News Leak Centre

Rupee Plunges To Record Low of 69.62 against Dollar

The Rupee touched an all-time low of 69.62 per dollar in early trade on Monday, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey.

The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee as per market reports.

“The RBI was there to curtail the volatility in early trade, but not in a big way,” said a senior dealer at a foreign bank.

The Rupee reversed marginally from its record lows to trade at 69.53 to the dollar. It had ended at 68.84 to the dollar on Friday. The 10-year benchmark bond yield rose to 7.80% from its previous close of 7.75%, tracking the weakness in rupee.

Investors preferred safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower.

The lira has fallen about 45% against the greenback this year on worries over Turkish President Tayyip Erdogan’s increasing control of the economy and a deepening diplomatic rift with the United States.

“There is no point spending a lot of dollars in defending a rupee when the force of the fall is so strong across emerging markets,” said a senior forex dealer at an Indian state-run bank.

The next crucial level for the rupee is 69.80 to the dollar, he added.

Traders will also watch out for India consumer inflation data for July due after market hours for further direction. A Reuters poll estimates July\ inflation of 4.51% compared with a five-month high of 5.0% hit in the
previous month.

Meanwhile, the BSE Sensex fell over 288 points and the NSE Nifty dipped below the 11,400-level in opening trade today on heavy losses in PSUs, auto, metal and banking counters amid a global rout in equity markets.

The rupee’s previous record low was 69.13, marked on July 20, 2018. On Friday, the rupee had lost 15 paise to end at 68.83 against the resurgent dollar.

This Parking Spot In Hong Kong Is Probably More Expensive Than Your Entire House!

In a city where land is sparse, even parking lots go for a premium. A parking space in Hong Kong has been sold for a record $664,260 (HK$ 5.18 million) — making it the most expensive parking space in the world, according to the South China Morning Post.

To put things in context, apartments in New York went for an average price of $1,750 per square foot, in mid-2016.
The buyer of the parking lot, an executive director of an investment firm in Hong Kong, already has two other parking spaces in the luxury apartment complex in the West of the island.

It broke the record sale price set last year by another car park space in Hong Kong, that was sold for $615,000 (HK$4.8 million).

For some Hong Kongers, the 188 square-foot parking space is bigger than their entire apartment.

In Hong Kong, a 181 square foot apartment sold for almost $600,000 or $3,321 per square foot.

A car the size of a Tesla X would fit exactly into a space measuring 161 square feet.

Hong Kong has been dubbed the world’s most unaffordable housing market, according to research firm Demographia — with a typical home in the city going for an average of $920,000.

The Ultimate “JUGAADU” Photographer, Who Saved $159,960 With Just An Idea

Being an Indian, we are born “ JUGAADU”. Indians can do anything except spending the money. Well, this article is not about any Indian, specifically SINDHI, GUJJU OR MARWADI, so it is better to keep your hopes down. But u can be excited as the JUGAAD just got the hell lot of creative this time.

We Indians are so jugaadu that even Firangi’s are copying our tips to save money.

Same, did Felix Hernandez,  an extraordinary photographer. With his creativity, he saved thousand of dollars which were meant to be spent on marketing.

At a glimpse, he used $32 miniature toy car instead of o $50,000 real car. Can u imagine? With just a simple idea he saved $49,968. And that too, just from a single shoot for Audi.

In his previous shoot, Hernandez has used a $40 miniature toy car in the place of $160,000 priced Audi R8. And with this simple idea, he gave the company a saving of $159,960. Woah..!! isn’t that amazing?

This creativity of Hernandez doesn’t end here. He uses special techniques to create a real illusion in his photos. Naah, we are not talking about editing software. This shit just got seriously real.

Hernandez used LEDs, foam core, and sand paper to design an in-house roadway.

The sand dune scene consisted of fine powder that was blended with water.

What say peeps? Isn’t it something really awwww worthy.?

The rupee crashed to a record low of 68.86 against the American dollar! Is this the lowest level yet?

The rupee crashed to a record low of 68.86 against the American dollar, plunging 30 paise on Thursday amid sustained foreign fund outflows and the greenback’s surge in overseas markets.
The Indian currency had earlier hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013.
Forex dealers said besides a strong month-end demand for the American currency from importers, continued capital outflows by foreign funds and the dollar’s bull run on an imminent hike in Fed’s interest rates, mainly weighed on the domestic currency.

Further, a lower opening of the domestic equity market also put pressure on the rupee, they said.
The rupee had shed 31 paise to close at a new nine-month low of 68.56 against the dollar on Wednesday.
The Indian currency shrunk 2.92 per cent since Donald Trump’s victory in the US Presidential polls earlier this month.

A huge outflow of capital by foreign investors has been weakening the rupee as they apprehend an impact on the economy in the short-term following the India’s move to demonetise Rs 500 and Rs 1,000 banknotes. Surging US bond yields and a strong dollar overseas are also contributing to the rupee’s fall.
Meanwhile, the BSE Sensex fell by 145.97 points, or 0.56 per cent, to 25,905.84 points in early trade.