Rupee gains 14 paise on Trump hint of no Iran action for now, equity flows
The Indian rupee edged higher to 86.58 per dollar on Friday, marking its first gain in six sessions, fueled by inflows into domestic equities. This appreciation occurred despite high crude oil prices and ongoing tensions between Israel and Iran. Market sentiment was buoyed by signals from US President Trump suggesting a delay in action against Iran.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The Indian rupee modestly strengthened Friday, its first advance in six days tracking inflows into domestic equities, to close at 86.58 per dollar. The rupee climbed 14 paise despite volatile oil prices and no immediate signs of a truce in the Israel-Iran conflict.The strength in the rupee came after US President Donald Trump signalled to avoid any precipitate action on Iran. Rebalancing of the FTSE Russell index also led to some flows, traders said. The rupee traded between 86.54 and 86.67 to the dollar on Friday. Brent crude oil prices remained elevated at $77 per barrel, while the dollar index was at 98. A rise in crude oil prices is detrimental to inflation in India as the country is a large importer of the commodity. "Chances of rupee strengthening are very low while crude oil prices are this high. The gain we have seen today is all because of Trump's comments to postpone strikes on Iran," said Anil Bhansali, head of treasury at Finrex Treasury Advisors.The Reserve Bank of India was likely absent today and did not intervene, traders said."The rebalancing flows of the FTSE Russell Index did help, but dollar demand was strong too, which countered the inflow," a trader said. Foreign investors bought Indian equities worth ₹7,940.7 crore on Friday."The only positive we have seen is that FPIs are not large sellers in Indian equities," Bhansali said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
Asian shares slip, oil rises as investors weigh Iran scenarios
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel SYDNEY, - Shares slipped in Asia on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites, with resulting risks to global activity and moves were contained, with the dollar getting only a minor safe-haven bid and no sign of panic selling across markets. Oil prices were up around 2.8%, but off their initial were hoping Iran might back down now its nuclear ambitions had been curtailed, or even that regime change might bring a less hostile government to power at JPMorgan, however, cautioned that past episodes of regime change in the region typically resulted in oil prices spiking by as much as 76% and averaging a 30% rise over will be access through the Strait of Hormuz, which is only about 33 km (21 miles) wide at its narrowest point and sees around a quarter of global oil trade and 20% of liquefied natural gas supplies. "Selective disruptions that scare off oil tankers make more sense than closing the Strait of Hormuz given Iran's oil exports would be shut down too," said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia."In a scenario where Iran selectively disrupts shipping through the Strait of Hormuz, we see Brent oil reaching at least $100/bbl."For now, Brent was up a relatively restrained 2.7% at $79.12 a barrel, while U.S. crude rose 2.8% to $ in commodity markets, gold edged down 0.1% to $3,363 an markets were proving resilient so far, with S&P 500 futures off a moderate 0.5% and Nasdaq futures down 0.6%.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5, and Japan's Nikkei eased 0.9%.EUROSTOXX 50 futures lost 0.7%, while FTSE futures fell 0.5% and DAX futures slipped 0.7%. Europe and Japan are heavily reliant on imported oil and LNG, whereas the United States is a net dollar edged up 0.3% on the Japanese yen to 146.48 yen , while the euro dipped 0.3% to $1.1481. The dollar index firmed 0.17% to was also no sign of a rush to the traditional safety of Treasuries, with 10-year yields rising 2 basis points to 4.397%.Futures for Federal Reserve interest rates were a tick lower, likely reflecting concerns a sustained rise in oil prices would add to inflationary pressures at a time when tariffs were just being felt in U.S. are still pricing only a slim chance the Fed will cut at its next meeting on July 30, even after Fed Governor Christopher Waller broke ranks and argued for a July other Fed members, including Chair Jerome Powell, have been more cautious on policy leading markets to wager a cut is far more likely in least 15 Fed officials are speaking this week, and Powell faces two days of questions from lawmakers, which is certain to cover the potential impact of President Donald Trump's tariffs and the attack on Middle East will be high on the agenda at a NATO leaders meeting at the Hague this week, where most members have agreed to commit to a sharp rise in defence spending. Among the economic data due are figures on U.S. core inflation and weekly jobless claims, along with early readings on June factory activity from across the globe.
