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The rupee Friday strengthened further by 4 paise to close at a fresh two-month high 71.93 against the US currency, continuing its gaining streak for the fourth day, despite a rebound in oil prices and a stronger dollar. Crude oil prices falling below the $70 per barrel mark and forex inflows have boosted the rupee sentiment as the domestic currency posted gains of 57 paise or 0.79 per cent this week to touch two-month high levels.
Travel portals showed prices for one-way ticket on Delhi-Mumbai direct flights starting at Rs 21,200 in economy to Rs 35,000 in premium classes of full-service airlines. With close to 100 flights less a day during runway closure period, the demand-supply mismatch has added to the issue of higher fares. One of the three runways at IGIA is closed for eight days from Friday.
The biggest weekly increase in currency in circulation was in the week ending January 13, 2017, which saw an additional Rs 52,786 crore flow out of banks as currency presses worked overtime to replace demonetised notes. An increase in currency in circulation reduces the lendable resources of banks and pushes up interest rates.
Gurumurthy blamed the RBI for mandating one-shot provisioning (or setting aside funds) for bad loans. “NPA has been developing since 2009 and it peaked in 2014. At that time RBI did not say ‘you provide’ but in 2015 it said ‘you provide’. So, providing at one go is the problem. If they had said you provide over 5 years this wouldn’t have happened,” he said.
On the BSE index, Adani Ports, Kotak Mahindra Bank, Hero MotorCorp and Axis Bank were among the top performers with their stocks surging as much as 4.25 per cent. On NSE, except for Nifty FMCG, all other sub-indices ended in green with Nifty Realty leading the pack by gaining as much as 1.70 per cent
Among male founders, there’s a sense of insecurity. But female founders TOI spoke with said the conversations happening now will lead to a healthy change over the long term. Most of the founders who spoke did not wish to be named. Other founders said they are being cautious about workplace behaviour with women but are worried about a “casual joke” coming back to haunt them later.