Showing posts with label Exchange Rates. Show all posts

Tuesday, September 3, 2013

Rupee Falls To 68 Against USD, Sensex down by 500

MUMBAI: The BSE sensex on Tuesday tumbled nearly 559 points on fund outflows as rupee dips below 68 per dollar.

Earlier, the sensex plunged by 390.10 points, or 2.2% to 18,496.03 with all the sectoral indices losing up to 2.67%.

Similarly, the broad-based National Stock Exchange index Nifty dropped by 129.20 points, or 2.3% to 5,421.55 driven by stocks of HDFC, ITC and RIL.

Brokers said investors confidence remained jittery as the rupee again dipped below 67 per dollar, raising fears of widening fiscal deficit.

They said funds were also active and booked profits following four sessions of gain in front-runner stocks.

The heaviest on the benchmark with their nearly 20% weightage - Reliance Industries plunged 3.93% to Rs 849 and ITC by 2.79% to Rs 310.50. The HDFC, also a index kitty stock, dropped by 4.21% to Rs 704.75.

Shared From Times Of India

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- Unknown Updated at: Tuesday, September 03, 2013

Saturday, August 31, 2013

Mercedes Benz Price to Hike by 4.5 percent tomorrow!

NEW DELHI: German luxury car maker Mercedes- Benz on Thursday said it will hike prices of its entire model range in India by up to 4.5 per cent from September 1 to partly offset impact of rupee depreciation and higher import duties.

The quantum of price revision will be in the range of 2.5 per cent to 4.5 per cent across the models that the company sells in India.

With the latest price revision, the company's new A-Class 180 CDI luxury compact car will now be priced at Rs 22.05 lakh, an increase of 4 per cent, Mercedes- Benz India said in a statement.

The B-Class 180 CDI model will now be pricier by 4 per cent at Rs 23.50 lakh while the C-Class 200 CGI sedan will now cost Rs 32.25 lakh, an increase of 2.5 per cent, it added.

The newly launched E-Class 200 CGI saloon, will now be available at Rs 42.16 lakh, up by 3.5 per cent while the sports utility vehicle ML-Class 250 CDI would be expensive by 4 per cent at Rs 50.98 lakh (all prices are ex-showroom Mumbai).

"The rising input costs along with higher import duties have been creating significant pressure on our bottomlines for quite some time now. The constant weakening of the currency and the increase in other relevant taxes further impacted the business, adversely," Mercedes-Benz India Managing Director and CEO Eberhard Kern said.

He said the company has been been absorbing a significant portion of these impacts till now, but to run a sustained and profitable business in the long run, revising the prices upwards was inevitable.

When asked if the rupee continued to slide against the dollar further, would the company hike the price, Kern said: "The price hike that we are undertaking does not cover the impact of the current exchange rate hit and if this continues we will have to have a re-look at the pricing. We are hoping that the exchange rate returns to a reasonable level."

On Wednesday, General Motors India had hiked the price of its three models by up to Rs 10,000 from the first week of September due to a sharp depreciation in the rupee against the US dollar.

Earlier this month, BMW group had also hiked price of its products across models, including the Mini, by up to 5 per cent.

Last month, Audi had also hiked prices across its models in India by up to 4 per cent, a maximum of Rs 4.42 lakh on its R8 model to offset the impact of the rupee depreciation and rise in input costs.

Read Full Story @ TOI

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- Unknown Updated at: Saturday, August 31, 2013

Thursday, June 20, 2013

Market : Rupee Falls Down again, closing to Rs 60 against USD

The rupee trimmed its early losses but was still quoted lower by 83 paise to 59.53 per dollar after hitting 60-level on strong demand for the American currency from banks and importers amidst sharp fall in equity market.

Persistent capital outflows from foreign funds also affected the market sentiment.

The rupee resumed lower at 59.50 per dollar against the last closing level of 58.70 per dollar at Interbank Foreign Exchange (Forex) Market and dropped further to an all-time low of 60.00 per dollar before quoting at 59.53 per dollar at 1040 hrs.

In New York, the US dollar surged yesterday after Federal Reserve Chairman Ben Bernanke said the central bank could slow the pace of its bond-buying programme later this year if its economic forecasts are accurate.

The Indian benchmark Sensex fell below the 19,000 level due to all-round selling pressure as the rupee hit record low against the dollar coupled with lower global cues. The Sensex dropped by 401.81 points, or 2.09%, to 18,843.89 in the late morning trade.