP eventually brought the bodies down on foot, "with respect and dignity".
    Arsenal considering player-plus-cash offer for Zaha

    Arsenal considering player-plus-cash offer for Zaha

    He is reluctant to submit a transfer request, however, and has four years left on the £130,000-a-week contract he signed last summer.


Popular

Sugary drink consumption increases cancer risk, research suggests
Sugary drinks have increased in popularity all around the world and these drinks have already been linked to obesity. The research spanned a five-year period, starting when the participants were aged 42 on average.

Japan's asteroid probe Hayabusa2 set for final touchdown
Hayabusa2 is expected to leave the asteroid to return to Earth at the end of next year, with the samples set for scientific study. Ryugu, which means "Dragon Palace" in Japanese, refers to a castle at the bottom of the ocean in an ancient Japanese tale.

Check Out Bentley's NEWEST Car! EXP 100 GT
But rather than revisiting the past, the company is looking toward the future with the electric, autonomous EXP 100 GT concept. The new concept also has the fastback and rear haunch of one of Bentley's most famous cars, the R-Type Continental coupé.

Ariana Grande Gets Candid About Relationship with Pete Davidson
Early in the interview , Ariana brings up her ex Mac Miller and details how her first time at Coachella was to see him perform. She shares her highs and her lows with her fans regularly on social media and isn't afraid to cry onstage if she needs to.

Fossilised skulls provide earliest known evidence of Homo sapiens in Eurasia
The remains were dug up with a second skull estimated to be 170,000 years-old - with the same features as our primitive relatives. This supports the hypothesis that early modern humans spread out of Africa, where they evolved, multiple times, researchers say.

CONCACAF limits direct World Cup qualifying to top six
The fourth round featured the six survivors plus the top six teams, divided into three groups for round-robin play. The decision reduces the number of qualifying matches for the United States to 10, instead of 16 to 18.

Joe Root urges England to harness World Twenty20 experience against Australia
That brought Dhoni and Jadeja together and they almost saw India home in an improbably nerve-racking finish in Manchester . Boult knows who he would prefer to win the other last four showdown between Australia and England at Edgbaston tonight.

Rising sea levels to increase tidal flooding
The National Oceanic and Atmospheric Administration says Wilmington had 14 days of high tide flooding in the past year. Coastal communities experienced a median of five days of high tide flooding a year ago , tying the record set in 2015.

Amazon Prime Day Twitch Event Hosts Include Pokimane and TimTheTatman
Amazon used the occasion to provide peeks of upcoming original series, including Carnival Row and Modern Love . That command will launch a playlist of "new hits and favorites from the artists featured across the lineup".

Emoluments Clause Case Against Trump Dismissed
Richard Blumenthal sued in federal court in D.C., and he's won several initial rulings, including that Mr. The government lawyers also want the court to suspend legal discovery recently approved by U.S.