No management rejig on cards, says HCL Tech

HCL Tech BSE | NSE 20/06/12

HCL Technologies on Tuesday denied reports that there was any management rejig on the cards and said Vineet Nayar would remain the vice chairman and chief executive of the company.

A report in Times of India newspaper had claimed on Monday that the Shiv Nadar promoted software services provider was heading for a management reshuffle. Nayar is on his way out and Anant Gupta, currently president of infrastructure services will replace, the report had said citing an unnamed company official. Apart from Nayar the report had also claimed that several other senior officials close to Nayar were also quitting.

However, HCL Tech says

Rupee up 11 paise at 55.69 against dollar

MUMBAI, JUNE 15: 

The rupee opened higher at 55.68 against the American currency on the back of positive Asian markets and global cues.

At 10.00 am, the Indian unit stayed range-bound and was trading at 55.69 to the US dollar.

“The rupee is likely to surge at 55.30 levels on positive global sentiments,” said Mr N.S. Venkatesh, Head of Treasury, IDBI Bank.

The rupee had closed lower at 55.80 on Thursday.

Aggressive Quantitative 3 (Q3) easing and

USD INR exchange rate: Major trends in past few years and where is it heading ?

The USD-INR exchange rate is an important indicator of investor sentiment and can significantly impact not only the fortunes of individual firms and sectors, but also the government. The exchange rate of the Indian rupee (or INR) is determined by market conditions. However, in order to maintain effective exchange rates, the RBI actively trades in the USD/INR currency market. The rupee currency is not pegged to any particular foreign currency at a specific exchange rate. The RBI intervenes in the currency markets to maintain low volatility in exchange rates and remove excess liquidity from the economy.

It is believed that there is significant downside risk to USD-INR exchange rate  and here are some risk factors behind this.

Rupee struggling for getting up

There is some weakness inbuilt of rupee due to the huge current account deficit and large amount of foreign currency convertible bonds coming for redemption. In past few months, Indian Rupee has depreciated by quite a bit. Rupee has gone from 44.08 to 53.93, 20% fall and it affected all sectors. For example, IT sector is having benefit , as their earnings are in dollars and with the worth of the dollar increasing, their income also increases. But real estate sector has been affected due to the rupee depreciation.The Rupee depreciated as much as 72 paisa in a single day as the stocks were encashed in dollars due to the massive selling of equities. Sensex was closed at 300 points and rupee lost around 10%, since it touched its peak in February. Since March, Rupee has depreciated almost 9% on account of local macroeconomics issues. Current account and fiscal deficits are hurting the Indian currency.Consumer products such as