Latest news with #Rupee

Net financial savings may touch ₹22 lakh crore in FY25: SBI research report

The Hindu

a day ago

Business
The Hindu

Net financial savings may touch ₹22 lakh crore in FY25: SBI research report

State Bank of India (SBI) in its latest economic research report said that based on the current trends, net financial savings of the household sector may touch ₹22 lakh crore, or 6.5% of Gross National Disposable Income (GNDI), in the financial year 2024-25. The net financial savings during 2023-24 stood at 5.1% of GNDI, an increase from 4.9% in the previous fiscal. The report said the growing capital pool is crucial for funding government and corporate deficits and supporting macroeconomic stability. Referring to the dynamics of Reserve Bank of India (RBI) surplus, the report said the Central bank's efforts to contain the volatility of the Rupee was a major factor in determining its quantum. During fiscal 2024-25, the balance sheet of RBI expanded by 8.19%, which is less than the nominal GDP growth of 9.9%. 'An amount of ₹2.69 lakh crore surplus amount of RBI has been transferred to the government, which would enhance the fiscal space,' the report said. According to the report, the incidence of fraud cases had declined, but defraud amounts tripled to ₹36,014 crore. On the other hand, card and internet fraud volume decreased significantly from 29,802 in 2023-24 to 13,516 in 2024-25. "In summary, India's financial system stands at a crossroads, resilient and transformative," the report said.

Navratna PSU Engineers India shares rise 10% amid weak Indian Stock Market: Here Why?

Mint

2 days ago

Business
Mint

Navratna PSU Engineers India shares rise 10% amid weak Indian Stock Market: Here Why?

Stock Market Today: Navratna PSU Engineers India shares gained almost 10% amid weak Indian Stock Market when the sensex was down almost 0.3%. Here Why? Navratna PSU Engineers India reported strong performance for the quarer ending March 2025 where its reported standalone net profit at ₹ 243.23 crore in Q4FY25 saw a sharp 167.47% rise compared to ₹ 90.94 crore in in Q4 FY24 or March 2024 quarter. The same was helped by strong operating performance as EBITDA at around Rs. 336 crore in March 2025 quarter grew 163% compared to around Rs. 128 crore during the year ago quarter. Revenues from operations reported by Engineers Indai at ₹ 991.13 crore during the January - March 2025 quarter grew 25.42% from Rs. 790.27 crore in January to March 2024 quarter. For the fiscal year 2024–2025, a final dividend of ₹ 2/- (Rupee two only) per share (on the face value of `5/- apiece) is recommended for the Navratna PSU Engineers India's equity shares. At the following Annual General Meeting, shareholders must approve the final dividend. State-run engineering consultancy and project management firm and Navratna PSU Engineers India Ltd is considering taking on more projects in both the power generation and nuclear power segments as the Center seeks to expand baseload capacity by adding thermal and nuclear power plants in the nation, indicated its chairman and managing director (CMD), Vartika Shukla, adressing the reported on Thursday, as reported by Mint. Navratna PSU Engineers India shares opened at ₹ 222.20 on the BSE on Friday, more than 2% higher compared to the previous days closing price of ₹ 217.45. . The Navratna PSU Engineers India shares gained to intraday highs of ₹ 239, which thereby meant gains of almost 10% during the intraday trades despite weakness when Indian stock market was weakness in the Indian Stock Market and on a day when sensex was down around 0.3%. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Rupee settles 2 paise higher at 85.38 against US dollar

The Print

3 days ago

Business
The Print

Rupee settles 2 paise higher at 85.38 against US dollar

The rupee's outlook remains favorable due to improved economic conditions and foreign fund inflows, they said. Forex traders said rupee opened on a weak note on weak domestic markets and elevated crude oil prices. However, it recovered from lower levels as the US Dollar index softened in the latter half of the session. Mumbai, May 28 (PTI) The rupee consolidated in a narrow range and settled for the day higher by just 2 paise at 85.38 against the American currency in a volatile trade on Wednesday, amid a negative trend in domestic equities and elevated crude oil prices. At the interbank foreign exchange, the domestic unit opened at 85.59 and moved between an intraday high of 85.33 and a low of 85.72 against the greenback. The local unit ended the session at 85.38 against the dollar, higher by 2 paise from its previous close. On Tuesday, the rupee closed 30 paise lower at 85.40 against the greenback. 'The Indian rupee traded on a flat note on Wednesday. Rupee opened on a weak note on weak domestic markets and elevated crude oil prices. However, it recovered from the lower levels as the US Dollar index softened in the latter half of the session,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. Choudhary further noted that 'Month-end Dollar demand from importers may weigh on the rupee. However, the weak tone in the greenback may support the Rupee. USDINR spot price is expected to trade in a range of 85.10 to 85.70.' Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 99.68. Brent crude, the global oil benchmark, rose 1.39 per cent to USD 64.98 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex fell 239.31 points, or 0.29 per cent, to close at 81,312.32, while the Nifty declined 73.75 points, or 0.30 per cent, to 24,752.45. Foreign institutional investors (FIIs) purchased equities worth Rs 4,662.92 crore on a net basis on Wednesday, according to exchange data. On the domestic macroeconomic front, India's industrial production growth slowed to 2.7 per cent in April 2025 due to poor performance of manufacturing, mining and power sectors, according to official data released on Wednesday. PTI HVA DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Rupee to gain support from a weaker Dollar Index and strong FPI inflows: Report

India Gazette

5 days ago

Business
India Gazette

Rupee to gain support from a weaker Dollar Index and strong FPI inflows: Report

New Delhi [India] May 27 (ANI): Buoyed by a weaker US dollar index (DXY) and expectations of strong foreign portfolio investment (FPI) inflows, the Indian rupee is likely to get support in the coming days, says a report by Union Bank of India (UBI). These factors could provide a cushion for the rupee amid global uncertainties and volatile oil prices. 'Rupee to gain support from a weaker DXY and anticipated strong FPI inflows,' the report added. The report observes that the Indian Rupee is becoming more stable as most domestic issues have now settled, and signs of improvement in global conditions are visible. However, the report adds that any fresh escalation in cross-border tensions or enhanced trade tariff issues could weigh negatively on rupee sentiment. The Rupee briefly breaks out of a recent consolidation phase as significant FPI outflows hit, despite a subdued Dollar index. The levels break the Rs 86.00/USD handle after 11th April. However, the move reversed quickly before the RBI's expected robust dividend announcement, which supported sentiment around the local currency, leading to an appreciation of 0.34 per cent this week. The U.S. Dollar Index, currently trading below the 99.00 level, continues to act as a tailwind for the Indian rupee, helping it stay supported in the near term. Positive sentiment has been boosted by the possibility of a temporary trade deal between India and the US, which could be announced before July 8. As part of the deal, India is reportedly trying to get full relief from the 26 per cent additional tariff on its exports to the US. If both the US and India agree to the deal, it will have a positive impact on the Rupee. The trade deal will help the Rupee to consolidate at around the current levels. Steady demand for dollars from big importers and oil companies continues to limit any sharp gains for the rupee. From a technical perspective, the USD/INR exchange rate is expected to trade sideways for now. Support for the Rupee is seen at around Rs 84.80 per dollar and if it falls below that, it could go down further to Rs 84.45, as per the report. On the other hand, resistance is expected near Rs 85.90, and if the dollar breaks above this, it could rise to Rs 86.80. Going forward, the report says that there are two main risks that could impact the Rupee. First is the anticipation of a sharp rise in the US dollar index (DXY) and second, any new trade or border tensions, which could hurt investor confidence. (ANI)

United News of India