Business

The US dollar depreciated against most Asian currencies after Federal Reserve Chairman Jerome Powell said the central bank was in no hurry to change interest rates.

Top losers in the Sensex pack in early session include Tata Motors, HCL Tech, Vedanta, Infosys, ONGC, Tata Steel, Hero MotoCorp, Maruti, Asian Paints and RIL, falling up to 2.30 per cent.

India has reduced its purchases of Iranian oil but has been in talks on extending its sanctions waiver.

At the Interbank Foreign Exchange (forex) market, the rupee opened on a weak note at 70.60. Intra-day, it fluctuated between 70.67 and 70.25, before finally closing at 70.28, up 21 paise over its previous close.

Jaitley also called upon the industry to pass on benefits of GST rate reduction to consumers.

The decision on OMO is based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI said.

The rate cut by Bank of Baroda comes a month after The Reserve Bank of India slashed key lending rate by 0.25 percentage points to 6.25 per cent on expectation of inflation staying within its target range.

Effective March 05, 2019 till March 07, 2019, IndiGo is offering all-inclusive fare starting at Rs 899 across domestic and Rs 3,399 across international sectors. This sale is valid for travel between March 19, 2019 and September 28, 2019.

The rupee Friday had weakened by 20 paise to close at 70.92 against the US dollar. The domestic forex market and equity market were closed Monday on account of Mahashivratri.

The Nikkei India Manufacturing Purchasing Managers' Index rose to 54.3 in February, from 53.9 in January, amid a robust improvement in business conditions.

According to provisional exchange data, foreign portfolio investors (FPIs) bought shares worth a net of Rs 6,311.01 crore on net basis on Friday.

According to analysts, the government's move to infuse Rs 48,239 crore in 12 PSU banks will keep the banking sector afloat; but on the whole, the markets will continue to remain tepid.

The 42-page draft addresses six broad issues of the e-commerce ecosystem — data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating domestic digital economy and export promotion through e commerce.

EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said.

Last year, the government had announced the merger of Vijaya Bank and Dena Bank with Bank of Baroda, aiming to create the third largest lender after SBI and ICICI Bank in the country.

If shareholders of Jet Airways approve the latest bailout plan on Thursday, taxpayers, by extension, will be bailing out Jet Airways, with no say in the matter. And India may get its second state-owned airline.