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The Print
8 hours ago
- The Print
Rupee falls 7 paise to close at 86.38 against US dollar
The weakness in the American currency and softening of crude oil prices supported the rupee at lower levels, while foreign fund outflows and a negative trend in domestic equities weighed on the local unit and restricted the upside. Forex traders said, all eyes are now on the outcome of India-US trade talks, especially as the August 1 deadline for potential tariffs on Indian exports draws near. Mumbai, Jul 22 (PTI) The rupee pared initial gains and settled for the day down 7 paise at 86.38 against the US dollar on Tuesday, amid uncertainty over the US-India trade deal ahead of the August 1 deadline. At the interbank foreign exchange, the domestic unit opened at 86.26 against the greenback and touched an intra-day high of 86.22 and a low of 86.41 against the greenback. At the end of Tuesday's trading session, the local unit settled at 86.38, down 7 paise over its previous closing price. This was rupee's fifth straight session of decline since July 16 when the unit had lost 16 paise and ended at 85.92 against the dollar. On Monday, the rupee depreciated 15 paise to close at 86.31 against the US dollar. 'We expect the rupee to trade with a slight negative bias on trade deal talks. However, weakness in the American currency and softening of crude oil prices may support the rupee at lower levels,' Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said. Dilip Parmar, Research Analyst, HDFC Securities said the rupee depreciated for the fifth consecutive day, driven by risk-averse market sentiment and consistent dollar demand. 'Regional currencies remain range-bound as the dollar consolidates amid geopolitical uncertainties. Near-term, spot USD-INR has support at 85.95 and resistance at 86.70,' he added. Meanwhile, the US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. 'Traders may remain cautious ahead of PMI and durable goods orders data from the US this week,' Choudhary said, adding that USD-INR spot price is expected to trade in a range of 86.10 to 86.65. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 97.82. Brent crude, the global oil benchmark, fell 0.94 per cent to USD 68.56 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 13.53 points, or 0.02 per cent, to close at 82,186.81, while the Nifty fell 29.80 points, or 0.12 per cent, to settle at 25,060.90. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,548.92 crore on a net basis on Tuesday, according to exchange data. PTI DRR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
8 hours ago
- Business Standard
Mobile phone exports soar to ₹2 trillion, up 127 times in 10 years: Govt
The minister said that 75 per cent of the total mobile phone demand in the country was met through imports in 2014-15, which has now dropped to 0.02 per cent in 2024-25 Press Trust of India New Delhi Export of mobile phones from India increased by 127 times to reach ₹2 trillion in the last 10 financial years, Parliament was informed on Wednesday. According to data shared by Minister of state for Electronics and IT Jitin Prasada in a written reply to Lok Sabha, the export of mobile phones "increased 127 times" from India from₹ 1,500 crore in 2014-15 to₹ 2 lakh crore in 2024-25. "The PLI Scheme for LSEM has already attracted a cumulative investment of INR 12,390 crore, led to a cumulative production of ₹8,44,752 crore with exports of ₹4,65,809 crore and generated additional employment of 1,30,330 (direct jobs) till Jun'25," the minister said. The production linked incentive (PLI) scheme for Large Scale Electronics Manufacturing was mainly meant for mobile phone manufacturing. The minister said that 75 per cent of the total mobile phone demand in the country was met through imports in 2014-15, which has now dropped to 0.02 per cent in 2024-25. "PLI Scheme for Large Scale Electronics Manufacturing has significantly impacted the mobile manufacturing sector in India particularly in transforming India from a net importer to a net exporter of mobile phones. Bharat is now the second largest mobile manufacturing country in the world," the minister said. Prasada said the PLI Scheme 2.0 for IT hardware has attracted a cumulative investment of ₹717.13 crore, led to a cumulative production of ₹12,195.84 crore and generated additional employment of 5,056 (direct jobs) till June. "Total FDI in the field of electronics manufacturing in the last 5 years (i.e. since FY 2020-21) is $4,071 million, cumulative FDI of $2,802 million has been contributed by MeitY PLI beneficiaries," the minister said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
9 hours ago
- News18
Indias mobile phone exports rise 127 times to Rs 2 lakh cr in 10 years
New Delhi, Jul 23 (PTI) Export of mobile phones from India increased by 127 times to reach Rs 2 lakh crore in the last 10 financial years, Parliament was informed on Wednesday. According to data shared by Minister of state for Electronics and IT Jitin Prasada in a written reply to Lok Sabha, the export of mobile phones 'increased 127 times" from India from Rs 1,500 crore in 2014-15 to Rs 2 lakh crore in 2024-25. 'The PLI Scheme for LSEM has already attracted a cumulative investment of INR 12,390 crore, led to a cumulative production of Rs 8,44,752 crore with exports of Rs 4,65,809 crore and generated additional employment of 1,30,330 (direct jobs) till Jun'25," the minister said. The production linked incentive (PLI) scheme for Large Scale Electronics Manufacturing was mainly meant for mobile phone manufacturing. The minister said that 75 per cent of the total mobile phone demand in the country was met through imports in 2014-15, which has now dropped to 0.02 per cent in 2024-25. 'PLI Scheme for Large Scale Electronics Manufacturing has significantly impacted the mobile manufacturing sector in India particularly in transforming India from a net importer to a net exporter of mobile phones. Bharat is now the second largest mobile manufacturing country in the world," the minister said. Prasada said the PLI Scheme 2.0 for IT hardware has attracted a cumulative investment of Rs 717.13 crore, led to a cumulative production of Rs 12,195.84 crore and generated additional employment of 5,056 (direct jobs) till June. 'Total FDI in the field of electronics manufacturing in the last 5 years (i.e. since FY 2020-21) is USD 4,071 million, cumulative FDI of USD 2,802 million has been contributed by MeitY PLI beneficiaries," the minister said. PTI PRS HVA view comments First Published: July 23, 2025, 21:00 IST 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.
