England look to maintain top ODI ranking
London, June 8 :England would be looking to maintain their position atop the International Cricket Council (ICC) ODI Team rankings as they prepare to take on Scotland at Edinburgh on Sunday before hosting a high-profile five-ODI series against World champions Australia from June 13.
The series against Australia will help both the teams in their preparations for the ICC Cricket World Cup 2019 that runs from May 30 to July 14 at 11 venues across England and Wales.
Though Lord's, where the two sides are slated to meet in their World Cup league match on June 25 next year, is not a venue, the series will provide both sides an opportunity to gauge the conditions as the countdown begins to the 10-team event.
England, who overtook India to grab the top ODI spot after the annual update on May 2, are comfortably ahead of Australia and will remain at the top even if they lose the series by a 2-3 margin provided they win the one-off match against Scotland.
However, in such a scenario, they will be tied with India on 122 points and ahead only on decimal points.
On the other hand, if England kick off with a loss to Scotland, they will have to win the series against fifth-ranked Australia or else lose the top position to India, who are presently three points behind England at 122 points.
A 2-3 loss to Australia in such a scenario will see them slide to 120 points. If England lose to Scotland, they will start the Australia series with 123 points while Scotland, who last week made it to the expanded 16-team points table, will gain five points and move up to 33 points.
Australia will not be able to overtake the opposition even if England lose all their six upcoming matches but Australia could go up to third position if they complete a 5-0 whitewash of England.
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Rupee falls 5 paise to close at 89.94 against US dollar after RBI cuts repo rate
Mumbai (PTI): The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Forex traders said the Reserve Bank of India's (RBI) rate cut will weigh on the rupee, but RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through open market operations (OMO), combined with a USD 5 billion buy-sell swap, will support the local currency.
At the interbank foreign exchange market, the rupee opened at 89.85 against the US dollar and gained ground, touching 89.69 in morning deals, registering a 20-paise gain from its previous close.
After the RBI's monetary policy announcement, the rupee lost ground and fell to 90.06 against the American currency, a 16-paise decline from its previous close of 89.89. The currency is down almost 5 per cent against the dollar this year, the worst performer in Asia.
The local unit finally settled for the day lower by 5 paise at 89.94 (provisional) against the American currency.
"Beyond the rate cut, RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through OMO, combined with a USD 5 billion buy-sell swap, marks a decisive effort to restore durable liquidity and stabilize currency markets after the rupee's sharp depreciation," said Sachin Bajaj, Executive Vice President & Chief Investment Officer, Axis Max Life Insurance.
The RBI on Friday cut the key benchmark interest rate for the first time in six months and took steps to boost liquidity to support a "goldilocks" economy amid high US tariffs.
Reserve Bank Governor Sanjay Malhotra said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
"We don't target any price levels or any bands. We allow the markets to determine the prices. We believe that markets, especially in the long run, are very efficient. It's a very deep market," he said while replying to a question on rupee depreciation at a post-monetary policy press meet.
Malhotra said fluctuations in the market keep occurring, and the RBI's effort is always to reduce any abnormal or excessive volatility. "And that is what we will continue to endeavour," he added.
In its bi-monthly monetary policy, the RBI announced three-year USD/INR Buy Sell swaps of USD 5 billion this month. When asked if this is aimed at checking rupee depreciation, Malhotra said, "It is a liquidity measure. It is not to support the rupee".
The governor further said the country has sufficient foreign exchange reserves and that the current account is manageable, and that, given the strong fundamentals of the economy, the country should witness strong capital flows going forward.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.96.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 63.27 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 447.05 points to settle at 85,712.37, while the Nifty climbed 152.70 points to 26,186.45.
Foreign institutional investors sold equities worth Rs 1,944.19 crore on a net basis on Thursday, according to exchange data.
