The Troubled Rupee
RBI likely sold dollars after rupee hit record low of 59.93 - dealers
The Reserve Bank of India (RBI) likely sold dollars via state-run banks after the rupee slid to a record low on Thursday, several dealers said, as fears of foreign outflows from India are roiling domestic bond and stock markets. Full Article | Related Story
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MARKET EYE-Nomura cuts Bajaj Auto to 'neutral' on valuations
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* Nomura downgraded Bajaj Auto to 'neutral' from 'buy', saying the Indian auto maker's valuations of 15.5 times fiscal 2014 earnings have priced in expectations of improving market share. * The downgrade comes even as Nomura says it still believes Bajaj Auto can continue to beat market leader Hero MotoCorp over the next few months. * Bajaj Auto has gained 30.8 percent so far this year versus a 25 percent gain in the BSE index and a fall of 2.2 percent in Hero MotoCorp. (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.reuters.com@reuters.net)
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