Rupee falls 10 paise to close at 87.57 against U.S. dollar
Forex traders said the rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows.
Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the U.S.
At the interbank foreign exchange, the domestic unit opened at 87.48 and moved in a range of 87.39 to 87.67 during the day before settling at 87.57 (provisional), lower by 10 paise from its previous close.
On Wednesday (August 13, 2025), the rupee appreciated 16 paise to close at 87.47 against the US dollar.
According to forex traders, investors are in a wait-and-watch mode ahead of the U.S.-Russia talks on August 15.
Meanwhile, Brent crude prices rose 0.49% to $65.95 per barrel in futures trade as it regained ground after falling much more in the previous session, with the upcoming U.S.-Russia talks raising risk premiums in the market.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02% to 97.82.
In the domestic equity market, Sensex climbed 57.75 points to settle at 80,597.66, while the Nifty closed 11.95 points up at 24,631.30.
Foreign Institutional Investors offloaded equities worth ₹3,644.43 crore on Wednesday (August 13, 2025), according to exchange data.
On the domestic macroeconomic front, S&P on Thursday (August 13, 2025) upgraded India's sovereign credit rating to 'BBB' with a stable outlook after a gap of nearly 19 years, citing robust economic growth, political commitment for fiscal consolidation and 'conducive' monetary policy to check inflation.
The impact of US tariffs on the Indian economy will be 'manageable', S&P said, adding that a 50% tariff on U.S. exports (if imposed) will not pose a 'material drag' on growth.
'India is relatively less reliant on trade and about 60% of its economic growth stems from domestic consumption,' it said.
The rating upgrade by a U.S.-based agency comes days after American President Donald Trump dubbed India as a 'dead economy'. Mr. Trump has imposed the highest 50% tariff on Indian goods with effect from August 27.
Also, the rating upgrade will help lower borrowing cost of Indian companies in international markets.
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The Hindu
28 minutes ago
- The Hindu
Chilling past, warm present
On August 15, U.S President Donald Trump and Russian leader Vladimir Putin concluded a historic summit in Alaska. After friendly greetings and two-and-a-half-hour-long talks at Joint Base Elmendorf-Richardson in Anchorage, they left without announcing any deal, but claimed to have made progress on many issues. The selection of Alaska as the backdrop for this summit, the first since Russia's invasion of Ukraine, was significant in more than one manner. Alaska was under Russian control for 125 years before being sold to the U.S. in 1867. Alaska is separated from Russia by a distance of 88 km, while the Russian Island of Big Diomede is located just 4 km from the U.S. Little Diomede Island, with the Bering strait separating the two. Also read: Trump-Putin Alaska Summit Highlights Alaska has been populated by Indigenous peoples, including the Athabaskans, Unangan (Aleuts), Inuit, Yupiit (Yupik), Tlingit, and Haida, for centuries. In the early 18th century, Danish explorer Vitus Bering was pressed into service by Russian Tsar Peter the Great to explore the regions to the east of Russia's border. In 1728, Bering sailed through the strait separating the Russian mainland and North America (the strait is now named after him). During his second voyage in 1741, Bering spotted the peak of Mount St. Elias, part of an Alaskan mountain range, from his ship St. Peter. His 'discovery' of Alaska was confirmed later during the voyage of Englishman Captain James Cook, who mapped the area in 1778. Trading outposts Russian traders — the Promyshlenniki — soon set up outposts in Alaska, interested in seal-hunting and otter fur trade. The first Russian colony was set up in 1784 on Kodiak island at Three Saints Bay. In 1799, Tsar Paul I established the Russian American company, and in 1806, their capital was moved from Kodiak to Sitka. The Russians had to contend with opposition from the Alaskan natives, including an armed battle in Sitka in 1804 between Tlingit and Russian forces. British and later American trade interest in the region was also a challenge to the growth of 'Russian America'. Over decades, overexploitation of seals and sea otters in Alaska meant that their populations shrank, gutting profitability for Russian traders. Further, Russia was defeated by the British in the Crimean war (1853-1856). Viewing Alaska as a hard-to-defend territory which was also becoming economically untenable, Tsar Alexander II decided to give it up. Despite British interest, the U.S. emerged triumphant in its bid for Alaska in 1867. Russia sold the parcel of land, measured 665,000 sq. miles, to the U.S for $7.2 million, in a deal brokered by U.S. Secretary of State William Henry Seward. The deal, dubbed as 'Seward's Folly', was widely criticised, since Alaska was viewed as a barren frozen wasteland. The subsequent discovery of natural gas reserves and rare earth minerals, however, changed the public perception. In 1896, gold was found in Yukon and prospectors arrived to seek their fortunes in the Klondike gold fields. In 1959, Alaska officially became the 49th State of the U.S. Traces of its Russian past persist in Alaska till day. Several Orthodox churches, with characteristic ornate decor and onion-shaped domes, dot the region. The Orthodox diocese in Alaska is reportedly the oldest in North America, and it maintains a seminary on Kodiak island, the site of the first Russian settlement. Local dialects, now fast-vanishing, arose from a melange of Russian and local indigenous language, and persisted in regions surrounding Anchorage. Russian, too, is taught in some areas, such as the Kenai peninsula. Alaska is also a strategically important region. Joint Base Elmendorf-Richardson, the site of Friday's summit, was a forward front of American defence during the Cold War. Given the region's imperial Russian past, it was hardly a surprise that Anchorage was picked as the venue for the Putin-Trump meet — an American town acceptable for the Russians. When Mr. Putin met Mr. Trump on the tarmac of the joint base, he greeted him, saying, 'Good afternoon, dear neighbour.'
