{"id":13101,"date":"2022-07-08T17:53:37","date_gmt":"2022-07-08T12:23:37","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=13101"},"modified":"2022-07-09T12:36:15","modified_gmt":"2022-07-09T07:06:15","slug":"the-weekly-wrap-battle-for-the-rupee","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/","title":{"rendered":"The Weekly Wrap | Battle for the Rupee"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d6f49a3bea5\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d6f49a3bea5\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#Flying_into_turbulence\" title=\"Flying into turbulence\">Flying into turbulence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#Crypto_Crisis\" title=\"Crypto Crisis\">Crypto Crisis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#Chinese_Checkers\" title=\"Chinese Checkers\">Chinese Checkers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#Markets_and_Mutual_Funds\" title=\"Markets and Mutual Funds\">Markets and Mutual Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#i-3\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#Other_headlines\" title=\"Other headlines\">Other headlines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/#The_week_ahead\" title=\"The week ahead\">The week ahead<\/a><\/li><\/ul><\/nav><\/div>\n<p>In this edition, we talk about the Reserve Bank of India\u2019s latest measures to stem the rupee\u2019s slide and the government\u2019s move to shore up its revenue. We also talk about the safety scare at Indian airlines just as traffic is picking up and the continued turmoil in the crypto world.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Welcome to Kuvera\u2019s weekly digest on the most critical developments related to business, finance and markets.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>tl;dr<\/strong>\u00a0Hear the article in brief instead?<\/p>\r\n<!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]-->\n<audio class=\"wp-audio-shortcode\" id=\"audio-13101-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-audio-NL-July-8-online-au.mp3?_=1\" \/><a href=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-audio-NL-July-8-online-au.mp3\">https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-audio-NL-July-8-online-au.mp3<\/a><\/audio>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-13143\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/lotr-begin.gif\" alt=\"\" width=\"400\" height=\"164\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Ever since international crude oil prices began rising after Russia\u2019s invasion of Ukraine in February, the Indian rupee has been on a downward spiral against the US dollar. It has already gone below the 79.20-mark to a dollar and could breach the 80-mark in coming months, making imports costlier and worsening India\u2019s balance of payments.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The Reserve Bank of India (RBI) seems to have finally woken up to this reality, as it announced a series of measures to increase forex inflows to mitigate the dramatic decline of the rupee. It has, among other measures, allowed foreign investors to invest in short-term corporate debt and buy more government securities.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The central bank has also doubled the limit for Indian companies to borrow overseas, to $1.5 billion, and has temporarily removed the interest rate cap for banks to attract deposits from non-resident Indians. In addition, the central bank has eased the stringent norms set for foreign investors to maintain financial stability.\u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Interestingly, the central bank and North Block\u2014where the finance ministry is headquartered in New Delhi\u2014seem to be working in tandem. While the RBI wants more dollars, the finance ministry wants to tax petro-dollars to shore up the exchequer.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>So, the government did what it does best\u2014imposing taxes. It imposed a new \u2018windfall gains\u2019 tax on India\u2019s oil producers and marketing companies that have increased product exports to gain from the higher overseas margins in the wake of the rise in global oil prices following the Ukraine war.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>While the government says it wants to boost domestic crude production and supply, and revenue from crude, the real reason is not hidden from anyone. It is cash-strapped and wants a pie of the bounty that oil producers and refiners alike hope to achieve from the windfall gains that they have been getting over the past few months.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The markets though haven\u2019t taken too kindly to this new tax. Nearly all oil companies including the government\u2019s own Oil India and ONGC as well as private majors like Reliance Industries and Vedanta fell this week, as investors saw their margins go down the barrel.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Seeing this, the government did seek to reassure companies and investors that it will withdraw the tax if the price of crude goes down below $40 per barrel. <br \/>But given the fact that crude oil prices are flirting with the $100 per barrel mark, that will be a long wait.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Flying_into_turbulence\"><\/span>Flying into turbulence<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p>While crude oil prices have been sky-high, cash-strapped domestic carrier SpiceJet has flown into some very significant turbulence.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>A series of mid-air security lapses and technical snags in recent days forced SpiceJet flights to make emergency landings including in Patna and Karachi, Pakistan. This caused outrage on social and the mainstream media, and prompted the Directorate General of Civil Aviation (DGCA)\u2014the aviation watchdog\u2014to issue the airline a show-cause notice to explain the incidents.