Rupee Slumps 31 Paise to Close at 95.67 Against US Dollar
The Indian rupee fell 31 paise to close at 95.67 against the US dollar on Wednesday, extending losses from the previous session amid strong dollar demand and weak equities.
The Indian rupee fell 31 paise to close at 95.67 against the US dollar on Wednesday, extending losses from the previous session amid strong dollar demand and weak equities.
Indian stock markets declined on Wednesday, with the Sensex dropping over 300 points, dragged by IT firms and a spike in oil prices. Gainers included InterGlobe Aviation, SBI, ICICI Bank, and Trent.
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The Union Cabinet approved a Rs 39,290 crore package for aviation fuel stabilisation, coastal highways, and transport modernisation, including a Rs 10,000 crore ATF fund and vehicle scrappage scheme.
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The Union Cabinet capped ATF at Rs 75.60/litre for domestic operations and announced a Rs 10,000 crore price stabilization fund to support airlines amid the West Asia crisis.
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Gold futures in India fell to Rs 1.58 lakh per 10 grams amid expectations of a US-Iran ceasefire. Internationally, Comex gold declined nearly 1% to USD 4,482.30 per ounce.
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The Union Cabinet has approved a Rs 10,000 crore ATF stabilisation fund to shield airlines from fuel price volatility, aiming to stabilise airfares and reduce financial stress on carriers.
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The Union Cabinet has approved a Rs 10,000 crore ATF Price Stabilisation Fund to protect airlines from volatile fuel prices amid the Middle East conflict, ensuring stable operations and shielding passengers from fare spikes.
BofA Securities warns the Indian rupee may weaken to 98 against the US dollar by July 2026, driven by a worsening energy crisis. The currency traded at 95.77 on Wednesday.
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The Reserve Bank of India has rejected reports of selling $12 billion in gold, stating its physical gold stock remains at 880.52 tonnes. PIB fact-check called the claims fake, noting gold's share in forex reserves rose to 16.85%.
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India's gold import duty hike to 15% has triggered a smuggling surge, with illicit gold sold at Rs 8-10 lakh/kg discount, creating a wide price gap and echoing 2013 trends.
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The Reserve Bank of India refutes reports of selling gold to protect forex reserves, confirming physical gold reserves remain unchanged at 880.52 tonnes.
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RBI refutes claims it sold $12 billion in gold to support the rupee, clarifying that physical gold stock remains unchanged at 880.52 tonnes. PIB also labels the Bloomberg report as fake.
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