India News | Rupee Slips 7 Paise to 74.87 Against US Dollar in Early Trade
Get latest articles and stories on India at LatestLY. The rupee fell 7 paise to 74.87 against the US dollar in opening trade on Thursday after the US Federal Reserve reiterated its dovish stance and held interest rates steady.
Mumbai, Jul 30 (PTI) The rupee fell 7 paise to 74.87 against the US dollar in opening trade on Thursday after the US Federal Reserve reiterated its dovish stance and held interest rates steady.
At the interbank forex market, the rupee opened at 74.84, then lost further ground and touched 74.87 against the US dollar, down 7 paise over its last close of 74.80.
"Fed policy statement was along expected lines. It acknowledged recent improvement in economic activity and financial conditions but said considerable risks to economic outlook remain over the medium term," IFA Global Founder and CEO Abhishek Goenka said.
Goenka further said "US nominal yields are a tad lower and real rates even lower post the policy. The dollar continues to trade weak against majors (EUR, GBP, JPY, AUD, CAD and CHF). Equities and commodities continue to remain buoyed".
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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 93.38.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 258.09 points higher at 38,329.22 and broader NSE Nifty rose 74.65 points to 11,277.50.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 352.62 crore on Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 0.02 per cent to USD 43.74 per barrel. PTI DRR DRR ANS ANS 07301046 NNNNcan always change."
Racing Point will be renamed Aston Martin next year and has ambitions to compete at the top. Signing Vettel, despite his current lack of form with Ferrari, would send out a strong message in that sense.
"Everybody's talking about Racing Point," Vettel said.
"The first two races have been impressive, the performance on track."
Even though Pérez is driving well so far this season, he would seem the more likely driver to make way, considering Stroll is the owner's son. His billionaire father completed a takeover of British-based car manufacturer Aston Martin in April.
"I'm determined to stay here," Lance Stroll said Thursday, brushing aside speculation.
"It's part of the circus, I guess. It's all part of the silly season, rumors and so on." Pérez has been in F1 since 2011 but is only 30 and still in his prime. The Mexican driver has eight career podiums and is a quick and reliable driver.
Talk of Vettel's potential arrival has already led to interest in his availability next year.
"(This) week the (Vettel) rumors came out and we actually got contacted by a team in the paddock — I won't say the name — and also from other (racing) categories," Pérez said.
"I've been in Formula One (for) 10 years so I'm used to this stuff. In Formula One you never know (what can happen)."
He acknowledged that talk of Vettel's arrival boosts the team's image.
"It's good to have big names (linked) to the team, it means we're making good progress," Pérez said. AP
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)