Business

Extending its recent decline against the US dollar, the rupee started Friday's session on a lower note against the greenback.
The rupee fell by as much as 36 paise to 67.98 against the US dollar in morning trade on Friday.
At this level, just two paise from the 68 level, the rupee marked a three-day low against the US dollar.
Losses for the rupee came a day after the dollar strengthened against a group of currencies, after the European Central Bank signalled interest rate hikes were a long way off.
At 10:47 am, the rupee was trading at 67.92 against the greenback.
On Thursday, it had gained 3 paise to end at 67.62 against the US dollar, cutting short its two-day decline.1.
The European Central Bank held off on rate hikes.
The central bank's unexpectedly dovish decision overshadowed its statement that it aimed to wrap up its crisis-era stimulus programme at the end of this year.
The ECB now plans to reduce monthly asset purchases between October and December to 15 billion euros until the end of 2018 and then conclude the programme.2.
Analysts say the rupee may touch 68 levels against the US dollar soon.
All eyes are now on a key OPEC (Organization of the Petroleum Exporting Countries) meeting in Vienna on June 22-23, to decide whether a pact curbing output needs to be adjusted in order to rein in oil prices that topped $80 a barrel last month.3.
The US Federal Reserve, on Wednesday, decided to raise rates by a quarter of a percentage point and indicated additional hikes this year than anticipated previously.
That triggered a surge in the dollar, which added to headwinds for the rupee.4.
Back home, macroeconomic data earlier this week showed a widening in current account deficit and rising inflation worries.
(Retail inflation, IIP, wholesale inflation)5.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,372.84 crore on Thursday, according to provisional data from the stock exchanges.
Meanwhile, the stock markets were under pressure on Friday.
At 11:15 the BSE Sensex was up 37 points at 35,637 while the NSE Nifty was up 15 points at 10,823, amid choppy trade.(With agency inputs)





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