Latest news with #MrigankDhaniwala
Mint
23-05-2025
- Business
- Mint
Rupee to receive early lift from Asian peers; traders doubt follow through
MUMBAI, May 23 (Reuters) - The Indian rupee may find brief support at the open on Friday, buoyed by strength in Asian peers, although scepticism persists about the durability of the initial up move. The 1-month non-deliverable forward indicated a open in the 85.94 to 85.96 range versus 86.0025 in the previous session. The rupee is on track for its third straight weekly decline, having dropped more than 1.5% this month — making it one of the worst performers in the Asian FX space. In contrast, the offshore Chinese yuan has advanced 1% this month, the Korean won is up nearly 4%, while the Indonesian rupiah and Thai baht have each added around 2%. The rupee's underperformance has been largely attributed to immediate dollar outflows, hedging and the unwinding of long rupee positions. Notably, the currency has closed at its intraday low for the past three sessions, reflecting the persistent downside pressure. 'The rupee's recent behaviour has been unusual, to say the least. Like me, I'm sure most didn't expect to see 86 this quickly,' a Mumbai-based currency trader at a local bank remarked. Traders are sceptical that Friday's opening dip in USD/INR will hold, given the recent tendency for dips to fade. "Today, the odds are stacked against the opening move lower sustaining, considering the lack of staying power seen in recent dips," the trader said. Asian currencies were up on Friday, extending their weekly advance. The rise in U.S. Treasury yields on the back of fiscal concerns has not had an impact on Asian currencies, Expectation of trade and FX deals with the U.S was likely fuelling the move higher in Asian currencies, MUFG Bank said in a note. Whether this divergence can continue will likely be determined by future trajectory of tariffs and whether the extent of rise in U.S. yields constrain growth and risk sentiment, it said. ** One-month non-deliverable rupee forward at 86.10; onshore one-month forward premium at 14 paise ** Dollar index down at 99.64 ** Brent crude futures down 0.8% at $63.9 per barrel ** Ten-year U.S. note yield at 4.52% ** As per NSDL data, foreign investors bought a net $265.6 mln worth of Indian shares on May 21 ** NSDL data shows foreign investors bought a net $6.2 mln worth of Indian bonds on May 21 (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)
Yahoo
07-05-2025
- Automotive
- Yahoo
HK-listed Geely eyes privatisation of Chinese unit ZEEKR
(Reuters) -Hong Kong-listed Geely Automobile Holdings said on Wednesday it is looking to privatise its Chinese automaker unit ZEEKR, proposing to value the unit at US$2.566 per ZEEKR share or $25.66 per American Depository Share. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank Dhaniwala)
Business of Fashion
02-05-2025
- Business
- Business of Fashion
Unilever to Shutter Ren Skincare Business
Unilever on Thursday said that it was taking steps to close its skincare business Ren, citing internal challenges that were made worse by market conditions and 'left the brand unable to sustain success in the long term.' The consumer goods company, which makes Dove soap and Vaseline, said there was no fixed date for the closure of Ren, but it expects the brand to stop trading by the end of the third quarter this year. By Pushkala Aripaka; Edited by Mrigank Dhaniwala Learn more: Unilever Sales Rise 3% on Demand For Premium Products The European consumer goods giant beat expectations in its first-quarter earnings, citing strong demand and successful price increases.
Mint
30-04-2025
- Business
- Mint
Indian bond yields edge higher as traders book profits
MUMBAI, April 30 (Reuters) - Indian government bond yields rose in early deals on Wednesday, with traders paring positions to book profits before the sale of a new 10-year bond on Friday. The benchmark 10-year yield was at 6.3573% as of 10:35 a.m. IST, compared with the previous close of 6.3419%. The Indian bond market will be shut on Thursday due to a local holiday. 'As expected, we are seeing some consolidation in the benchmark at around 6.34%-6.35% levels, and we do not expect any major moves ahead of the holiday, with action shifting to Friday when a new 10-year bond would be sold,' a trader with a primary dealership said. The Reserve Bank of India will sell a new 10-year bond on Friday, which is likely to attract strong bidding interest, traders said. Investors have largely been selling bonds to make room for the new 10-year benchmark paper, they said. The Reserve Bank of India is set to purchase government bonds worth up to 1.25 trillion rupees ($14.7 billion) through four tranches in the next three weeks. Overall market sentiment has been upbeat since the Reserve Bank of India announced a larger-than-expected bond purchase plan for May. The current demand-supply dynamics in the domestic bond market favour a downward trend in yields, traders said. The central bank's bond purchase plan and upcoming bond redemptions have pushed net debt supply in the April-to-June quarter to nearly nil. India's overnight index swap rates were steady even as U.S. Treasury yields dropped on Tuesday, as profit booking in the domestic market offset the receiving bias. The 5-year swap rate, which is more sensitive to U.S. Treasuries, continued to decline while the shorter tenor swaps held pat. The one-year OIS rate was flat at 5.67%, the two-year OIS rate was little changed at 5.52%, while the five-year OIS rate declined 2 basis points to 5.63%. ($1 = 85.1250 Indian rupees) (Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala) First Published: 30 Apr 2025, 10:40 AM IST
The Star
22-04-2025
- Business
- The Star
India's Airtel to buy 5G spectrum from Adani
(Reuters) -Indian telecom operator Bharti Airtel will buy 5G telecom spectrum from a unit of Adani Enterprises, the company said on Tuesday. Airtel and its unit Bharti Hexacom have signed agreements with Adani Data Networks to acquire rights to use 400 MHz of high-frequency spectrum across six circles including Gujarat, Mumbai and Andhra Pradesh. The companies did not disclose the financial details of the deal. Airtel is focussed on expanding its 5G network and user base. Its 5G user base stood at about 120 million at the end of December against its total user base of 414 million. (Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)
