Latest Business & Finance Updates
The Plunging Rupee
The rupee plunged by 76 paise and closed at 69.17 against the US dollar on April 4, 2019. It slipped by six paise to close at 69.23 against the dollar on April 5, 2019. This is the second consecutive week of loss for the rupee.
BSE and India INX Sign MoU with Moscow Exchange
The Bombay Stock Exchange (BSE) and India International Exchange (India INX) signed a memorandum of understanding with Moscow Exchange (MOEX) on April 3, 2019. This will make easy for the investor community and companies in both countries to connect.
GST Collections for March Hit a New High
As per a statement issued by the Finance Ministry, GST revenue in March 2019 grew 15.6 per cent year-on-year. The revenue for the March 2019 quarter scaled to a record high of Rs.1,06,577 crore. The monthly average of GST revenue during FY19 was Rs. 98,114 crore, 9.2 percent higher than FY18.
RBI to Inject USD 5 Billion Liquidity
The Reserve Bank of India (RBI) announced on April 1, 2019 that it will inject long-term liquidity worth USD 5 billion into the banking system through a dollar-rupee buy-sell swap. The swap will be a simple buy/sell foreign exchange swap from the RBI. The USD/INR Buy/Sell swap auction of USD 5 billion for the tenor of three years will be held on April 23, 2019.
TESLA Energy Storage Project in Japan
Tesla has developed its largest power storage system in Asia and the fourth largest in the greater Asia-Pacific (APAC) region. The system will reduce energy demand and provide emergency backup power to trains in Japan. The 7 megawatt-hours (MWh) system has been launched in partnership with Kintetsu, a railway operator in Osaka, Japan.
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