Rupee hits record low as appointment of new RBI chief spurs dovish bets
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The Indian rupee weakened to a record low on Tuesday, pressured by heightened expectations of domestic rate cuts next year after the government named career civil servant Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI).
The rupee hit a low of 84.80 in early trading, surpassing its previous all-time low of 84.7575 hit last week.
The RBI likely stepped in to support the rupee, with traders pointing to dollar sales by state-run banks.
Malhotra, currently serving as the revenue secretary to the finance ministry, has been appointed as the RBI governor for a three-year term starting Dec. 11.
A likely shift towards accommodative monetary policy is among the potential changes that could occur under the new governor, Nomura said in a note.
A rate cut at the RBI's February monetary policy committee meeting is "now likely cemented", Nomura said.
Other Latest News
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Prime Minister Narendra Modi favoured detailed discussion at every level on the 'one nation, one election' bill and wanted it to be referred to a Joint Committee of Parliament, Home Minister Amit Shah said on Tuesday.
Shah made the remarks in Lok Sabha when the House was hearing objections to the introduction of the Constitution (129th Amendment) Bill that seeks to usher in simultaneous polls to the Lower House and state assemblies.
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Reliance Power on Tuesday said its arm Reliance NU Suntech has secured a solar project of 930 MW and 465 MW battery energy storage system (BESS) project from Solar Energy Corporation of India (SECI).
The project will see the second largest deployment of grid storage batteries at a single site in Asia, after China, a company statement said.
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Shares of PC Jeweller rallied up to 4.90 per cent at 19.25 per share on the BSE in Tuesday’s intraday deals. The stock of the company has surged 10.12 per cent in the last two sessions after the company’s shares began trading ex-date for its stock split in a 1:10 ratio on Monday.
The ex-date (or ex-split date) is the date on or after which a stock trades without the entitlement to the stock split benefit. Investors who buy the stock on or after the ex-date will not be eligible for the additional shares from the split.
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Businessman Raj Kundra on Tuesday questioned the Enforcement Directorate over attaching his properties in the case related to Amit Bhardwaj's Bitcoin scam.
Speaking with ANI, Kundra said that he met Bhardwaj when he was a respected businessman and had introduced him to an Israeli friend.
"That Introduction has caused me too much that my properties are attached" Kundra reflected.
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The 'One Nation, One Election' Bill was tabled in the Lok Sabha on Tuesday. The proposal aims to conduct simultaneous elections for the Lok Sabha, state Assemblies, and local bodies.
On December 12, the Union Cabinet, led by Prime Minister Narendra Modi, approved the proposal. The constitutional amendment bill seeks to establish provisions for holding Lok Sabha and state legislative Assembly elections simultaneously.
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