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Flyers, too, seem to be shunning the carrier. A recent survey reportedly shows that passengers have begun steering clear of SpiceJet flights, with as many as 44% of the respondents avoiding the airline, versus 21% who are avoiding Air India and IndiGo and 18% for Go First.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>To be sure, the Ajay Singh-led SpiceJet is not the only airline reporting snags. Its competitors IndiGo and the Tata group\u2019s Vistara, too, have had glitches, putting a question mark over aviation safety in India in general.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Safety concerns aside, competition from the now Tata-owned Air India and from newer carriers like Rakesh Jhunjhunwala-backed Akasa Air has forced India\u2019s largest airline IndiGo to raise its pilots\u2019 salaries in a bid to keep its flock together. This, after more than half of IndiGo flights were delayed last Saturday, as a bulk of its cabin crew reported sick last weekend, ostensibly to join an Air India recruitment drive!<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>IndiGo has also reportedly reinstated overtime allowance for pilots to the pre-Covid level. So, the next time your employees or colleagues call sick, beware, your competitor might be out to poach them!<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-13145\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/ezgif.com-gif-maker.gif\" alt=\"\" width=\"400\" height=\"448\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Crypto_Crisis\"><\/span>Crypto Crisis<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p>While India\u2019s largest airline might manage to keep most of its flock together, the country\u2019s crypto exchanges may not be so lucky. Trading on Indian crypto exchanges has plunged as a 1% tax deducted at source (TDS) on all crypto transactions kicked in from July 1.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Under the new rule, the buyer of a virtual digital asset or cryptocurrency has to pay 1% of the amount paid to the seller as TDS. The daily trading value on three exchanges\u2014ZebPay, Binance-backed WazirX and CoinDCX\u2014has plunged by 60-87% since July 1. Another exchange Giottus saw trades on its platform plunge by as much as 70%.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Exchanges say while long-term crypto holders are still buying and selling, high-frequency traders and market makers have left the scene, migrating instead to decentralised exchanges.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>But there\u2019s been more trouble in the Indian crypto market. Coinbase-backed crypto lending platform Vauld has halted operations, leaving its users high and dry. Investors are unable to make deposits, withdraw or trade.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>This is, however, not the end of the road for Vauld, which is reportedly set to be acquired by London-based cryptocurrency lender Nexo.<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<h4><span class=\"ez-toc-section\" id=\"Chinese_Checkers\"><\/span>Chinese Checkers<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p><br \/>Meanwhile, India\u2019s heat on Chinese companies\u2014most notably smartphone makers\u2014continues with the Enforcement Directorate (ED) raiding the local premises of Vivo. The ED said that Vivo sent Rs 62,476 crore, or nearly half its turnover, mainly to China to avoid paying taxes. \u201cThese remittances were made in order to disclose huge losses in Indian incorporated companies to avoid payment of taxes in India,\u201d the financial crime fighting agency said.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-13146\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/fresh-prince-fresh-prince-of-bel-air-1.gif\" alt=\"\" width=\"400\" height=\"311\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Raids on Vivo follow income tax raids on two other Chinese smartphone majors\u2014Oppo and Xiaomi\u2014in December last year, and the Directorate of Revenue Intelligence\u2014the anti-smuggling agency\u2014searching the factories of Foxconn India\u2019s unit Bharat FIH and Dixon Technologies, both of which are contract manufacturers for Xiaomi.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>For perspective, Chinese smartphone brands control almost three-fourths of the Indian market. Xiaomi is the market leader on a standalone basis though BBK Electronics is actually the biggest if all its brands\u2014Oppo, Vivo, Realme and OnePlus\u2014are combined.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Markets_and_Mutual_Funds\"><\/span>Markets and Mutual Funds<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">The benchmark BSE Sensex and Nifty both ended the week firmly in the green\u2014the third week of gains in a row.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Both the benchmarks were up about 3% each, led by double-digit gains in FMCG majors Hindustan Unilever and Britannia Industries. They were followed by Titan, which rose almost 10%, and by engineering and construction major Larsen &amp; Toubro, financial services firm Bajaj Finserv and agrochemicals manufacturer UPL Ltd.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">The list of counters that were most in the red this week was topped by ONGC, which lost nearly 7%. ONGC was followed by Indian Oil, JSW Steel, Cipla and Tata Consultancy Services.<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">Meanwhile, net inflows into <a href=\"https:\/\/kuvera.in\/explore\/mf\/c\/all\/equity\">equity mutual funds<\/a> dropped 16% in June to Rs 15,498 crore compared with May. Industry group AMFI said inflows are likely to remain weak in the July-September quarter due to worries over interest rate hikes and inflation. While MF inflows are slowing, foreign investors continue to move out of Indian equities. Total outflows by foreign portfolio investors in 2022 have crossed $30.3 billion.