The rupee experienced its sharpest single-day drop in two years, closing at 86.58 due to a stronger US dollar following robust job data and new sanctions on Russian oil. Additional factors like reduced forex reserves, FII outflows, and market expectations of prolonged high US interest rates aggravated the decline.
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RailTel Corporation's shares jumped 9.6% after securing a Rs 25.15 crore contract from HPCL for MPLS/Internet services over five years. Despite recent gains, RailTel stocks have seen a YTD decline of 16.80%. Currently trading at Rs 328 with a 6.10% increase, the stock shows neutral momentum with an RSI of 52.
The Maha Kumbh Mela in Prayagraj is driving a significant increase in trucking activity, with up to a 40% surge anticipated. Truck rentals have risen sharply, particularly on the Delhi to Prayagraj route. The highest demand is seen for transporting FMCG, fruits, vegetables, textiles, and petro products. CNG transport is also increasing due to event-specific requirements.
Major cryptocurrencies, including Bitcoin and ether, experienced sharp declines on Monday amid rising tariff tensions led by US President Donald Trump’s import levies on Canada, Mexico, and China. Bitcoin hit a three-week low, while ether saw its steepest drop since September. Analysts warn of further market volatility and potential economic slowdown.
Chinese Christmas decoration makers are facing a sharp decline in US orders after Donald Trump hiked tariffs on Chinese goods by 104%. Factories in Jinhua report stalled or cancelled shipments, with fears of job losses and price hikes in the US. Industry insiders warn American consumers may face shortages and higher costs this festive season.
Godrej Enterprises Group is investing in digital and AI to enhance their consumer-facing businesses, which contribute 60% to their revenues. The group is undergoing a digital transformation, aiming to gain customer insights and combat market competition, with a digital transformation budget of Rs 1,200 crore spread across three years.
The rupee closed at 86.58 against the dollar, slightly weaker than the previous day, as early gains were erased due to a rebound in the dollar following tariff threats by US President Trump. Most emerging market currencies weakened, with the Mexican peso and Canadian dollar experiencing significant declines.
The US transportation department fined JetBlue Airways $2 million for chronic delays on its east coast routes due to unrealistic scheduling. JetBlue blamed air traffic control issues and called for modernization. The fines partially compensate affected passengers. Routes from New York to Raleigh-Durham, Fort Lauderdale, Orlando, and from Windsor Locks to Fort Lauderdale were notably delayed.
India's foreign exchange reserves dipped below $653 billion, a near six-month low, as of December 13. This marks a $52 billion decrease since September's peak, influenced by RBI interventions, a weakening rupee, and a strong dollar. The rupee hit a record low against the dollar following the Federal Reserve's hawkish stance on interest rates.
India and Qatar aim to double their bilateral trade to $28 billion in five years, transforming their relationship into a strategic partnership. PM Modi and Amir Al-Thani's high-level meeting led to key agreements on trade, investment, and energy cooperation, including extending India's LNG imports from Qatar. Additionally, they signed MoUs on economic cooperation and cultural exchange.
Microfinance and two-wheeler finance sectors are recovering, with NBFCs increasing their microfinance portfolios by 22.2%. Improved loan quality and internal controls are observed in microfinance. Two-wheeler finance sees growth due to high vehicle sales and urbanisation, but faces asset quality concerns.