OPEC+ and Russia agreed on a new oil output deal to stabilize prices. Concerns about weak global demand, punishing speculators, rising US output, and tensions with Washington influence the decision.
The dollar surged this month against its peers in developed and emerging nations as persistently high inflation in the US bolstered bets for more aggressive Fed rate hikes
Rupee advances by 23 paise to 74.64 vs US dollar in early trade
The Indian rupee started this Tuesday on a stronger note against the US dollar, tracking the overall weakness of the dollar, Reliance Securities said in a research note
PTI | April 20, 2021 | Updated 11:39 IST
The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday, tracking weaker dollar against key rivals and a positive trend in the domestic equity market. Forex traders said the government s decision to open COVID vaccination to all above 18 years from May 1 lifted investor sentiment.
At the interbank forex market, the local unit opened at 74.65 against the US dollar, then gained some strength to quote at 74.64, a rise of 23 paise over its last close. In the previous session, the rupee had settled at 74.87 against the American currency.
Source: NSE, Nifty50 at closing prices on March 15
Tech Mahindra is the best performing stock among its IT peers. One of the reasons is its latest acquisition Hyderabad-based Perigord. Tech Mahindra has bought up 70% stake to acquire the leading supplier of consultancy and labelling artwork solutions to the global pharmaceutical industry.
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But the cumulatively strength of the industry to stay in the green has more to do with the hopes of a stronger dollar. Like India, the US is currently caught in the conundrum of chasing growth and rising prices.
Investors in the US and Europe are on an earning streak, parking their funds in government securities at near-zero interest rates and making even more in emerging markets like India. But these low interest rates are not likely to last forever.