Rupee hits fresh low vs US dollar, may slide to ‘84 levels soon’

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Rupee hits fresh low vs US dollar, may slide to ‘84 levels soon’

The rupee today fell to 83.06 vs US dollar.

Rupee-US dollar rate: We expect Indian currency might show some more weakness in coming days, says analyst

The Indian rupee fell to 83.06 in early trade today  as the surge in Treasury yields and the dollar index fuelled a broader decline in Asian currencies and equity markets. The rupee had hit a record low of 83.02 in the previous session. Asian equities tumbled today, tracking a sell-off on Wall Street, while the dollar regained its strength as surging inflation and interest rate hikes fears returned to the fore.

The selloff in U.S. Treasuries resumed on Wednesday, pushing near-maturity and longer-maturity Treasury yields to fresh multi-year highs. Yields had spiked despite a weak U.S. housing report.

Stock Market LIVE: Sensex sheds 100 pts; IndusInd tumbles; UPL gains

Share Market LIVE Update: Indices opened lower on Thursday but are trading flat now. Sensex is around the 59,000 mark and Nifty around 17,500. IndusInd Bank and Titan shed the most, while UPL gains. IT, FMCG and Pharma have made decent gains, while Bank and Consumer Durable have lost ground.

Investors are still assessing the string of earnings data that remained mixed in nature heightening concerns of a looming recession. Inflation remains a hot topic as the UK registered its highest CPI in 40 years on Thursday. IT stock declares ₹15 interim dividend, record date next week. While announcing its second-quarter earnings for the current fiscal year, L&T Technology Services Ltd’s (LTTS) board of directors of the company also declared an interim dividend of ₹15 per share and fixed the record date for the same of next week on Friday, October 28, 2022.

“The Board of Directors have also declared an Interim Dividend of Rs. 15/- per equity share. The Interim Dividend shall be paid to equity shareholders of the Company whose names will appear in the Register of Members or in the records of the Depositories as Beneficial Owners of Equity shares as on Friday, October 28, 2022 which is the Record Date fixed for the aforesaid purpose,” L&T Tech informed in the exchange filing.

PSU Banks remains under pressure for second day in a row; most stocks in red 

Noon Update: Indices marginally in red with Sensex down 120 points and Nifty shedding 30 points 

IndusInd Bank drags while UPL shines in the first half on Thursday.

Adani arm bags ₹1,300 cr smart meters installation deal from Mumbai’s BEST

Adani Transmission on Thursday announced that it has bagged a deal to instal and maintain 10.80 lakh smart meters for BEST Undertaking.

Sources pegged the deal value for the multi-year-old engagement by Adani Transmission’s distribution platform at ₹1,300 crore.

The Brihanmumbai Electric Supply and Transport Undertaking is a state-run utility that serves consumers in the island city exclusively. Adani Transmission’s subsidiary Adani Electricity Mumbai distributes power in the suburbs, where it competes with Tata Power. The company has also gone public with its ambitions to expand to other pockets in the state and capitalise on a liberalised policy once it is implemented.

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