Business
Omicron concerns, FII outflows to pull Rupee lower; Likely RBI moves to stem volatility
Concerns over the new Omicron Covid-19 variant, as well as continued foreign fund outflows will keep Indian rupee subdued during the upcoming week, experts have opined.
Besides, high YoY trade deficit along with new US tapering measures will hamper any appreciation move.
However, the downside will be capped by lower oil prices along with probable RBI interventions.
“On the positive side, falling crude oil prices around $73 per barrel levels and accommodative monetory policy should provide some respite,” said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
“Historically, some intervention shall be looked upon for any trend reversal in rupee.”
The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.
“We expect the pair to trade between 75.50 to 76.50 next week with a lower bias for the pair.”
Last week, the rupee closed at 76.09 to a USD weakening significantly on a weekly basis.
The Indian rupee has stabilised in the last two sesions this week after hitting lowest level of 20 months.
“Rupee lost ground against dollar precipitiusly in early part of the week amid risk averse sentiments, policy divergence, foreign fund outflows and higher trade deficit numbers. The RBI’s policy divergence with Fed weighed on local currency along with higher imports,” said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
“Trading volumes are set to decline as forex markets head into the Christmas break. Spot USDINR expected to consolidate between 76.50 to 75.70 before heading higher towards 77.”
So far, the foreign institutions have sold over $4 billion worth of equities in this qurter.
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said: “Next week, on the domestic front no major economic data are expected to be released but FIIs who have been on the sell side if take a pause on the selling could restrict sharp depreciation of the rupee.
“From the US, except core PCE index no other data is expected to release but now that the Federal Reserve has started to increase its bond tapering program market participants could continue to be positive on the greenback. We expect the USDINR (Spot) to quote in the range of 75.70 and 76.50.”
Business
Employees’ body to meet on April 13 as Central govt staff keen on 8th Pay Commission decisions

New Delhi, April 7: Millions of Central government employees and pensioners await the outcome of the drafting committee of the National Council (Joint Consultative Machinery) on April 13 to get cues on the 8th Pay Commission salary revision, a report said on Tuesday.
The drafting committee meeting scheduled for 11:00 am at the JP Choubey Memorial Library (AIRF office premises) here will review a final common memorandum and discuss pay scale revisions, annual increments, allowances and other benefits, the report from NDTV Profit said.
“The April 13 meeting is in continuation of the March 12, 2026, meeting when all drafting committee members of the 8th Pay Commission met to discuss the common memorandum of all employee and pensioner bodies,” said NC-JCM secretary, Shiv Gopal Mishra, in a letter to members of the drafting committee.
The government has not yet announced the official date for the salary increase. Arrears will be calculated based on the date fixed for the implementation of the 8th Pay Commission
even as employee and pensioner groups press for arrears to be calculated from January 1, 2026, the report said.
The Federation of National Postal Organisations has asked the government to merge the 58 per cent dearness allowance with basic pay and give interim relief from the same date.
The salary increase will hinge on the fitment factor the government adopts which analysts expect to exceed 2.5. Some employee groups have sought a fitment factor of 3.15, even though the official decision may take over a year, the report said.
Pankaj Chaudhary, MoS Finance, told Parliament in March that the 8th Pay Commission will make its recommendations on pay, allowances, pensions, and other benefits for central government employees. The 8th Pay Commission is expected to complete this work within 18 months from November 2025.
Business
Thane-Borivali Twin Tunnel Work Launched; Here’s How TBM Nayak Will Transform Travel For Mumbaikars

Mumbai: The first Tunnel Boring Machine (TBM), named Nayak, has been launched to begin excavation for the Thane–Borivali Twin Tunnel project today. The inauguration was officially done by Chief Minister Devendra Fadnavis along with Deputy Chief Ministers Eknath Shinde and Sunetra Pawar. Transport Minister Pratap Sarnaik was also present at the event, which took place at the TBM launch site in Manpada, Thane.
At present, the 23-kilometre journey between Thane and Borivali takes anywhere between 60 and 90 minutes, largely due to heavy congestion on Ghodbunder Road. Once completed, the new tunnel route will bring this travel time down to just 15 minutes, offering a faster and more reliable commute. The project, which began on May 19, 2023, is expected to be completed by May 2028.
Implemented by MMRDA, the project also includes connecting roads linking the Western Express Highway in Borivali and Ghodbunder Road in Thane.
A machine built for Mumbai’s toughest terrain, a 13.34-metre diameter single-shield TBM—among the largest deployed in urban tunnelling. Weighing nearly 2,500 tonnes and assembled from over a thousand components, the machine represents cutting-edge engineering tailored for challenging geological conditions.
Meanwhile, prior to this, Phase 1 of the long-awaited Metro Line 9 rail service between Dahisar East and Mira Bhayandar was inaugurated. CM Devendra Fadnavis, along with Deputy CM Eknath Shinde, Transport Minister Pratap Sarnaik, and Mumbai Mayor Ritu Tawde, were present at the inauguration ceremony of phase 1 connecting Dahisar East to Kashigaon.
The 4.97 km line connecting Dahisar and Kashigaon, with stations at Pandurang Wadi and Miragaon, is expected to provide relief to commuters in the Mira-Bhayander region, which currently depends heavily on road transport, leading to frequent traffic congestion.
Business
Govt doubles daily 5-kg LPG cylinder quota for migrant labourers across states

New Delhi, April 7: The Centre has decided to double the daily allocation of 5-kg free trade LPG (FTL) cylinders available for distribution to migrant labourers across states, according to an official communication.
The Petroleum Ministry said in a notification the enhanced allocation will be based on the average daily supply of cylinders provided to migrant workers.
The revised allocation goes beyond the earlier cap of 20 per cent specified in March announcement.
The government also said that the additional 5-kg FTL cylinders will be placed at the disposal of state governments and their Food and Civil Supplies Departments for distribution exclusively to migrant labourers with the assistance of oil marketing companies (OMCs).
Earlier, the government had said it was making all efforts to ensure adequate availability of petrol, diesel and LPG amid the prevailing geopolitical situation, while advising citizens to avoid panic buying and rely only on official sources for information.
Consumers were also encouraged to use digital modes for LPG bookings and minimise visits to distributors unless necessary.
The government has prioritised domestic LPG and PNG supplies, along with critical sectors such as hospitals and educational institutions.
It has also implemented several demand and supply-side measures, including enhancing refinery output and increasing LPG booking intervals to 25 days in urban areas and up to 45 days in rural areas.
To ease pressure on LPG demand, alternate fuels such as kerosene and coal have been made available, while states have been advised to expand PNG connections.
The government also said there has been no disruption in LPG supply affecting migrant workers.
According to official data, around 51 lakh domestic LPG cylinders were delivered recently, with online bookings rising to 95 per cent and delivery authentication-based distribution increasing significantly to curb diversion.
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