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The rupee dropped sharply to ₹86.50 against the US dollar, marking its biggest single-day fall in two years. This significant decline outpaced other Asian currencies, including the Thai baht and Philippine peso. The currency’s decline was partly fuelled by the surge in oil prices, which hit a four-month high on Monday following new US sanctions on Russia’s energy sector. Meanwhile, India’s retail inflation eased to 5.22% in December, offering some relief to households, though food inflation remains high at 8.39%. On the corporate front, BSE-listed companies saw a staggering ₹15 lakh crore loss in market capitalisation, with only a handful of Nifty 50 stocks managing to close in the green. Software heavyweight HCLTech reported a solid 8.4% growth in quarterly profits, in line with expectations. In other news, the Indian government is considering a revision of customs duties on over 200 items to support local manufacturing, and Prime Minister Modi inaugurated the Z-Morh Tunnel in Jammu and Kashmir, marking a significant milestone in infrastructure development. Keep reading for the full details of these important stories and more!
Indian rupee hits record low of ₹86.50 against US dollar
On Monday, the Indian rupee recorded its sharpest single-day fall in two years, closing at ₹86.50 and hitting an intraday low of ₹86.58 against the US dollar.
The rupee’s drop was notably larger than the declines experienced by other Asian currencies, such as the Thai baht, the Philippine peso, and the Malaysian ringgit, which fell between 0.3% and 0.6%.
Meanwhile, the Chinese yuan remained relatively steady, even appreciating slightly.
Here are the factors behind INR’s sharp fall against the US Dollar
BSE-listed companies lose ₹15 lakh crore in market cap
BSE-listed companies saw a collective loss of ₹15 lakh crore in market capitalisation, with more than 90% of Nifty midcap and small-cap stocks closing in the red. Amidst the sell-off, only five stocks in the Nifty 50—Axis Bank, TCS, HUL, IndusInd Bank, and HCLTech—managed to post gains.
Oil hits four-month high after sweeping US sanctions on Russia
Oil extended gains to hit the highest in more than four months as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies in an already-tightening global market.
Global benchmark Brent advanced above $81 a barrel, after surging almost 4% in the previous session. West Texas Intermediate was near $78. The US imposed its most aggressive and ambitious sanctions yet on Russia’s oil industry on Friday, targeting two large exporters, insurance companies, and more than 150 tankers.
India’s December retail inflation eases to 5.22%, food inflation at 8.39%
Retail inflation in India eased to a four-month low of 5.22% in December 2024 mainly due to easing of prices in the food basket, data released by the Ministry of Statistics & Programme Implementation showed on Monday (January 13).
According to the CNBC-TV18 Poll of economists, the January 2024 CPI was pegged at 5.3%. Inflation based on the Consumer Price Index (CPI) was at 5.48% in November 2024 and 5.69% in December 2024.
HCLTech Q3 profit climbs 8.4% QoQ to ₹4,591 crore; margins in line with estimates, dividend declared
HCLTech reported a robust performance in the December quarter, with revenue, profit, and margins broadly in line with expectations.
The company’s net profit rose 8.4% quarter-on-quarter (QoQ) to ₹4,591 crore, slightly below the CNBC-TV18 poll estimate of ₹4,625 crore. Revenue in rupee terms increased 3.6% QoQ to ₹29,890 crore, also missing the estimate of ₹30,030 crore.
Govt may tweak customs duty on 200+ items in budget to protect Indian firms: Sources
In what could be a major boost for the Indian manufacturing sector, the upcoming Union Budget is likely to outline measures aimed at providing much-needed protection to make Indian products more competitive.
Sources familiar with the development, speaking on the condition of anonymity, added that “the government is considering a customs duty rejig on over 200 items to protect domestic companies.”
Sensitive but stable: Army chief on LAC situation
Indian Army Chief General Upendra Dwivedi has said that the situation along the Indo-China border remains ”sensitive but stable”. He highlighted that attempts to infiltrate into Jammu & Kashmir from across the border continue.
Z-Morh Tunnel: Why it’s a game-changer for Jammu and Kashmir
Prime Minister Narendra Modi on Monday, January 13, inaugurated the Z-Morh Tunnel in Jammu and Kashmir’s Ganderbal district, marking a significant milestone in the region’s infrastructure development. But why is it significant? The 6.4-km-long bi-directional tunnel will provide all-weather access to Sonamarg, a popular tourist resort, and improve connectivity between Kashmir and Ladakh throughout the year.
Los Angeles Wildfire | Death toll rises to 24, over 100,000 people under evacuation orders
Six destructive wildfires are raging across Los Angeles, consuming more than 12,000 structures. The death toll has risen to 24, local authorities report. Meanwhile, the National Weather Service has issued warnings of worsening conditions in the days to come.
Maha Kumbh 2025: Nearly 60 lakh people take holy dip at Sangam in Prayagraj
The much-awaited Maha Kumbh Mela began on Monday, January 13, at Sangam, the confluence of Ganga, Yamuna and the mythical Saraswati rivers, in Uttar Pradesh’s Prayagraj with nearly 60 lakh people taking the first holy dip.
The city of Prayagraj has turned into a spiritual home with the Maha Kumbh 2025 celebrations to go on until February 26. Uttar Pradesh Chief Minister Yogi Adityanath said the event would elevate the country’s ancient cultural and religious traditions to global prominence.
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