The rupee depreciated 10 paise to 66.52 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the American currency in global markets.

Forex dealers said gains in the dollar against other global currencies and a lower opening in the domestic equity markets, weighed on the rupee.

The Reserve Bank of India (RBI) has said that all banks will have to follow a new and uniform methodology from April next year. The announcement is likely to affect the calculation of the base rate as per the marginal cost of funds.

In a press release, the RBI said that apart from helping borrowers reap the benefit of lower rates, the step would also improve transparency in the methodology followed by banks for determining interest rates on advances.

Indian Oil Corp (IOC) and Oil India (OIL) are in talks with Russia's Rosneft to buy up to a 29% stake in a Siberian oil project, two sources said, as New Delhi accelerates a push to secure overseas energy assets.

India, the world's fourth-biggest oil consumer, has to ship in three quarters of its oil needs and with oil prices close to their lowest since the global financial crisis has added incentive to seal purchases to limit import reliance.

Bajaj Auto and UPL Limited shares were trading lower on Friday in morning trade tracking Argentina’s peso that plummeted 26.5 per cent after the country lifted currency controls. Argentina’s new government floated the currency as part of a slew of free-market reforms aimed at revitalising the stagnant economy.

Bajaj Auto gets nearly 20 per cent of its revenue from exports to Latin America. According to UPL’s annual report, Argentina contributed Rs 330 crore in FY15 revenues.

The pilot and co-pilot of an Air India plane involved in last night’s freak accident at the Mumbai airport where a technician died after getting sucked into the engine have been grounded even as the Aircraft Accident Investigation Bureau launched a probe.

Air India Chairman and Managing Director Ashwani Lohani, who rushed to Mumbai this morning for an on-the-spot inquiry, said, “initially it seems that there was some communication gap.” He, however, refused to go into the details of what could have possibly caused the mishap described as a “serious accident.”

Cramer Ball has resigned as chief executive of Jet Airways (India) Ltd, the country’s second-largest airline by passengers carried. Ball will join Italy’s national airline Alitalia as chief executive officer (CEO).

Ball’s resignation from Jet Airways is effective from 29 February. Jet said Ball resigned to pursue a new opportunity in Europe for family reasons.

Crude futures fell in Asian trading on Friday as fresh signs of inventory building and the Federal Reserves rate hike this week kept prices under pressure amid a global glut of oil that shows no sign of abating.

U.S. crude’s West Texas Intermediate (WTI) futures were down 18 cents at $34.77 a barrel by 0104 GMT. The contract fell 1.6 percent to $34.95 a barrel on Thursday.

Indian markets are expected to see a cautious opening today mirroring weakness in the Asian peers. The early indicator SGX Nifty is trading 0.6% lower.

Despite a strong rally on Thursday, a slump in the US stocks overnight on concerns of a further fall in the global crude prices could weigh on the sentiment.

Nasscom, apex association of information technology (IT) companies, says a proposal before the American national legislature to raise H-1B and L-1 visa fees would substantially hurt us.

The proposal raise would cost Indian IT outsourcing companies at least a combined extra $400 million annually, it said on Thursday. This could kill the competitive edge Indian IT has over global peers.

Maruti Suzuki has won shareholder approval to source cars from a Gujarat plant to be built by parent Suzuki Motor Corp. Maruti received 89.8 per cent of minority shareholders’ votes in its favour, Chairman R C Bhargava said.

Nearly two years ago, minority shareholders had opposed the original Gujarat plant plan saying Maruti would not benefit. Ever since, this issue has become an example of minority shareholders’ empowerment.

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