After the RBI cut the repo rate, the rupee has gained 11 paise to close at Rs 74 and 51 paise against the US Dollar.
After the RBI cut the repo rate, the rupee has gained 11 paise to close at Rs 74 and 51 paise against the US Dollar. Foreign traders said that the domestic currency appreciated after the RBI cut the lending rate to 6.25 per cent. They further added that easing crude prices and fresh foreign fund inflows also supported the local unit. This happens to be the third consecutive session of appreciation for the rupee, where it has gained 35 paise.
According to HDFC Securities Head PCG & Capital Markets Strategy V K Sharma, the rupee appreciated after RBI changed its policy stance from ‘calibrated tightening’ to neutral.
Tata Motors has reportedly faced the most significant quarterly loss among Indian corporates. This development took place after its UK subsidiary, Jaguar Land Rover Automotive, was hit by asset impairment in the December quarter. The non-monetary loss of Rs 26 thousand nine hundred and sixty-one crore was due to uncertainties around Brexit, slowing sales in China, and technological disruptions facing JLR. P B Balaji, the chief financial officer at Tata Motors, said that the impairment at JLR would help the company reduce depreciation and amortisation costs by almost 300 million pounds in a year and reduce the break-even point.