Travel abroad is more costly but good time to be a non-resident
India Dispatch Inside the emerging giant
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The rupee has lost 16 per cent this year, slumping to a record low last week.
Economists say the plunge has been caused by rising inflation, high interest rates, India's huge fiscal deficit and reduced GDP estimates as well as global market uncertainty. Some investors are also leaving emerging market equities, causing the rupee to dive further.
The rupee was a stable currency trading at about 44 to 46 per dollar on average before the slide began over a month ago.
On August 1, one rupee was worth 44.08 to the dollar.
The currency's previous all-time low of 52.18 against the dollar was on March 3, 2009.
Market makers have started calling the rupee "the worst performing currency" in the region.
The government took measures to curb the fall last week. The Reserve Bank of India (RBI) increased interest rates on foreign currency deposits by up to 100 basis points, raised the cap on external commercial borrowing by 50 basis points and took out the US$100 million (Dh367m) ceiling on net foreign currency inflows via rupee swaps, reports said.
The government tried to play down the currency's nosedive and said the fall reflected market uncertainty, urged against an "overreaction" and added it expected a self-correction.
But local press reports said the country's finance ministry had admitted the RBI has only a "limited" ability to curb the fall of the rupee.
Who takes a hit? The weaker rupee hurts companies with foreign currency debts and those that import raw materials from abroad. These firms will have to pay more rupees to pay back the money borrowed in currencies as well as spend more rupees on imports.
A weaker rupee also makes India's huge oil imports more expensive.
Imported goods will become more costly because they are paid for in dollars.
If the rupee depreciates further, it could cause trouble for India's working class, which is already suffering from high inflation.
According to the IMF, consumer prices rose 13.2 per cent last year in India.
Travel abroad also becomes more expensive as Indians will get less buck for their rupees.
Who benefits? Non-resident Indians, particularly those getting paid in dollars or dollar-pegged currencies are among the principal gainers. They now have more money available to spend or remit to their families.
A family getting a monthly remittance of $5,000 will now get 260,000 rupees at the 52 to the dollar rate instead of 225,000 rupees at the earlier 45 to the dollar rate.
Export companies and those that charge in foreign currencies will also benefit from the fall.
This is because they will earn more rupees for every dollar's worth of goods they sell. IT and the textile sector are set to gain most.
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Nayanthara: Beyond The Fairy Tale
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Director: Amith Krishnan
Rating: 3.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE
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RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
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Total funding: Self funded
Disclaimer
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RESULTS
2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m
Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer)
3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m
Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar
3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m
Winner Tahdeed, Fernando Jara, Nicholas Bachalard
4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m
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4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
Killing of Qassem Suleimani
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Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
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Company%20Profile
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