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The Indian rupee (INR) plunged to near its all-time weakest level on Monday, weighed down by sustained foreign portfolio investor (FPI) outflows and strong corporate demand for US dollars. The INR settled at 88.76 against the US dollar, just shy of last week's all-time low of 88.7975 against the greenback. The Indian currency opened slightly higher, but steadily weakened throughout the trading session. India's public sector banks intervened with dollar sales, likely under the guidance of the Re ...Read More >
The dip marks a reversal from last week. Reserves had risen by $4.698 billion to $702.966 billion in the week ended Sept 12. India's foreign exchange reserves fell by $396 million to $702.57 billion for the week ended September 19, according to Reserve Bank of India (RBI) data released on Friday. In the previous week, reserves had risen by $4.698 billion to $702.966 billion. Foreign currency assets, the largest component of the reserves, declined by $864 million to $586.15 billion. The figure ...Read More >
Mumbai Flood Alert: Relentless rains continued in Mumbai on Monday, causing widespread waterlogging and traffic disruption. The India Meteorological Department (IMD) issued a red alert for the city and nearby Thane and Raigad districts, forecasting extremely heavy rainfall at isolated places. The IMD also placed Ratnagiri under red alert and Sindhudurg under orange alert, urging residents to avoid non-essential travel until the rains subside on Tuesday. (PTI photo) ...Read More >
India Surpasses China, Israel: A record 125 foreign-born billionaires now live in the United States, hailing from 43 countries. According to the latest Forbes report, India has overtaken China and Israel as the leading country of origin for these self-made fortunes, with 12 billionaire immigrants. China and Israel now tie at 11 each. India's latest additions to the list include tech giants like Sundar Pichai and Satya Nadella, signalling the nation's growing influence in US corporate leadership. ...Read More >
WeWork India's public issue is back on track. The Securities and Exchange Board of India (SEBI) has removed the coworking major's draft IPO papers from its abeyance list and is now actively re-evaluating the company's DRHP, according to an update on SEBI's website. This development comes more than three months after the regulator had put the listing bid on hold. In SEBI parlance, keeping a DRHP "in abeyance" typically signals a pause pending further clarification, investigation, or regulatory a ...Read More >
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