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Mint
6 minutes ago
- Mint
Rupee rises with foreign banks keeping up dollar sales, confounding market
By Dharamraj Dhutia and Nimesh Vora MUMBAI, - The Indian rupee inched higher on Thursday as persistent dollar selling by foreign banks over the last few days that supported the currency and puzzled traders. The rupee was at 86.9750 to the U.S. dollar at 11:05 a.m. IST, up from 87.0650 on Wednesday. Foreign banks were on the offer in dollar/rupee again, extending the pattern seen over the past two sessions, traders said. The persistence of these flows has confounded markets regarding their origin, with many doubting they were exporter-related. One banker noted that portfolio inflows into equities and debt have been tepid, suggesting flows from custodian clients were unlikely. While the market was expecting the rupee to be rangebound, dealers said position adjustments or one-off large trades were the more probable drivers. That the rupee "is managing to hold up despite Jackson Hole event and the U.S. tariff overhang is surely surprising to many," said a currency trader at a Mumbai-based bank. U.S. Federal Reserve Chair Powell is set to speak on Friday at the Jackson Hole symposium where his remarks will be closely watched. His previous remarks at the meeting had previously shifted market expectations. Meanwhile, the August 27 deadline on which the additional 25% U.S. tariffs on Indian goods is implemented looms. If implemented, it would pose a fresh negative for the rupee. The currency last week had remained largely weak, making a low of 87.73. After giving good opportunity to exporters in the last week it is the turn of importers who are getting an opportunity to hedge their near-term payables, Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said. This article was generated from an automated news agency feed without modifications to text.
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Business Standard
6 minutes ago
- Business Standard
Healthcare IT firm Availity to triple India tech staff by 2026 end
US-based healthcare IT firm Availity will more than triple staff at its India tech centre by end-2026, a senior official told Reuters, as it aims to address cost pressures in the US healthcare system and expand its tech capabilities in India. The company will widen its Bengaluru capability centre, targeting headcount growth to 400 from 250 by end-2025, and to 800 by the end of 2026, Chief Operating Officer Sean Keneally said. Availity, the Novo Holdings-backed healthcare information network, connects payers, insurers, and hospitals. Novo Holdings is the controlling shareholder of Danish drugmaker Novo Nordisk. Availity's India centre currently handles product engineering, infrastructure, and some back-office functions, and will expand into technology, product, operations, and corporate roles, Keneally said. Global capability centers (GCCs) in India, once seen as low-cost outsourcing hubs, now handle operations, finance, research and development for their parent corporations. Availity's India expansion comes amid shifting reimbursement and coverage models in the US healthcare system. The company views the move as timely, as US payers face financial pressure from reimbursement cuts and coverage reductions. Keneally said lower Medicare and Medicaid reimbursement rates have made care "almost unaffordable" for healthcare providers, leaving its customers with limited budgets for innovation. "We're very opportunistic at this point in time, helping them get through the financial troubles that they're going through," he said, adding that customers are seeking technology solutions to address their problems. Keneally said that several of Availity's major customers also operate GCCs in India, and its India centre will collaborate directly with those local teams.
News18
14 minutes ago
- News18
Senior Health Ministry Official Scammed Of Rs 27 Lakhs In Currency Market Investment Fraud
The victim alleged that he was informed the money would be invested and traded in the currency market, with a promise to return double the principal amount within one year. A senior Union Health Ministry official was scammed of Rs 27 lakhs on the pretext of investing his money in the currency market, reported ANI, citing Delhi police officials. In the complaint, the victim alleged that he was told by the fraudster that his money will double in a year. The incident dates back to 2023, when the accused approached and convinced the official to invest his money. 'Victim alleged that he informed him that he is investing & trading the money in the currency market, and he would return double the principal amount to the complainant within a span of one year. Hence, on this allurement and inducement, he agreed to give him an amount of twenty-seven lakhs," Delhi police said. A complaint was filed at the South district's cyber police station on August 11, and the police have booked the accused under sections 308/318(4)/319/340. The incident comes to light only a few days after three men, including one graduate from the London School of Economics, were arrested by a joint team of PS DBG Road and PS Cyber, Central District, Delhi Police, in connection with a money extortion case. The group, who were traced to Thailand, used to scam people by extorting money through international WhatsApp calls and cryptocurrency payments. They pretended to belong to a notorious gangster to instill fear in their victims. In a separate incident that took place in Mumbai on August 16, the police arrested four cyber fraudsters for allegedly duping a businessman from Mumbai of Rs 5.24 crore by posing as executives of a Dubai-based investment company. The incident surfaced when the accused invited the victim to Dubai, only for the victim to discover that the company did not actually exist. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
