INR gains on the back of strong capital inflows
The Indian rupee rose 9 paise to close at 85.57 (provisional) against the US dollar on the back of strong foreign capital inflows. Foreign institutional investors (FIIs) had purchased equities worth Rs 1,992.87 crore on a net basis on Monday, according to exchange data. Mixed sentiment in the domestic equity markets, a rise in global crude oil prices, and a stronger US dollar against major currencies however, capped further gains in the local unit. Indian shares fluctuated before ending little changed on Tuesday as investors waited for more details to emerge from the second day of ongoing U.S.-China trade negotiations in London. The benchmark 30-share BSE Sensex moved in a thin range before ending the session down 53.49 points at 82,391.72. The broader NSE Nifty index finished marginally higher at 25,104.25. On the NSE, USDINR futures ended marginally lower at 85.63.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
‘Resume direct flights, reduce hotel tariffs to revive tourism in Kashmir'
Srinagar: The travel trade industry has appealed to airlines to resume flights to Srinagar that were discontinued after the Pahalgam terror attack on April 22 so that tourism in Kashmir can revive. Tired of too many ads? go ad free now While all flights to Srinagar, Jammu and over two dozen other areas were suspended in May, as India conducted air strikes against terror hubs in Pakistan, some services including direct flights from Kolkata to Srinagar by IndiGo Airlines and Air India Express have not resumed after hostilities ceased on May 10. IndiGo has indicated that it will resume the direct flight from June 16. Last month, TOI wrote about the 'Chalo Kashmir' campaign, a strong community-tourism industry connect initiative launched by the Travel Agents' Association of India (TAAI), which handles around 4 lakh tourists from Kolkata in a year, around 40,000 of whom travel to Kashmir. Taking the campaign forward, TAAI started a new campaign called Rally for Valley to boost tourism in Kashmir. "We are in talks with the Union govt as well as airlines and hotel bodies to put a cap on tariffs that can help us shape attractive packages for tourists," said TAAI president Sunil Kumar. "As for safety, we are visiting the valley with our families. Tourists have nothing to fear. People here are among the most hospitable. This is the best time to visit the Valley," he added. Over 15 lakh tourists visited Kashmir last year. The Valley was packed with tourists again this year before the terror attack triggered mass cancellations. The downturn in tourists has hit Kashmiris hard. "In April, we were charging Rs 5,000 for a round trip to Pahalgam from Srinagar. Now we are taking tourists even for Rs 3,000," said Md Rouf, a driver. Restaurants like Lazeez, which had to turn down guests two months back, are now giving special offers to fill tables. Tired of too many ads? go ad free now "Very few rooms have been booked across several hotels. Had it not been for the terror attacks, these hotels would have been packed. These hotels should take a Covid-time-like approach and cut down on tariffs. We have set ourselves a target until Sept this year by when we intend to revive tourism back in Kashmir," said TAAI chairman (east) Anjani Dhanuka. The newly inaugurated Vande Bharat Express, travelling through the landmark Chenab Bridge, is also being promoted as a game changer. "Kolkata will host the first roadshow promoting Kashmir as a safe destination. We are also regularly updating our social media handles with snippets and current activities in popular destinations in Srinagar, Pahalgam, Jammu, Gulmarg, Sonmarg, and other places to encourage tourists from Kolkata," said Manav Soni, TAAI national committee member.
