On Monday, the rupee depreciated by 5 paise to 83.21 against the US dollar, in the first trading session of the year 2024.
IPEF was launched jointly by the United States and other partner countries of the Indo-Pacific region on May 23 last year largely to counter China’s influence on trade.
ITC slumped over 4 per cent today after the company’s board gave in-principle approval to demerge its hotel business.
The equity market is trading in a full session on Saturday, and will remain shut on Monday due to a public holiday in Maharashtra and the Central government observing a half-working day on the occasion of the inauguration of the Ram temple in Ayodhya.
Shishir Baijal, Chairman and MD, Knight Frank India said, “The robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. Sales momentum is significantly stronger in the higher ticket sizes today, than it has been in the past five years.”
The instalment is in addition to the usual monthly devolution instalment of Rs 72,961.21 made earlier on December 11 and also in addition to the tax devolution instalment due to states on January 10, 2024.
The retail prices have shot up to Rs 200-250 per kilogram in several parts of the country as supply chain got disrupted due to monsoon rains and other issues.
Gupta joined X in February 2022 before Elon Musk acquired the company. He continued on his job after Musk fired over 80 per cent of employees in India in November.
The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee’s global reach.
Forex traders said the rupee fell to fresh record lows on Monday despite broad weakness in the dollar against its major crosses on suspected importer-related buying.