- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
RBGPF | 4.79% | 63.86 | $ | |
CMSC | 0.2% | 24.77 | $ | |
JRI | -1.03% | 13.53 | $ | |
RYCEF | -1.73% | 6.93 | $ | |
SCS | -1.43% | 13.3 | $ | |
BCC | -0.03% | 140.94 | $ | |
BCE | 0.07% | 34.825 | $ | |
RELX | 0.19% | 47.55 | $ | |
NGG | 0.59% | 70.08 | $ | |
CMSD | 0.36% | 24.87 | $ | |
RIO | -0.06% | 71.13 | $ | |
VOD | -0.75% | 9.945 | $ | |
AZN | 1.01% | 78.705 | $ | |
GSK | -1.14% | 40.42 | $ | |
BTI | -0.44% | 36.42 | $ | |
BP | 2.22% | 32.102 | $ |
Indian rupee falls to new low on Fed action, inflation fears
The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks.
Rising oil prices and a strengthening US dollar have weighed heavy on the rupee with a surprise rate hike by the Reserve Bank of India (RBI) last week doing little to stem capital outflows.
The rupee fell past its previous record low of 76.98 against the US dollar in March to 77.56 on Monday.
The fall came as Indian stocks on the benchmark Sensex and Nifty50 indices extended losses for a fourth day, falling more than one percent each on Monday before recovering ground later in the day.
Banks, metals and oil and gas stocks declined the most, with market heavyweight, the conglomerate Reliance, losing more than 3.0 percent following its quarterly results reported late on Friday.
Foreign investors have withdrawn a net 1.34 trillion rupees ($17.3 billion) from Indian equities so far this year, stock exchange data showed.
The war in Ukraine and resurgence of Covid-19 restrictions in China have exacerbated outflows from emerging markets like India as foreign funds turn risk-averse.
Inflation worries on the back of rising commodity prices have also soured sentiment in Asia's third-largest economy, which imports more than 80 percent of its oil needs.
Consumer price inflation in India hit a 17-month high of 6.95 percent year-on-year in March, and economists expect data to be released later this week to show that number rising beyond seven percent in April.
The US Federal Reserve last week hiked the key lending rates by half a percentage point, but also held off on signalling more aggressive measures.
"After an unscheduled rate hike by the Reserve Bank of India, if India's inflation moves higher than 7.0 percent... the pressure will be on for the RBI to act again," forex firm OANDA's Jeffrey Halley said in a note.
"That may give some strength to the rupee but is unlikely to be bullish for local equities."
India's forex reserves declined for an eighth consecutive week, slipping below $600 billion in the week ending April 29 as the central bank sold foreign currency in an effort to stabilise the rupee.
A.Agostinelli--CPN