The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
The Indian rupee fell to a record low on Thursday morning, following a declining trend all year — which economists attributed to rising oil prices, broader emerging market concerns, and strong month-end dollar demand.
It slid to 70.8100 against the dollar, after a previous new low just a day before at 70.475. That marked a 10.97 percent decline since the start of the year.
"Weakening has accompanied rising investment concerns about emerging markets more broadly, as well as a widening current account deficit, itself largely the result of higher oil prices," Deutsche Bank Wealth Management's Tuan Huynh, Chief Investment Officer (Asia Pacific), wrote in a report on Thursday.
More expensive oil leads to a higher import bill for India, a net importer of oil. Higher oil prices also lead to a widening current account deficit — a measure of the flow of goods, services and investments in and out of the country.
Oil prices have been up more than 7 percent since mid-August, DBS Economist Radhika Rao explained in a note following the previous record low on Wednesday. Along with that, end-month dollar demand has also added to the pace of currency sell-off, she said.
"Markets get a sense that the authorities are tolerant of a weaker rupee, with little by way of jawboning or verbal intervention," Rao added.
That's despite the sell-off in emerging markets — caused by the lira crisis in Turkey — which has also put pressure on the rupee. For now, Rao explained, India could be choosing to "preserve their bullets" in the event of further developments, which could cause further weakness and require central bank intervention.
"With the US Fed expected to gradually tighten policy rates in (the) rest of 2018 and in 2019, lingering trade war fears and jump in dollar demand domestically … volatility is here to stay," she said.
The Deutsche Bank Wealth Management report predicts that the rupee will depreciate further to 74 against the dollar by June 2019.
"Aside from higher current account deficits, USD strength (and higher U.S. Treasury yields) and the likely widening in the government's fiscal deficit in this pre-election year could continue to weigh on the currency," it said.