Finance Minister P Chidambaram said the rupee is stabilising. The local currency bounced back to 51-level after five-and-a-half months by gaining 42 paise to close at 51.74 against the US dollar stocks amid hopes that the Cabinet will clear the next wave of big-ticket reforms which is expected to see a rush of capital inflows.
"The rupee is stabilising", Chidambaram told reporters in reply to a particular query. He was briefing the media about the decisions taken by the Cabinet. The Cabinet decisions opening up the pension sector to foreign investment and raising the FDI cap in insurance to 49 per cent.
When asked if the decision to increase the FDI ceiling in insurance sector and opening the pension segment to foreign investment will boost the market sentiment, Chidambaram said, "I don't make the market".
"We take decisions that are necessary to be taken. How the market will react, we will know when the market opens tomorrow," he added. The Sensex today breached the 19,000 mark for the first time in nearly 15 months in anticipation of government unveiling next wave of big-ticket reforms.
A casual mention of a lost Aadhaar card in public saw government machinery go on an overdrive and its holder got a duplicate card in less than an hour.
Wholesalers, retailers and manufacturers across Maharashtra called off their month-long agitation against the local body tax (LBT) imposed by civic agencies following talks with Chief Minister Prithviraj Chavan onThursday.
Prime Minister's Economic Advisory Council Chairman C Rangarajan said the exchange rate of the local currency will be determined by the capital flows.
Etihad's Rs 2,058-crore stake purchase in Jet Airways has hit a regulatory air pocket, as regulators are seeking more clarity.
Marking nine years of the UPA government, PM Manmohan Singh promised to build "an economically resurgent and socially just India".
Former Goldman Sachs Director Rajat Gupta's attorneys said wiretap evidence used by the prosecution should not have been introduced at trial stage.
After more than three weeks, Mumbai traders on Monday called off their strike against Local Boy Tax (LBT).