Time of India
35 minutes ago
- Time of India
Relief for Gali: HC suspends conviction, grants him bail in illegal mining case
Hyderabad: Telangana high court Wednesday suspended both the conviction and sentence of Karnataka former minister and mining baron Gali Janardhan Reddy in an illegal mining case while also giving him bail, an order that would save Gali's position as an MLA. Following the conviction and seven-year sentence imposed by a special CBI court, Gali stood disqualified as an MLA and the election authorities would have held a bypoll soon for his seat (Gangavathi). Agreeing with the arguments of the legislator's lawyer, senior counsel S Nagamuthun, that damages from the conviction were irreversible, Justice K Lakshman also ordered his release from jail with certain conditions. Gali was told not to leave the country or commit unlawful acts anywhere and to furnish two sureties worth Rs 10 lakh. He has already served half of the seven-year sentence while being a remand prisoner. Along with Gali, three other individuals – BV Srinivas Reddy (Obulapuram Mining Company MD), VD Rajagopal (former director, AP mines and geology department) and Mehfuz Ali Khan (PA to Gali) – and one entity, the company OMC, were convicted by the special CBI court last month. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Amazon's Hottest Selling Hearing Aid Is Back On Sale Oricle Hearing Aid Learn More Undo On Tuesday, apart from Gali, Justice Lakshman stayed the conviction of the entity OMC. The judge also granted bail to the other three with the same conditions. The criminal appeals of these three against their conviction will be heard on Aug 11. Srilakshmi issue to be heard on June 19 The judge also sought a counter from the CBI in the criminal revision plea filed by senior IAS officer and former AP industries secretary Y Srilakshmi and posted her case to June 19. The HC had earlier discharged her from the case but the CBI had appealed in the Supreme Court, which directed the HC to hear the CBI version also before arriving at a conclusion. On Tuesday, senior counsel P Venugopal, appearing for Srilakshmi, said she has an apprehension about Justice Lakshman hearing her revision plea in view of last year's judgment delivered by him where he had refused to quash the case against her. When CBI counsel Srinivas Kapatia sought a week's time to file their counter, the judge reminded him that the CBI could not dodge filing a counter now, saying, "You complained to the apex court about the HC not hearing your version. But here you have not filed your counter despite a three-month deadline fixed by the Supreme Court asking the HC to decide the issue." Srilakshmi had succeeded Kripanandam as industries secretary. The special court, while convicting Gali and the others, had acquitted Kripanandam as well as then industry minister Sabitha Indra Reddy in the illegal mining case.
India Gazette
an hour ago
- India Gazette
Centre reduces basic custom duty on major imported crude edible oils from 20% to 10%
New Delhi [India], June 11 (ANI): The central government on Wednesday reduced Basic Custom duty (BCD) on major imported crude edible oils from 20 per cent to 10 per cent. The Ministry of Consumer Affairs, Food and Public Distribution said in a release that the Centre has reduced the Basic Customs Duty on crude edible oils - crude sunflower, soybean, and palm oils - has been reduced from 20% to 10% resulting in the import duty differential between crude and refined edible oils from 8.75% to 19.25%. This adjustment aims to address the escalating edible oil prices resulting from the September 2024 duty hike and concurrent increases in international market prices. An advisory has been issued to edible oil associations and industry stakeholders to ensure that the full benefit of the reduced duty is passed on to consumers, the release said. It said 19.25 % duty differential between crude and refined oils will help to encourage domestic refining capacity utilization and reduce imports of refined oils. By lowering the import duty on crude oils, the government aims to reduce the landed cost and retail prices of edible oils, providing relief to consumers and helping to cool overall inflation. The reduced duty will also encourage domestic refining and maintain fair compensation for farmers. The revised duty structure will discourage the import of refined palmolein and redirect demand towards crude edible oils especially crude palm oil, thereby strengthening and revitalizing the domestic refining sector. 'This significant policy intervention not only ensures a level playing field for domestic refiners but also contributes to the stabilization of edible oil prices for Indian consumers,' a release said. A meeting with leading Edible Oil Industry Associations and industry was held under the Chairmanship of Secretary, Department of Food and Public Distribution, and advisory was issued to them to pass on the benefits from this duty reduction on to consumers. Industry stakeholders are expected to adjust the Price to Distributors (PTD) and the Maximum Retail Price (MRP) in accordance with the lower landed costs with immediate effect. The Associations have been requested to advise their members to implement immediate price reductions and share the updated brand-wise MRP sheets with the Department on a weekly basis. DFPD shared the format with edible oil industry for sharing the reduced MRP and PTD data. 'The timely transmission of this benefit to the supply chain is imperative to ensure that consumers experience a corresponding decrease in retail prices,' the release said. This decision comes after a detailed review of the sharp rise in edible oil prices following last year's duty hike. The increase led to significant inflationary pressure on consumers, with retail edible oil prices soaring and contributing to rising food inflation. (ANI)