Hindustan Times
an hour ago
- Hindustan Times
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The London Stock Exchange overhauled the ceremony for welcoming new companies to its ranks last year, adding confetti cannons, slick videos and cinematic music. It has mostly been used for such events as product launches and anniversaries. So far this year, according to Dealogic, six companies have gone public in the U.K., raising $208 million, the lowest level in three decades of data. It isn't much better across the English Channel, despite surging stock markets. Initial public offerings in continental Europe have nearly halved in value compared with last year. Fundraising in the U.S., meanwhile, has jumped 38% to around $40 billion, while IPOs more than doubled in value in Hong Kong after a fallow patch. Tech stars such as the Swedish 'buy now, pay later' company Klarna and the British chip designer Arm are eschewing local markets to list in New York. And stock-market heavyweights are disappearing, either bought out by American companies or moving their listings stateside, where business is growing faster. Examples are Wise, the British payments company, and the sports-betting company Flutter Entertainment. 'For the Europeans who are responsible for the future, this is a material wake-up call,' said Stéphane Boujnah, chief executive officer of Euronext, which owns seven stock exchanges in the region. Europe doesn't want to 'be just a zone between America and Asia,' he added. Amsterdam and London pioneered the creation of public stock trading centuries ago, raising money for ship voyages to Asia, Africa and the Caribbean that forged Europe's colonial empires. Now, Europe's stock markets face a crisis of inactivity. Not only are listing volumes moribund—exchanges are shrinking too. Hastened by a global shift toward greater private ownership of businesses, the number of listings in London has fallen by a fifth in five years, to about 1,600. London's total market value stands at about $5 trillion, while Nvidia alone is worth $4.4 trillion. The exodus looks likely to continue. Next year Wise and the machinery specialist Ashtead are set to move their main listings to the U.S. from the LSE, which is part of the broader London Stock Exchange Group. Speculation has swirled that AstraZeneca—the largest company in the FTSE 100—could do the same. In a recent interview in New York, CEO Pascal Soriot declined to comment on whether he is considering moving the listing. 'We are very committed to the U.K.,' he said. 'But the reality is, over time, the investments are moving to the U.S.' AstraZeneca recently pledged to invest $50 billion in the U.S. by 2030. European leaders see the withering of these historic exchanges as an emergency—and one of the culprits behind Europe's economic stagnation, low productivity, and the widening wealth gap between its citizens and Americans. 'The wealth creation will happen to Texas teachers and California public-sector employees, not to European pensioners,' said Stephan Leithner, CEO of Deutsche Börse, operator of the Frankfurt Stock Exchange. Politicians fear the continent's inability to finance and keep exciting companies entrenches American domination over financial markets and reduces Europe's strategic autonomy. President Trump's 'America First' stance has added to the sense of urgency. A lack of investment hurts European businesses, and starts long before they go public. Startups struggle to get access to venture-capital funding, and many leave for Silicon Valley or New York. Those who stay in Europe often get investment from American firms, which then want them to go public in the U.S. or shift operations there. Some companies that make the leap have become more American over time simply because their U.S. businesses grew so fast. New listings are in the doldrums as other corners of European finance, such as the debt markets, shine. Trans-Atlantic dealmaking—one reason for Europe's shrinking stock market—is generating big paydays for selling shareholders and advisers, as U.S. acquirers hunt for bargains. Europe's problem isn't a shortage of money, but an underdeveloped and risk-averse system for investing it. European Union households save more than Americans, but their wealth has grown by a third as much since 2009, according to a 2024 paper by former Italian Prime Minister Mario Draghi on Europe's lack of competitiveness. Europeans hold $12 trillion of their savings, or about 70%, in bank accounts that typically have low yields, according to the European Commission. Unlike in the U.S., which cultivated widespread stock ownership through 401(k)s, they often rely on state pensions, paid out through government budgets, in retirement. Private pension systems—in places such as the U.K., the Netherlands and Denmark—invest mostly in supersafe assets including government bonds, or U.S.