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INR seen under pressure as DXY stays upbeat ahead of US data
The Indian rupee came under pressure in opening trades on Monday as dollar index remains firmly above 100 mark assessing geo-political situation in Middle East. As per media reports, US President Donald Trump over the weekend threatened strikes on Iran if Hezbollah keeps attacking Israel, raising concerns about progress for peace talks between Washington and Tehran. Markets now look ahead to the weeks release of the US PCE price index, the Federal Reserves preferred measure of inflation after Fed left rates unchanged last week. Meanwhile, INR opened at Rs 94.42 per dollar and slipped to a low of 94.48 so far during the day. On Friday, the counter ended at 94.33. Easing crude oil price from multi-year highs are however lending some support to the counter. Local equities in positive zone are also supporting rupee to some extent.
Behind Reliance Industries' sale of a step-down unit, an OFCD route
A ₹274-crore sale of a third-layer subsidiary by Reliance Industries to a former associate, Jaipur Enclave, in April had set off governance questions on related party transactions. It has now emerged that Reliance lent Jaipur Enclave ₹273.75 crore in convertible debt through another subsidiary.