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Rupee recovers 10 paise to 64.43 on robust exports data

The rupee today staged a mild recovery after yesterday's plunge and closed higher by 10 paise at 64.43 against the US dollar, taking cues from encouraging export numbers for May.
The domestic currency plunged by 23 paise to over 2- week low of 64.53 a dollar yesterday after the US Federal Reserve hiked rate by 25 bps as widely expected and maintained a hawkish tone going forward.
Heavy capital outflows alongside near-term consequences of the Fed rate hike largely kept forex market undertone shaky in early trade even today.

RBI sets rupee reference rate at 64.5883 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5883 against the US dollar and 72.0482 for the euro.
The corresponding rates were 64.2801 and 72.1094, on June 15, 2017.
According to a RBI statement, the exchange rates for the pound and the yen against the rupee were 82.5116 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The SDR-rupee figure will be based on this rate, the statement added.

Rupee slips but experts say no large depreciation likely

The rupee’s vulnerability came to the fore after the US Federal Reserve invoked its second rate hike of 2017 despite inflation running well below the target. The rupee on Thursday slipped 24 paise to close at 64.53 levels against the dollar. However despite the relatively hawkish US Fed, the US Dollar is unlikely to firm significantly, implying no large depreciation bias for the Rupee said forex experts.

Rupee hits 2-wk low, down 23 paise on Fed's hawkish stance

The rupee today took a hefty knock by plunging 23 paise to a two-week low of 64.53 a dollar after the US Federal Reserve delivered the widely expected rate hike and maintained a hawkish tone going forward.
This is the lowest closing for the rupee since May 30, when it had finished at 64.66.
Forex market sentiment turned shaky as currency traders remained cautious, largely impacted by the interest rate hike by the US Fed and its hawkish view to trim balance sheet with one more rate hike
during the year.

Exports up 8% at 24 bn in May; trade deficit widens to $14 bn

India's exports grew by 8.32 per cent to USD 24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery.
Imports too jumped 33.09 per cent to USD 37.85 billion last month from USD 28.44 billion in May 2016, according to the data released by the commerce ministry.
A huge jump in gold imports pushed up the trade deficit to USD 13.84 billion during the month under review from USD 6.27 billion a year ago.

Centre approves Rs 580-cr to Markfed for buying pulses in MP

he Centre has approved Rs 580 crore to cooperative Markfed in Madhya Pradesh for procuring various pulses in the current year.
The Union Agriculture Ministry has approved the said amount to the National Cooperative Development Corporation (NCDC) which in turn will release it to the MP-Markfed.
"On the request of MP-Markfed, we have sanctioned Rs 580 crore to NCDC to undertake procurement of various pulses in the state," a senior Agriculture Ministry official told PTI.

India invites BP and Reliance to invest in fuel retailing

India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will hold a news conference later in the day.

"BP & RIL have invested in KG Basin," Pradhan said in a tweet after the meeting. "Invited them to invest in retail as well."

He did not elaborate.

Central Bank of India put under ‘­­prompt corrective action’

Public sector Central Bank of India has been placed under the RBI's watchlist on Prompt Corrective Action (PCA) owing to high bad loans and negative return on assets.
IDBI Bank, Indian Overseas Bank, UCO Bank and Dena Bank have already come under the PCA initiated by the Reserve Bank, which is a noose-tightening on fresh loan disbursal as well as dividend distribution.

RIL shares up over 3%; mcap rises by Rs 14,100 cr

Shares of RIL rose by over 3 per cent today, adding Rs 14,100 crore to its market valuation, after its telecom arm Jio continued lead over others in terms of gaining new customers despite ending its free 4G offers.
The stock gained 3.30 per cent to close at Rs 1,355.90 on BSE. During the day, it rose by 3.42 per cent to Rs 1,357.50.
On NSE, shares of the company went up by 3.28 per cent to end at Rs 1,357.50.
The company's market valuation rose by Rs 14,100 crore to Rs 4,40,862 crore.
The stock was the top gainer on both Sensex and Nifty.