&w=3840&q=100)
Indian Rupee gives up early gains to close flat; ends at 87.66/$
The domestic currency closed flat at 87.66 against the dollar on Monday after opening 16 paise higher, according to Bloomberg. The rupee has depreciated by 2.4 per cent in the current financial year, whereas it has witnessed 2.2 per cent depreciation in the current calendar year.
US President Donald Trump said he plans to meet Russian President Vladimir Putin in Alaska on Friday to broker an agreement to end the war in Ukraine. Any ceasefire could be positive for India, as the additional 25 per cent tariff Trump levied on Russian oil purchases would be void. Rupee traded flat, holding steady as recent weakness in the dollar index provided some support, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. "Reports of possible US-Russia discussions on a Ukraine-Russia peace initiative helped the rupee remain stable despite an overall weak trend."
On the tariff front, Trump stated that no further trade negotiations will take place with New Delhi until the tariff issue is resolved. The dollar index, the measure of the greenback against a basket of six major currencies, was up 0.12 per cent at 98.29.
The Rupee is expected to be vulnerable in the short term as the US President's 50 per cent tariffs have triggered a risk-off sentiment from foreign portfolio investors (FPIs). FPIs have sold equities worth ₹17,924 crore so far this month.
Meanwhile, as the Reserve Bank of India (RBI) curbs rupee weakness by selling dollars, exporters may sell near-term receivables, while importers may look to buy cash or weekly positions at the day's lows, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said.
In commodities, crude oil prices extended declines as traders looked to upcoming talks between Russia and the US. Brent crude price was up 0.01 per cent at 66.60 per barrel, while WTI crude prices were lower by 0.06 per cent at 63.84, as of 3:40 PM IST.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Bill on IIM Guwahati inclusion introduced in Lok Sabha
A bill to include Indian Institute of Management (IIM) Guwahati to the schedule of the Indian Institutes of Management Act to make it an institution of national importance was introduced in the Lok Sabha on Monday. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Union minister Dharmendra Pradhan introduced the bill amid din created by the opposition over the issue of Special Intensive Revision (SIR) of electoral rolls in Bihar . According to the draft law, the central government, the Assam government and representatives of United Liberation Front of Assam (ULFA) signed a Memorandum of Settlement (MoS) for all-round development of the state. According to the MoS, a number of developmental projects are to be implemented by the Union government under a Special Development Package (SDP). Establishment of an IIM at Guwahati as an institution of national importance is one of the projects under the SDP. Live Events At present, there are 21 IIMs that are declared as institutions of national importance and each of those are specified in the Schedule to the IIM Act . The Assam government has requested for establishment of an IIM in the state, keeping in view the geographical location of the state and its all-round development. "Assam is one of the very few states with more than three crore population which does not have an IIM," the bill noted.
Mint
an hour ago
- Mint
GST reforms hopes, S&P upgrade lift Sensex, Nifty 50: Which sectors to invest in and how far can the rally go? Explained
The Indian stock market surged on Monday, August 18, driven by easing global headwinds and domestic policy optimism. Investors cheered hopes of a possible resolution to the Russia-Ukraine conflict, indications from US President Donald Trump about reconsidering secondary tariffs on India, and S&P's upgrade of India's sovereign credit rating. The Sensex jumped over 1,100 points to touch an intraday high of 81,765.77, while the Nifty 50 rallied to 25,022, reflecting broad-based buying interest. "Dalal Street is cheering a string of positive developments after the weekend. The government's proposal to overhaul the GST structure into a simpler two-slab system of 5% and 18% has been the key driver of today's rally, particularly in tax and export-sensitive segments such as autos, consumer staples and insurance. Investors are also encouraged by the revival in private capex, which signals that the long-awaited investment cycle is turning up," said Saurav Ghosh, Co-founder of Jiraaf. Analysts believe a GST overhaul will lift incomes across the economy by lowering costs and stimulating consumption. Combined with income tax reforms, this will empower Indian households to spend and save more, reinforcing domestic demand. "Taken together, tax reforms, stronger private investment and improved ratings are fueling optimism that India's growth story is firmly anchored in internal resilience despite global trade frictions and stalled talks with the US," said Ghosh. The rally was broad-based, with the Nifty Bank and Nifty Financial Services indices gaining 0.66% and 1.4%, respectively, following S&P's upgrade of long-term issuer credit ratings for major banks and financial institutions including SBI, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, and Bajaj Finance. The Nifty Auto index jumped over 4%, while the Nifty Consumer Durables index added 3.5%, reflecting optimism around GST-driven consumption. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said, 'Sectors like autos and cement, currently in the 28% tax slabs, are expected to benefit. Companies such as TVS Motors, Hero, Eicher, M&M, and Maruti may respond positively. Insurance companies are also likely to gain from the GST revision.' Nikhil Gangil, Founder of Intrinsic Value, added that while today's surge is largely sentiment-driven, structural gains could emerge in autos, kitchen appliances, and electronics. Agrichemical and fertiliser stocks remain resilient due to government protections against US imports, positioning these sectors well for mid- to long-term performance, he added. Going ahead, Tarun Birani, Founder and CEO - TBNG Capital Advisors, advised investors that while momentum remains strong, near-term volatility is likely as further macro data and policy statements unfold. On the technical front, analysts believe a decisive close can push the Nifty 50 index higher. Vinit Bolinjkar of Ventura Securities said that the rally was triggered by pent-up bullish sentiment. 'Foreign Institutional Investors have been net sellers in August, leaving long positions at historic lows. The Nifty's formation of higher lows from the 24,350–24,400 support zone demonstrated resilience, setting the stage for upward movement. Profit booking by Domestic Institutional Investors may occur at higher levels, but the overall trajectory remains positive. A decisive close above 25,000 could drive new highs.' Ajit Mishra noted that the Nifty 50 has surpassed the immediate hurdle of the short-term 20 DEMA and is now hovering around 25,000. A decisive break above this level could trigger further short covering, pushing the index toward 25,250 in the near term, Mishra said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
India Today
an hour ago
- India Today
Can you spot what Harsh Goenka saw in his half-eaten toast?
Industrialist Harsh Goenka often delights his followers with witty posts, but his latest breakfast observation may have taken the cake, or rather, the a post on X, Goenka said, 'I was eating a toast and I started hallucinating. Are you seeing him also?'The browned crust and jagged edges of the toast resembled the face of US President Donald Trump, at least to Goenka's eyes, according to a picture accompanying the post.I was eating a toast and I started hallucinating are you seeing him also Harsh Goenka (@hvgoenka) August 16, 2025advertisement Social media users, meanwhile, were quick enough to join in on the fun.'Finish it before he further increases the tariff,' a user quipped. Another wrote, 'The toast will impose 30% tariff on your tummy.'One of the users joked, 'He must be getting hiccups.'Earlier this month, Trump announced an additional 25 per cent tariff on Indian imports, citing New Delhi's continued purchase of Russian oil. Goenka tweeted that while the US could impose tariffs on Indian exports, it could not affect the country's sovereignty. He added that higher tariffs would only strengthen India's resolve to seek better alternatives and accelerate its path toward self-reliance.- EndsTrending Reel
