The rupee recovered from initial losses against the American currency quoting at 65.15 on fresh selling of dollars by banks and exporters on the back of smart recovery in the equity market. The rupee resumed lower at 65.19 as against yesterday's closing level of 65.10 and dropped further to 65.34 on initial dollar demand from banks and importers in view of a firm dollar in the overseas market. However, it recovered from initial losses to 65.05 before quoting at 65.15 at 1218 hours.
It moved in a range of 65.05 and 65.34. Overseas, the dollar edged higher yesterday, extending its gains earlier in the session and snapping a six-session losing streak against the euro after a spate of strong economic data in the US. Oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh six-year lows as investors are worried a global supply glut is set to last. 1:30 pm Stake hike: In a significant move, Tata Sons will hike its stake to 41.06 percent in low cost carrier AirAsia India.
The airline, which is facing stiff competition, is also set for top management reshuffle with CEO Mittu Chandilya expected to be elevated as Managing Director in addition to his current responsibility. "We are in the process of subscribing to the capital of AirAsia India which will take up our stake to 41.06 percent from the current 30 percent," a Tata Sons spokesperson said.
While specific details could not be immediately ascertained, Tata Sons is likely to acquire the additional stake from Arun Bhatia's Telestra Tradeplace which currently holds 21 percent stake in AirAsia India. The no-frills carrier is a three-way joint venture in which Malaysia's AirAsia Berhard owns 49 percent. AirAsia India is expected to soon effect its first management revamp since commencing operations in June last year.
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