BUSINESS
Rupee plunges 63 paise to close at new record low
The rupee closed 63 paise down, at 81.62, against the US dollar on Monday. It had closed at 80.99 on the previous trading session. "Another day of large gains for the dollar versus the rupee as it fell for the fourth day in a trot amid risk-averse sentiments and unprecedented strength in the greenback following Fed tightening and recession worries," said Dilip Parmar, Research Analyst, HDFC Securities.
Indices end down, Sensex falls over 900 points
At close, Sensex ended 953.70 points, or 1.64 per cent, down at 57,145.22, and Nifty closed 311.05 points, or 1.80 per cent at 17,016.30. A total of 2,925 shares have declined, 660 shares advanced and 122 remained unchanged. Maruti Suzuki, Tata Steel, ITC, Axis Bank, NTPC, and Bajaj Finance were major losers on the Sensex.
Samsung launches credit card in India with 10% cashback on its products 24/7
The 10 per cent cashback offer will be over and above the company's offers, on both EMI and non-EMI transactions.
"We realise that 70 per cent of consumers are upgrading their devices within 12 months of purchase in the country.
Indian workforce to get average salary hike of 10.4% in 2023
Moreover, the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, only marginally lower than the 21 per cent recorded in 2021, thus retaining the pressure on salaries. This trend is expected to continue for the next few months, according to global professional services firm Aon.
Rupee hits new record low of 81.55 against USD
At the interbank foreign exchange market, rupee was trading at 81.55 against 80.99 close on the previous trading session against the US dollar. "Rupee falls to fresh all-time lows as the dollar strengthens across the board. Hawkish Fed outlook, political instability in China and sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment.
Global economy to grow at 2.7% in 2022, 2.3% in 2023: Moody's Analytics
In its latest report, Moody's Analytics said the global environment is more fragile as record high inflation in the US and Europe continues to gain momentum while growth decelerates. Stagflation risks have risen worldwide, but a stagflationary environment would take months to be realised. Business sentiment remains muted and is consistent with a global economy that is just avoiding recession, Moody's Analytics said.
realme aims to launch 100% 5G smartphones in its Number series in 2023
With all of these developments, technology brands have also prepared themselves for 5G, realme being one of the readiest brands with 5 million realme users already equipped with 5G-enabled smartphones. realme was the first brand to introduce a 5G smartphone in India in 2020 when conversations about 5G had just started.
India's non-petroleum exports to UAE grew 14%
According to official data released by Commerce Ministry, India's global non-petroleum exports during the same period (June-August 2022) grew by 3 per cent on an annual basis. This implies the growth rate of India's non-petroleum exports to the UAE is almost 5 times as that of India's non-petroleum exports to the world.
British pound plunges to all-time low against USD
During early Asia trade on Monday morning, the pound fell by more than 4 per cent to $1.0327 before regaining some ground to around $1.05, said the BBC report. Monday's slump came just two days after the British currency fell to a fresh 37-year low against the US dollar as investors worried that large-scale tax cuts announced by the government would bring much fiscal uncertainty.
Musk set to depose before Twitter lawyers ahead of Oct trial
The deposition is slated for September 26-27 and may run into September 28 if needed, according to court filings, reports Benzinga. The deposition, ahead of the full-blown October 17 legal trial in the Delaware Court of Chancery in the US, will not be a public one.
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