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Indian Rupee weakens to 72 against US dollar for first time in 2019

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New Delhi: The rupee fell to 72 level per dollar for the first time in 2019 today amid sell off in domestic equities and weakness in Chinese Yuan, which hit 11-year low level due to the ongoing US-China trade war. The currency opened 15 paise lower at 71.96 against the dollar in trade today compared to the previous close of 71.81, down 26 paise against the American currency.

On Thursday, the Indian currency hit an eight-month low of 71.81, falling 26 paise against the dollar intraday. It finally settled at 71.81, down 26 paise against the American currency. This was the lowest level for the rupee since December 14, when it had closed at 71.90.

Tumbling equities and incessant foreign fund outflows weighed on sentiment. Also, the sudden drop in Chinese yuan led to increased volatility in emerging market currencies, including the rupee, forex dealers said.

The Sensex and Nifty closed lower on Thursday after top government officials virtually ruled out a stimulus package for slowdown-hit sectors, triggering another round of selling in banking, auto and metal stocks. The 30-share BSE Sensex sank 587.44 points, or 1.59 per cent, to finish at 36,472.93. The broader NSE Nifty slumped 177.35 points, or 1.62 per cent, to 10,741.35.

Both the key indices closed lower for the third straight session.

Today, Sensex fell another 326 points to 36,166 and Nifty lost 60 points to 10,680. In global market, China’s yuan fell to fresh 11-year lows on Thursday amid worries about the deepening Sino-US trade war, despite support from major state-owned banks in both the spot and forwards markets. This also weakened sentiment for rupee at home.

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Amazon Great Indian Festival sale starts from september 29th

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India’s favourite e-commerce portal, Amazon India, has just announced the biggest retail event of the year Amazon Great Indian Sale. The dates of this 6-day shopping extravaganza have been announced. The sale will go live on 29th September 2019 and end on 4th October 2019. Prime members will get a 12-hour early access to the sale. For them, Amazon Great Indian Festival Sale 2019 will commence on 28th September at 12 PM. Amazon has unveiled a few of the best offers that will be up for grabs. During the course of this five-day shopping extravaganza, Amazon India will provide jaw-dropping Amazon Great Indian Sale offers, deals, and discounts on purchases made from Amazon India’s e-commerce platform.

The company is offering a plethora of discounts such as up to 40% off on “latest and best smartphones of 2019” which include 15 new smartphones and accessories; up to 90% off on fashion with over 1200 top brands; up to 80% off on more than 50,000 home and kitchen products; and up to 75% off on home appliances.

In addition to discounts, Amazon will also be offering festive cashback offers on Amazon Fashion, combo offers on books, gaming and toys and the opportunity to save more using Amazon coupons on daily essentials. Kitchen and home products will be listed at the “lowest ever prices” with free installation. Moreover, more than 11,000 products by Amazon brands will be listed on sale.

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