The rupee it rebounded to a high of 59.21 before settling at 59.39, a rise of 80 paise, or 1.33%. This is rupee’s biggest single-day gain since 21 September 2012, when it had gained 93 paise, or 1.71%
In line with the surge in stocks, the rupee today rose by a staggering 80 paise, its biggest single-day gain in last nine months, to close above the 60-mark at 59.39 amid signs of strong fund inflows on hopes that US Fed will not begin tapering monetary stimulus soon.
Forex dealers said sustained dollar selling by exporters tracking weakness in the US currency overseas also boosted the rupee.
The rupee commenced at 59.95 a dollar as against previous close of 60.19 at the Interbank Foreign Exchange (Forex) market and immediately touched a low of 60.02.
Later, it rebounded sharply and rallied to a high of 59.21 before settling at 59.39, revealing a rise of 80 paise, or 1.33%. This is rupee’s biggest single-day gain since 21 September 2012, when it had gained 93 paise, or 1.71%.
“Pulling back of the rupee today was mainly driven by sentiment after the announcement of gas price hike and formation of a coal regulator among others by the government.
“Also, the market’s expectation of improved scenario on CAD front on the back of falling gold prices and lesser buying of the yellow metal supported the currency,” said Hemal Doshi, currency strategist at Geojit Comtrade.
He also said rupee may pull back more from the current level if the RBI and government come up with more measures.
Foreign institutional investors pumped in a massive Rs1,124.31 crore into domestic equities today, according to BSE provisional data.
The BSE benchmark Sensex today zoomed by 520 points, or 2.75%, to end at 19,395.81 on a rally at the refinery counters.
The dollar index was down by 0.05% against other major rivals as three US Federal Reserve officials yesterday indicated investors had overreacted to recent remarks by Fed Chairman Ben Bernanke signalling tapering of bond purchases.
Meanwhile, premium for forward dollar remained weak on sustained receipts by exporters.
The benchmark six-month forward dollar premium payable in November declined to 143-145 paise from Thursday's close of 147-149 paise. Far-forward contracts maturing in May also dropped to 312-314 paise from 318-320 paise.
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The EPFO stated that its 5 crore members need not necessarily have Aadhaar numbers to avail the benefits of PF body's schemes as these are excluded from Centre's Direct Benefit Transfer programme
Now the Employees Provident Fund Organisation’s (EPFO) over 5 crore members need not necessarily have Aadhaar numbers to avail the benefits of PF body's schemes as these are excluded from Centre's Direct Benefit Transfer (DBT) programme.
“The schemes under EPFO and ESIC have been excluded from the list schemes identified for implementation of Direct Benefit Transfer,” a labour ministry letter to the EPFO’s Central Provident Fund Commissioner stated.
Subsequently, the EPFO head office issued an office order to discontinue submission of monthly report on the progress of the work under the DBT scheme by regional offices.
At present, the money is transferred through NEFT and cheques. The scheme was excluded from the DBT scheme mainly because it was for distributing subsidies and grants and PF money is not a subsidy, an official explained.
Earlier this year in January, EPFO has asked the field staff to ensure the collection of data (Aadhaar) in respect of member joining on or after 1 March 2013 on a monthly basis and in respect of existing members by 30 June 2013.
According to the office order issued then, in case an employee does not have the Aadhaar number, the employer can issue an Enrolment ID (EID) as per the guidelines of the body. This EID would be converted into Aadhaar number later on, the order had said.
The body had also decided to seek the Aadhaar numbers of its pensioners through the banks.
Later in February this year, after drawing flak from unionist for the move, the PF body decided to put on hold the decision to make it mandatory for new members joining EPF scheme to provide Aadhaar number as credential for enrolment from 1 March 2013.
The EPFO order circulated in February had observed that getting the Aadhaar was a time consuming process and the (UIDAI) scheme covers only 18 states.
The remaining states are covered by the Register General of India under the National Population Register which would be digital database of country’s residents.