Indian Rupee Nears Record Low as Trump's Tariff Threatens Growth
The currency fell as much as 0.4% to 87.7375 per dollar in early Mumbai trading, approaching the all-time low of 87.9563 reached in February. Equities also declined, with the NSE Nifty 50 Index falling as much as 0.9%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Crypto's $10 Billion Shakeout: Why Bitcoin's Rally Just Hit a Wall
Bitcoin (BTC-USD) extended its slide for a fifth straight session, dipping as much as 2.2% to $113,979 its lowest level in nearly a month as investor enthusiasm continues to cool following July's all-time high. That peak, which saw Bitcoin touch $123,200 just before President Donald Trump signed the country's first crypto regulatory framework into law, now feels like a distant memory. Ether also retreated sharply, falling 4.5% to $3,567, while the broader digital asset market gave back some of its recent gains after briefly crossing a $4 trillion market cap milestone last month. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The rally had been fueled by blockbuster ETF flows Bitcoin products attracted $6 billion in net inflows in July (third-best on record), while Ether ETFs brought in $5.4 billion, marking their strongest month yet. But momentum is showing signs of fatigue. Bitcoin's Coinbase premium a real-time measure of US investor appetite flipped negative this week for the first time in two months, according to CryptoQuant. Futures open interest on CME has dropped 13% for Bitcoin and 21% for Ether from their July peaks. These shifts suggest that institutions could be taking a more cautious stance as Q3 gets underway. Traders appear to be repositioning quickly. Over $800 million in leveraged long positions were liquidated in the past 24 hours alone including $251 million tied to Ether and $200 million to Bitcoin, based on Coinglass data. At the same time, downside protection is gaining traction. Nick Forster, founder of noted that Bitcoin's 30-day options skew has swung from +3% to -1.5%, pointing to rising demand for puts over calls. Roughly $10 billion in BTC was sold OTC on July 15, triggering a 4% price dip, he added. Miners also sold off about 15,000 BTC after the record high. Meanwhile, Coinbase (NASDAQ:COIN) shares fell as much as 17% after Q2 revenue came in below estimates, underscoring a broader pullback in retail and institutional engagement alike. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
Wall Street Circles Starbucks as China Deal Heats Up--Tech Giants and PE Titans in Bidding War
Starbucks (NASDAQ:SBUX) is quietly making moves in Chinaand Wall Street's watching. The coffee giant has invited a dozen heavyweight investors, including Carlyle, KKR (NYSE:KKR), EQT, and tech majors (NASDAQ:JD) and Tencent (TCEHY), into the next phase of bidding for a stake in its China operations. According to people familiar with the matter, these shortlisted parties are now reviewing financials and preparing formal proposals. Starbucks CEO Brian Niccol emphasized this isn't about raising capital. What this is about, he told analysts, is how do we ensure that the Starbucks brand is in a much better place in the future. Starbucks plans to retain a meaningful stake and is not looking to fully exit. The stakes are high. China is Starbucks' second-biggest marketbut it's also one of the most competitive. Local rival Luckin Coffee has surged ahead with cheaper drinks, faster innovation, and aggressive expansion. To stay relevant, Starbucks has started adapting its menu with more affordable fruit teas and sugar-free options. And early signs suggest it's working: same-store sales in China turned positive last quarter for the first time since late 2023. A local partner with tech and consumer insight could help Starbucks move faster, optimize supply chains, and deepen its mobile platform strategy in a market that increasingly rewards speed and price. This process has drawn interest from over 20 potential backers, though only a dozen have made it to this second round. Starbucks isn't seeking a full salebut it is exploring how to tap deeper into China's fast-evolving consumer landscape. While no deal is guaranteed, more players could enter later stages as discussions evolve. With long-term ambitions to grow its China store count from roughly 7,800 to 20,000, the right strategic partner could be a pivotal lever for Starbucks' next act in Asia. This article first appeared on GuruFocus.
Yahoo
17 minutes ago
- Yahoo
S&P 500 sinks 1.6%, its worst drop since May, following surprisingly weak hiring numbers and Trump's tariff rollout
NEW YORK (AP) — S&P 500 sinks 1.6%, its worst drop since May, following surprisingly weak hiring numbers and Trump's tariff rollout. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
