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Economy and Politics

Dealers said dollar strength against the euro and a lower opening in the stock markets mainly put pressure on the rupee, which slumped to a five-week low.

At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad higher at 44.30/31 a dollar from Wednesday's close of 44.31/32.
Demand for dollar weakend the Indian Rupee by 4 paise to trade at Rs 44.35 against the US currency.
India's exports grew by an impressive 46.45 per cent to $29.21 billion in June, 2011, despite uncertainty in the US and European markets.
Forex dealers said a higher opening in the stock market mainly kept rupee sentiment firm, but dollar gains against the euro and other currencies overseas.
After dropping to a 20-month low in mid-July, food inflation inched up for the week ended July 23 on expensive onion, fruits and milk.
A Parliamentary Panel suggests ending of subsidised domestic cooking gas for people with annual income of more than Rs 6 lakh.
The markets across the world are jittery as Moody's and other rating agencies are threatening to downgrade the US sovereign debt rating from the top AAA rating.