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Rupee firms

On hopes that Fed may slow down rate hike
REUTERS, Mumbai
The Indian rupee advanced on Tuesday as hopes that the US Federal Reserve could slow down the pace of its rate hikes buoyed risk appetite and hurt the dollar.
The rupee ended at 82.6950, against a previous close of 82.78. It traded in a narrow 10 paisa range throughout the session.
The Chinese yuan reversed earlier losses to surge, pulling up most of Asian emerging currencies along with it, as the dollar index fell 0.5 per cent to 110.95 ahead of the outcome of Fed meeting.
The US benchmark 10-year yield also dropped 9 basis points to 3.9839 per cent, nearly 23 bps off its peak this month.
The Fed is widely expected to raise its benchmark rate by 75 basis points (bps) at the end of its two-day meeting on Wednesday. But for the December meeting, futures markets are split on the odds of a 75- or 50-bps increase.
The Fed may not immediately hint that it would slow the pace of its rate hikes, but the impact of its monetary tightening should start to show on the economy, said a trader at a large private bank, who sees a “very high chance” of a 50 bps hike in December.
Even if the dollar comes down a bit, the yuan’s fortunes would remain key to the rupee for some times, said a different forex trader at an advisory platform.
“If the yuan is depreciating, but the rupee is not, it is a negative because of India’s ballooning trade deficit with China.”
The Chinese currency has sunk nearly 13 per cent this year to 15-year lows due to chaos in its property sector and strict Covid-19 curbs crimping economic activity.
The mood in equities markets was even brighter as Indian shares advanced 0.7 per cent, while US stock futures pointed to a strong open at Wall Street.

68 projects win BASIS National ICT Awards 2022
STAR BUSINESS REPORT
A total of 68 projects of different companies and individuals won accolades at a BASIS National ICT Awards 2022 in recognition of their innovative products and services in the country’s information technology sector.
The Bangladesh Association of Software and Information Services (BASIS), the national trade body of the country’s software and information technology services sector, handed over the awards at a ceremony at the Radisson hotel in Dhaka on Monday.
In its ninth edition this year, the awards were presented in 36 categories. The best projects will be recommended for an Asia Pacific ICT Alliance Awards (Apicta).
BASIS President Russell T Ahmed presided over of the presentation ceremony while State Minister for ICT Zunaid Ahmed Palak was the chief guest.
“Through BASIS national ICT awards, we select innovative and promising IT products and services from across the country and recognise and encourage them,” said Ahmed.
He said these products and services demonstrate the capabilities of Bangladesh’s ICT sector to the country and to the rest of the world.
“This year’s event has given special consideration and attention to projects that would be directly contributing in the transformation of Digital Bangladesh to a Smart Bangladesh,” he said.
Ahmed said the BASIS would groom the award-winning projects so that they can win accolades at the Apicta awards properly.
“Our Bangladeshi companies have become champions in the past Apicta contests. We are confident we will bring awards from Apicta this time as well,” he added.
Palak said the country wants to increase ICT exports from current $1.4 billion to $5 billion by 2025.
“Those who participated in the competition today will fulfill this target in the future,” he said.
He said an intelligent, cost-effective, knowledge-based, innovative, smart and developed Bangladesh would be the main driver of its export earnings from the software industry.
At the same time, the domestic economic activities of Bangladesh will become completely dependent on the software industry, he added.
“There will be four main components to build a Smart Bangladesh by 2041. In that, government will be smart, society will be smart, citizens will be smart and our economy will be smart,” NM Zeaul Alam, senior secretary to the ICT Division.
“We are working on these four elements. I hope everyone working here will be a part of that journey,” he said.
Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, said the more the government offices were digitalised, the more the people and businesspeople would benefit.