The forecast for the Indian rupee at the end of December this year has been raised to 52 a dollar from 57, based on the reform moves announced recently by the government and the Federal Reserve?s quantitative easing.
Gold rose to a six-month high on Friday, extending a 2-percent rally from the previous session when the Federal Reserve announced a new round of stimulus measure, which could add to the risk of inflation down the line and enhances gold's appeal.
August saw the Indian private sector business growing at its swiftest in six months. The rapid progress was augmented by development in new business since February amid increasing optimism about the future, according to a survey on Wednesday.
The rupee hit 55.37, the highest in over a week, and is now trading at 55.41, compared to the 55.53/54 at closing on Monday.
The Sensex rose to 0.26 percent and the Nifty up to 0.51 percent on the news that a government advisory body has proposed to put on hold the general anti-avoidance rules (GAAR).
Morgan Stanley pared down India's economic growth forecast to 5.1 percent Monday, the lowest to be announced by any private forecaster in the fiscal year 2012/13. The financial services firm ascribed the low growth outlook to weak external demand, low private investment and poor government finances.
Asian stocks declined to a four-week low on Friday as investor sentiment was weighed down by fading optimism on U.S. Federal Reserve Chairman Ben Bernanke to announce more monetary stimulus at the Jackson Hole convention.
The Nikkei share average plunged Thursday on concerns that Ben Bernanke, the U.S. Federal Reserve chairman, will not announce imminent stimulus from the Fed in a key speech on Friday.
Asian shares hit a one-month low on growth concerns Thursday as investors await indications of further U.S. stimulus from the U.S. Federal Reserve Chairman Ben Bernanke’s on Friday. Meanwhile, the major currencies were range-bound.
Reliance Industries will close down a diesel hydrotreater at its 660,000 barrels per day (bpd) Jamnagar refinery in Gujarat for routine maintenance from Tuesday for about two and a half weeks.
Risk assets fell Tuesday with the investors awaiting an announcement of some monetary easing measures by the Fed at the meeting of central bankers and economists at Jackson Hole, Wyoming, later in the week.
Asian stocks fell Monday as it became apparent to investors that Europe's policymakers were still lingering on taking decisive action to contend with the euro zone debt crisis.
Macquarie Elevates Maruti Suzuki To "Outperform" On News Of The Earlier-Than-Expected Reopening Of The Manesar Plant
Macquarie upgraded Maruti Suzuki to "outperform" from "neutral" after the automaker said it would restart production at its Manesar factory on Aug. 21.
Rupee opens marginally higher in line with gains in euro, local shares may show positive bias, dealers say. The pair is at 55.7150/73 versus 55.75/76 last close.
Maruti Suzuki has called for a press conference on Thursday at 4 p.m. to discuss the "Manesar issue," a company spokesman said.
Santarus Inc, the U.S. pharmaceutical company said it has filed a lawsuit against Dr. Reddy's laboratories for allegedly infringing its patents on Zegerid, a drug for heartburn.
The United States on Wednesday expressed interest in selling its most sophisticated fighter plane to India, just six months after New Delhi rejected two older U.S. warplanes.
Kingfisher Airlines on Wednesday sought further cushion from banks to ease its debt burden, but denied it was seeking another debt restructuring.
India could consider supporting extra financing for the euro zone if European policymakers make a credible assessment of its solvency problems, Finance Minister Pranab Mukherjee told reporters.