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Business news live: Rupee slips to 74.55 against US dollar

Amazon asked Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with Future Group. The U.S. Trade Representative’s office is terminating its trade retaliation case against India after Washington and New Delhi agreed on a global tax deal transition arrangement that will withdraw India’s digital services tax. The government’s plan for a new bill that would bar most private cryptocurrencies led to heavy selling in the digital currency markets, as investors looked to exit positions despite the losses.

10:45 A.M.

Rupee slips to 74.55 against US dollar

The Indian rupee fell15 paise to 74.55 against the US dollar in opening trade on a muted trend in domestic equities and a firm American currency.

The rupee opened on a weak note at 74.55, after closing at 74.40 against the US dollar the previous day .

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 96.74.

10:15 A.M.

China non-committal to US’s oil release, OPEC+ unmoved

China, the world’s largest crude importer, was non-committal to release oil from its reserves as requested by the United States, while OPEC producers were sticking to their current tactics.

On Tuesday, U.S. said it would release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, Japan and India, to try to cool prices.

The United States will release 50 million barrels of pre-approved sales along with loans to the market while China said it was working on its own reserves release.

9:30 A.M.

Markets update | Sensex, Nifty open lower

India’s benchmark equity indices, Sensex and Nifty opened lower amid mixed global cues. At 9:16 IST, the Sensex was down 94.53 points or 0.16% to 58246.46 and the Nifty was down 18.50 points or 0.11% to 17396.50.

Asian shares inched lower primarily due to the rising U.S. dollar as investors bet on interest rates increasing faster in the United States than Japan and the euro zone.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.18% to a six-week low, while Japan’s Nikkei rose 0.8%. Australia shed 0.1%, Hong Kong lost 0.35%, and Chinese blue chips shed 0.3%.

9:15 A.M.

Oil falls marginally as investors await OPEC+ response

Oil prices fell as investors waited to see how major producers respond to the emergency crude release by major consuming countries.  

U.S. West Texas Intermediate (WTI) crude futures fell 0.1%, to $78.30 a barrel and Brent crude futures slipped to $82.20 a barrel. 

All eyes are now on OPEC+, the Organization of the Petroleum Exporting Countries, Russia and allies, who are due to meet next week to discuss oil demand and supply.  

 

—-  Edited by John Xavier

 

(With inputs from Reuters, PTI and other news agencies.)


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