INDIAN MARKET

The rupee gained 14 paise to 81.67 against the US dollar in early trade on July 25, tracking the weakness of the American currency in the overseas market. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 81.74, then touched a high of 81.67 against the American currency.

The much awaited Exter by Hyundai has finally launched in India, on July 10. The price starts at Rs 5.99 Lakhs (ex-showroom) and goes upto Rs 9.32 lakhs (ex-showroom) for the the top-end trim.  This highly anticipated SUV has already garnered significant attention and is poised to become a game-changer in its segment. Hyundai has invested 950 crore for the production of Exter and available with Rs 11,000 token amount.

The Enforcement Directorate (ED) issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, Notably, Xiaomi's chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks were alleged for violations of the foreign exchange law to the tune of more than Rs 5,551 crores. The Adjudicating Authority (of the Foreign Exchange Management Act) has issued the notices… read-more

World's largest automobile company, owned by Elon Musk Tesla is making plans to hold a crucial meeting in India. As per sources, the company is scheduled to meet Indian government officials in Delhi and discuss to source materials for electric vehicles in India. Usually, the components for the electric vehicles of Tesla are taken from China, however, the plans look different this time. However, no official announcement has been made.

In a drawback to Indian economy, the rupee depreciated 13 paise to close at 82.12 (provisional) against the US currency. At the interbank foreign exchange, the domestic unit opened at 81.96 against the dollar, and finally ended the day at 82.12 (provisional), 13 paise lower from its previous close. During the day, the rupee witnessed a high of 81.96 and a low of 82.15 against the greenback.