Apple Inc’s market capitalisation on Friday, June 30, breached the $3 trillion mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow revenue even as it explores new markets such as virtual reality.
Shares of Apple, which is also the world’s most valuable- listed company, were up 1.3% at $191.99 in morning trading. They have jumped nearly 46% this year and, at the current price, the company’s market value stands at $3.02 trillion.
Apple’s market value briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark. The gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence. Apple’s less-than-expected fall in sales in its most recent quarterly report has highlighted the tech giant’s resiliency in an uncertain economy and reinforced its reputation among investors.
Currently, four other US companies have a valuation of more than $1 trillion — Alphabet Inc, Microsoft Corp , Amazon.com Inc and Nvidia Corp. Source: Reuters
India’s forex reserves drop by USD 2.9 billion to USD 593.1 billion
India’s forex reserves dropped by $2.901 billion to $593.198 billion in the week ended June 23, reported the Reserve Bank of India on Friday. This reversed an increase in reserves by $2.35 billion last week.
Foreign currency assets during the week decreased by $2.212 billion to $525.44 billion as the RBI sought to defend the value of the rupee by selling dollars in the open market. Gold reserves dropped $745 million to $44.304 billion and Special Drawing Rights (SDRs) increased by $85 million to $18.334 billion. India’s reserve position with the IMF was down by $29 million to $5.12 billion in the reporting week. Source: TNS