Business

Offer on routes such as Mumbai-Goa, Ahmedabad-Mumbai, Bangalore-Hyderabad, Chennai-Bangalore, Pune-Bangalore and more, SpiceJet said

A single member recommended a 75 bps rate cut to lower the cost of capital.

Forex dealers said besides dollar strengthening against other currencies overseas, fresh demand for the American unit from importers put pressure on the rupee.

Finance Minister Arun Jaitley has said the credibility of Indian economy has been partly restored and the momentum must be sustained over the next two years to win over and provide comfort to world investors.

Capital markets regulator Sebi on Friday said Foreign Venture Capital Investors (FVCIs) can be granted registration as a foreign portfolio investor if they meet certain guidelines.

The rupee on Thursday slipped by 13 paise to close at 63.97 against the US dollar on fresh demand for the greenback from banks and importers.

Reliance, HDFC twins, Wipro and HDFC Bank were top gainers in the Sensex. Tata Steel, Vedanta, ONGC, ICICI Bank and Bajaj Auto were major laggards.

"We absolutely have to bring inflation down for sustainable growth," Rajan said in an interview.

Russian nuclear corporation Rosatom is in talks with India on transfer of nuclear technologies in other fields while the second 1,000 MW atomic power unit at Kudankulam in Tamil Nadu is expected to be commissioned soon, said a senior official.

"I only ask for an affordable rate of interest for industry because credit internationally is now very cheap," Commerce Minister Nirmala Sitharaman said.

The rupee snapped its 3-day losing streak against the US dollar by ending 21 paise higher at 63.80 on fresh selling of the greenback by banks and exporters.

"I think the inflation front is one of the bright spots of the economy," said Subramanian.

Extending its decline for the second straight session, the rupee slumped to 64-level against the American currency after nearly two weeks before ending at 63.98.

Earlier this month parliament approved the annual finance bill containing the amendments to the Foreign Exchange Management Act (FEMA).

The Sensex was up 363.30 points or 1.3 per cent at 27687.30 while the Nifty ended up 111.30 points or 1 per cent at 8373.65.

In 2015, the Reserve Bank of India (RBI) has already cut the repo rate twice, by 25 basis points each time, in a bid to bolster economic growth.