Hindustan Times
26 minutes ago
- Hindustan Times
American woman leaves ‘average' life in US for extraordinary journey in India, calls it life-changing
An American woman has captured attention after sharing her bold decision to leave behind what she described as a comfortable but 'average' life in the United States to pursue a more meaningful and adventurous existence in India. Kristen Fischer, who moved with her family four years ago, has been documenting her journey on Instagram, where her videos have resonated with thousands. An American woman chose India for a better life and business, saying the shift was both financially wise and emotionally rewarding.(Instagram/kristenfischer3) (Also read: US woman shares why Indian milk stands out compared to milk back in America. Video) In one widely-shared video, Fischer shared a heartfelt reflection on the life-altering move. 'What would you choose? I knew I had control of which direction to take my life. I could choose an average life in the USA, or I could choose to do something bold and extraordinary,' she wrote in the caption. She added, 'We moved our family to India 4 years ago and haven't regretted it a bit. In these past 4 years I have met some amazing people, seen some incredible places, had some awesome food, and changed my heart forever. India has changed my life forever and I will never be the same. You only get one life, how will you live it?' Watch the clip here: Business in dollars, life in rupees In another video, Fischer offered a glimpse into the professional side of their life in India. She and her husband run a web development agency catering primarily to Western clients. According to Fischer, the decision to base their operations in India made perfect economic sense. 'Why do we choose to live in India and run our business operations here? It just makes sense this way,' she explained. 'Earn an income in US dollars and spend that income in Indian rupees. We run a web development agency that gets majority western clients, earning in dollars. Yet we live in India where the cost of living is much lower than in the USA, allowing us to spend our dollars here in rupees.' She added, 'It is simply easier for someone to come from the West and move to a place like India because our money goes further here and it is a much easier environment to succeed in business. Plus, this way we get to live in a country that we love. Seems like a win-win to me.' Take a look here at the video: Internet applauds her leap of faith The comments on her videos reflect admiration and curiosity. 'This is so inspiring – you're truly living your best life,' wrote one user. Another commented, 'India has that effect on people. It's chaotic, but it teaches you what matters.' (Also read: 'More money in the US, but…': American woman's advice to people who think USA is better than India) A different viewer said, 'You made the right choice – life's too short to be average.' Someone else wrote, 'Watching this makes me want to reconsider everything I've been doing.' One follower added, 'The way you talk about India is beautiful – it makes me feel proud.' Another summed up the general mood by saying, 'Bold move, but clearly the right one for your family. Respect.'
Time of India
an hour ago
- Time of India
Infosys' Bengaluru, Chennai, Pune centres top April on-site attendance numbers
Infosys Ltd's development centres in Bengaluru, Chennai and Pune were its top three offices in on-site attendance in April, according to an internal memo to employees. The Bengaluru-headquartered software service exporter shared the April in-office attendance data at a recent all-hands meeting with its India employees. In-person attendance at Infosys' Nagpur, Indore and Gurgaon offices was the lowest, according to the data seen by ET. The move is seen as Infosys' effort to get more people back to its campuses. Infosys' Bengaluru, Chennai and Pune centres registered in-office attendance of 57%, 52% and 50%, respectively. Nagpur, Indore and Gurgaon followed with 46%, 41% and 32%, in that order. Bengaluru-headquartered Infosys has around 323,500 employees, with the majority based in India. It has been following the return-to-office policy since November 20, 2023, requiring employees to work from office for at least 10 days in a month. Live Events The company has made it compulsory for employees at job level (JL) 5 and below to punch in at the office 10 days a month. If employees fail to do so, 'system intervention' gets triggered, which means the employees concerned will have to get their unofficial absence approved by their managers, else those days get marked as 'leave'. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Employees at JL5 include team leaders while those below include software engineers, senior engineers, system engineers and consultants. JL6 and above include managers, senior managers, delivery managers and senior delivery managers, but exclude vice presidents. Tata Consultancy Services ( TCS ), India's biggest IT company and Infosys' rival, had introduced a five-day work-from-office policy in October 2023, which was linked to employees' variable pay. Wipro , Infosys' cross-city rival, introduced a hybrid work policy that required employees to work from the office for at least three days a week. For more than a year now, many top software services exporters have tightened their work-from-home facilities in a bid to boost office attendance. This was done in the wake of not just the rise in cyberattacks and moonlighting, but also to encourage the benefits of working in a shared physical space. In April last year, K Krithivasan, chief executive of TCS, had highlighted that return to the workplace created 'shared experiences, nurturing greater learning, collaboration and camaraderie'. At its quarterly results conference, the management said that almost 65% of TCS' associates were then attending office for 3-5 days a week, within a quarter of the policy's implementation. TCS and Infosys did not respond to requests for comment. Other top-tier Indian IT firms, including HCLTech, Wipro, Tech Mahindra and LTIMindtree , also did not respond. Salil Parekh-led Infosys further broke down the data as per segments and job levels. In terms of verticals, engineering IoT (internet of things) topped with 71% across job levels, followed by engineering medical with 55%, IoT with 53%, and engineering automobile with 30%. Employees at JL6 across verticals recorded attendance between 62% and 73%. The next best performers were at JL5. In its latest annual report, Infosys said its hybrid work model, built around people and their comfort, offers the flexibility of working from home and office, at locations closest to their homes. 'As part of this strategy, we have set up offices in Ahmedabad, Guwahati, Kolkata, Visakhapatnam, Noida, Hubballi, Indore, Navi Mumbai, Nagpur and Coimbatore in India over the last few years,' the report said.
