Business

Mumbai, Oct 20 (PTI) The rupee depreciated 6 paise to a record low of 83.06 against the US dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals.

19 October 2022; MEMO: The CEO of the Future Investment Initiative (FII), the organiser of the "Davos of the Desert" Saudi investment conference said on Monday that US government officials will not be invited to attend the event at the end of this month. The reason, added Richard Attias, is so that the event does not turn into a "political platform".

19 October 2022; MEMO: Saudi Arabia has expressed interest in joining the BRICS economic group which includes Brazil, Russia, India, China and South Africa, South African President, Cyril Ramaphosa, said yesterday.

Ramaphosa, who has just returned from an official visit to Riyadh, said Saudi Crown Prince, Mohammed Bin Salman Al Saud, had expressed the kingdom's desire to be part of BRICS.

"They are not the only country [seeking membership in BRICS]," local radio station ABC reported Ramaphosa saying.

18 October 2022; MEMO: The United Arab Emirates believes that OPEC+ made the correct technical choice when it agreed to cut production and the unanimous decision had nothing to do with politics, Energy Minister, Suhail Al-Mazrouei, said on Tuesday, Reuters reports.

19 October 2022; MEMO: Iran has promised to provide Russia with surface to surface missiles, in addition to more drones, two senior Iranian officials and two Iranian diplomats told Reuters, a move that is likely to infuriate the United States and other Western powers.

19 October 2022; MEMO: Some 22 countries have submitted official requests to purchase Iranian-made military drones, former Commander of the Islamic Revolutionary Guard Corps and top military aide to Iran's Supreme Leader, Major General Yahia Rahim Safavi, said.

"The current candidate countries to buy Iranian drones are Armenia, Tajikistan, Serbia, Algeria, Venezuela and other countries," Safavi said yesterday.

17 October 2022; MEMO: New Iraqi President, Abdul Latif Rashid, on Monday voiced hope for a quick formation of the country's new government, Anadolu News Agency reports.

"We hope that the new government will be formed quickly to meet the demands of the Iraqis," he said in a swearing-in ceremony attended by government officials and politicians in the capital, Baghdad.

Rashid vowed to work "to protect the Constitution and solve the country's problems."

18 October 2022; MEMO: OPEC+ member states lined up on Sunday to endorse the steep cut to its output target agreed this month, after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move, Reuters reports.

18 October 2022; MEMO: Ticket sales for the soccer World Cup are approaching the three million mark ahead of the tournament kicking off in Qatar on 20 November, FIFA President, Gianni Infantino, and event organisers said on Monday, Reuters reports.

The top 10 purchasing countries of the 2.89 million tickets sold are Qatar, the United States, Saudi Arabia, England, Mexico, the United Arab Emirates, Argentina, France, Brazil and Germany, FIFA's World Cup Chief Operating Officer, Colin Smith, told a news conference in Doha.

17 October 2022; MEMO: Turkiye's exports to the Middle East and Gulf countries have increased by 24.8 per cent this year to date, with an estimated value of $24.7 billion, Anadolu has reported. Data was cited from the Turkish Exporters' Assembly.

Iraq imported goods from Turkiye valued at $7.5bn, followed by Israel with $5.1bn and the United Arab Emirates with $2.5bn, explained the same source.