Rupee hits record low of 70.82, falls 23 paise against US dollar : Bulletin: Business Today
Business Today

Rupee hits record low of 70.82, falls 23 paise against US dollar

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August 30, 2018

Rupee hits record low of 70.82, falls 23 paise against US dollar
The rupee on Thursday extended losses for the fourth consecutive session and plunged to an all-time intra day low against the US dollar on strong month-end dollar demand from oil importers and foreign fund outflows. The currency fell 23 paise to hit a new record low of 70.82 per dollar. The slide was triggered by factors such as crude prices hitting multi-month highs fuelled by supply shocks along with concerns over widening current account deficit (CAD.

Paytm Mall looks to deepen partnerships in fight with Flipkart, Amazon
Paytm Mall, the e-commerce venture backed by China's Alibaba Group, is trying to deepen ties with regional retailers as well as partner with popular online grocer BigBasket to compete with Walmart-controlled Flipkart and Amazon's local unit. It is now set to enter a partnership with BigBasket, also backed by Alibaba, Amit Sinha, the chief operating officer of the online marketplace, told Reuters. Paytm Mall, owned by Paytm E-Commerce, is currently the third biggest player in India's rapidly-growing online retail space. The company already has a revenue sharing partnership with Future Retail, which owns stores like Big Bazaar and fashion shops.

Buyers must pay up to Rs 24,000 on insurance for new vehicles from September 1
The Supreme Court has ordered all general insurers to offer long-term third party insurance on vehicles sold on or after September 1. In line with the court directive, insurance companies will now offer only three-year insurance for cars and five-year insurance for two-wheelers under the third party segment from the next month. Following the implementation of the Supreme Court order, prospective vehicle buyers will have to pay more than Rs 24,000 for new cars and over Rs 13,000 for new motorcycles in third-party insurance.

RBI report shows household savings have touched a seven-year high
Household financial savings have climbed to a seven-year-high in 2017-18 (FY18), the annual report of the Reserve Bank of India released on Tuesday has revealed. In 2016-17 (FY17), it was 9.1 per cent of the gross national disposable income (GNDI); in FY18, it climbed to 11.1 per cent.

WhatsApp to start taking classes to curb spread of fake messages, forwards
WhatsApp will be taking new measures to tackle the spread of misinformation on its platform. The instant messaging company will conduct training classes for specific locations in the hope of spreading awareness about fake news. According to a report by IANS, WhatsApp is taking help from a New Delhi-based non-profit Digital Empowerment Foundation (DEF) to create awareness in special pockets of the Indian population. WhatsApp will be conducting around 40 training sessions in areas that are sensitive to the spread of fake forwards. The sessions will be held across 10 Indian states.
RBI says 99.3% demonetised notes were returned
The Reserve Bank of India in its annual report has said Rs 15.31 lakh crore out of the total Rs 15.41 lakh crore demonetised currency have returned to the banking system. The central bank said 99.3 per cent junked notes were deposited in banks, while 0.7 per cent notes worth Rs 10,720 crore couldn't be traced. Critics say the numbers prove that demonetisation was a big failure. PM Modi had scrapped Rs 500 and Rs 1,000 notes in a surprise announcement on November 8, 2016.
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