<\/span><\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"i-2\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<h4><span class=\"ez-toc-section\" id=\"i-3\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<h4><span class=\"ez-toc-section\" id=\"Other_headlines\"><\/span>Other headlines<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Govt cuts gap between second, precaution doses of COVID vaccine to 6 months<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RBI approves merger of HDFC with HDFC Bank<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Axis Mutual Fund submits investigation report on two fund managers to SEBI<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FADA sees two-wheeler sales at pre-pandemic levels only by FY24<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M&amp;M to spin off EV business, gets $250 million from British International Investment at $9.1 billion valuation<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Titan April-June sales soar 205% year on year, company says first normal quarter in two years<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India June services PMI at 59.2, highest in over 11 years<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India\u2019s June trade deficit touches all-time high of $25.63 billion<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US Fed says may need sharply higher interest rates to control inflation<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Boris Johnson resigns as UK PM after cabinet rebellion<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Former Japan PM Shinzo Abe assassinated<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IMF chief says cannot rule out possible global recession<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sri Lanka admits bankruptcy, PM Wickremesinghe says crisis to drag through 2023<\/span><\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"The_week_ahead\"><\/span>The week ahead<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Tractor and Mechanization Association will release tractor sales data for June, giving an indication of the farm sector as monsoon rainfall picks up.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Insurance Regulatory and Development Authority of India will release life insurance first-year premium for June.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Society of Indian Automobile Manufacturers will release vehicle sales numbers for June.<\/span><\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Until next week, happy investing!<\/p>\r\n<p>&#8212;&#8212;&#8212;&#8211;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\r\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Check out our &#8220;Investor Education Originals&#8221; on Youtube and get smart about investing.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><iframe loading=\"lazy\" title=\"How RBI rate hike will impact your money\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/R7g03UwJAT8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/kuvera.in\/?utm_source=Blog&amp;utm_medium=Weekly+wrap+9th+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and Fixed Deposits and start investing today.<\/p>\r\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\r\n<p><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>In this edition, we talk about the Reserve Bank of India\u2019s latest measures to stem the rupee\u2019s slide and the government\u2019s move to shore up its revenue. We also talk about the safety scare at Indian airlines just as traffic is picking up and the continued turmoil in the crypto world. &nbsp; Welcome to Kuvera\u2019s [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":12756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[788,1097,1043,364,1091,1095,67,386,1094,1099,300,1090,1092,1096,1093,1098],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Battle for the Rupee | Weekly Business updates | Kuvera<\/title>\n<meta name=\"description\" content=\"Business &amp; finance updates in a nutshell. RBI\u2019s measures to stem the rupee\u2019s slide &amp; the government\u2019s move to shore up its revenue; the safety scare at Indian airlines just as traffic is picking up; the continued turmoil in the crypto world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Battle for the Rupee | Weekly Business updates | Kuvera\" \/>\n<meta property=\"og:description\" content=\"Business &amp; finance updates in a nutshell. RBI\u2019s measures to stem the rupee\u2019s slide &amp; the government\u2019s move to shore up its revenue; the safety scare at Indian airlines just as traffic is picking up; the continued turmoil in the crypto world.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-battle-for-the-rupee\/\" \/>\n<meta property=\"og:site_name\" content=\"Kuvera\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kuvera.in\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-08T12:23:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-09T07:06:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/06\/Yellow-And-Green-Bold-Money-Blog-Banner-520x245-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"520\" \/>\n\t<meta property=\"og:image:height\" content=\"245\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gaurav Rastogi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:site\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gaurav Rastogi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Battle for the Rupee | Weekly Business updates | Kuvera","description":"Business & finance updates in a nutshell. 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