-focused global stock funds. Defense-spending pledges and aging populations are straining government budgets. Channeling more savings into high-returning investments would alleviate the pressure. Executives complain that tepid domestic investment results in lower stock valuations. The French oil producer TotalEnergies, its U.K. rival Shell and the mining company Glencore have in recent years raised the possibility of moving their listings, citing valuation gaps with U.S. peers, though none have made the jump. S&P 500 constituents have a forward price/earnings ratio of 22, compared with 13 for the FTSE 100 and 15 for Germany's DAX. Some Europeans argue that the premium on U.S. stocks is illusory, noting that groups such as the plumbing-supplies company Ferguson Enterprises failed to close the discount to American rivals after moving their primary listings to New York. Only three of the 20 U.K. companies that opted for a New York debut in the past decade have seen market value increase, while half have delisted, according to the LSE. Higher pay for U.S. executives is another draw. Peter Jackson, the chief executive of Flutter, which owns the betting platform FanDuel, nearly tripled his compensation after the gambling company moved its main stock listing to New York last year from London. European leaders have tried to reverse the tide, but with little to show so far. The U.K. has moved to deregulate, including by loosening restrictions on supervoting shares favored by tech founders. The government is launching a 'concierge service' to court businesses and backed an advertising campaign to encourage more retail investing. Speaking at a recent investment conference in London, Julia Hoggett, the CEO of the London Stock Exchange, urged attendees to be more confident. 'If we keep talking ourselves down…then we shouldn't be surprised of the consequences,' Hoggett said. The EU, meanwhile, has revived the painstaking work of knitting together its 27 members' capital markets. The project is already a decade and more than 55 regulatory proposals old. Deutsche Börse's Leithner was part of a working group that ended in a list of technical problems, such as tackling differences in national bankruptcy approaches. 'We need to make the leap from talking about technicalities to fundamental change,' said Leithner. 'If this doesn't happen, it will be a major shame. It would be almost a crime on the younger generation.' Write to Chelsey Dulaney at and Joe Wallace at America's Stock-Market Dominance Is an Emergency for Europe America's Stock-Market Dominance Is an Emergency for Europe
Hindustan Times
an hour ago
- Hindustan Times
No Ukraine Cease-Fire From Putin
President Trump tried to put the best spin he could Friday on his summit with Vladimir Putin in Alaska, and the mutual pleasantries were effusive. But the substantive news from the meeting seems to be that Mr. Putin refuses to end his war in Ukraine, and he won't even agree to a temporary cease-fire. The killing that Mr. Trump rightly abhors will apparently continue. Mr. Trump was full of praise for Mr. Putin and said the two 'made some great progress today,' though 'we didn't get there' to an agreement. He offered no details about the 'progress' and announced no end to hostilities. He said they agreed on many things but not on the biggest areas, which presumably means a cease-fire and any compromises on Mr. Putin's war aims. There will be some cautionary relief in Europe that Mr. Trump didn't announce a deal with Mr. Putin that he would present to them as a fait accompli. Instead Mr. Trump said he would call European allies and Ukraine's Volodymyr Zelensky to brief them on what happened in Alaska. There's no deal, he said, until there's a final deal, which suggests he is at least listening to what Ukraine needs to feel secure if an armistice is reached. Mr. Putin for his part gave nothing away on Ukraine. He offered his familiar line that the 'root causes' of the war must be addressed before it can end. By this he means blaming Ukraine for wanting to determine its own future as part of the European Union with security help from NATO countries. It was notable that Mr. Putin spent most of his soliloquy in front of the press flattering Mr. Trump, endorsing the U.S. President's view that the war would never have happened if Mr. Trump had been in office in 2022, and extolling the possibilities for U.S.-Russia business ties. With his economy struggling, Mr. Putin wants financial relief. In that sense the Russian achieved one of his major goals from the summit, which is the start of his rehabilitation as a world leader. The summit ended his isolation from the West, and he gave up nothing for it. He also appears to have gained more time to continue bombing Ukrainian cities and slowly taking more territory. It isn't clear what Mr. Trump gained. He had told the press that he would be angry if no cease-fire emerged from the parley, but Mr. Trump showed no pique afterward. Perhaps there was some quiet concession Mr. Trump will take back to Ukraine, and if so we will know that soon enough. If there was nothing but niceties and a Putin stonewall, then Mr. Trump will have to decide if he will follow through on the red lines he has drawn. On Wednesday he had promised 'very severe consequences' if Mr. Putin didn't agree to end the war. Will he now move to impose sanctions on such buyers of Russian oil as China and Turkey as he has India? Or will he agree to a second summit, as Mr. Putin seems to want, in hope that next time will be different? Mr. Trump's desire to be a peacemaker is laudable, but in Vladimir Putin he is dealing with a hard man who has his eyes fixed on conquering Ukraine sooner or later. Mr. Putin will only bend from that goal if he sees a unified West determined to deny him that victory and willing to impose severe costs if he continues his march of death in Ukraine.
