Friday, October 02
Mumbai: The Indian rupee touched a three-month low at 86.89 to a dollar intra-day Thursday, stretching weekly losses to nearly a percentage point, on lingering concerns of a protracted Iran-Israel conflict that could cause oil prices to harden toward 52-week highs.The local monetary unit ended slightly higher at 86.72, likely on central bank interventions, traders said, as stocks whipsawed through a volatile trading day, marked by the unpredictability of the expiry of weekly contracts on the biggest bourse."All of emerging market country currencies are on a weakening bias due to the war and as long as oil prices are elevated, the rupee is expected to be under pressure," said Ritesh Bhansali, deputy CEO, Mecklai financial services. Brent crude oil prices remained elevated at $77 per barrel
Accenture beat Wall Street estimates for third-quarter revenue on Friday, driven by growing demand for the consulting giant's AI-driven services from enterprise customers.It reported revenue of $17.7 billion for the quarter ended May 31, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG.Shares of the company fell 2.6% in premarket trading after Accenture said new bookings decreased 6% to $19.7 billion in the third quarter.The company is grappling with weak U.S. federal contracting environment as the Trump administration has slowed new contracts and cut existing agreements in a bid to reduce federal spending.The company said these changes have not had a material impact on its operations or financial condition.
