Top headlines: India reports 2nd monkeypox case; rupee settles at 79.98/USD

FM Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on monetary and fiscal stability

Rupee settles at 79.98 against US dollar; briefly touches 80/USD mark

The rupee slid to the psychologically low level of 80 in intra day trade before settling down by 15 paise at 79.97 (provisional) against the US currency on Monday due to a surge in crude oil prices and unrelenting foreign fund outflows.

At the interbank forex market, the local unit opened at 79.76 against the greenback but later lost ground to touch the psychological low mark of 80.00 against the American currency. Read more

Kerala reports India's second Monkeypox case from Kannur district

A 31-year-old man from Kannur in Kerala tested positive for Monkeypox on Monday, making it the second confirmed case of the disease in India, a Union health ministry official said.

The patient had landed at the Mangalore airport in coastal Karnataka from Dubai on July 13. He was admitted to a hospital after he exhibited symptoms of the disease. Read more

RBI wants govt to prohibit cryptocurrencies: FM Sitharaman tells Parliament

Finance Minister Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on the monetary and fiscal stability.

"In view of the concerns expressed by the RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country, the RBI has recommended for framing of legislation on this sector. The RBI is of the view that cryptocurrencies should be prohibited," she said in a written reply to the Lok Sabha. Read more

Morgan Stanley cuts India's FY23 GDP forecast to 7.2%

After Nomura slashed India's 2023 GDP growth forecast to 4.7 per cent from its earlier projection of 5.4 per cent amid recession fears and rising interest rates, analysts at Morgan Stanley, too, have lowered their GDP growth estimates. They now expect the Indian economy - as measured by GDP - to grow at 7.2 per cent in fiscal 2022-23 (FY23), 40 basis points (bps) lower than their earlier estimates. For FY24, the revised projection stands at 6.4 per cent - down 30 bps. Read more