Rupee falls 10 paise to 90.15 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 10 paise to 90.15 against the US dollar in early trade on Tuesday, as dollar demand from corporates, importers and foreign portfolio investors dented investors' sentiments.
Forex traders said investors are in a wait and watch mode and market participants are waiting for clarity from the US FED before taking decisive positions.
At the interbank foreign exchange, the rupee opened at 90.15 against the US dollar, down 10 paise from its previous close.
On Monday, the rupee settled at 90.05 against the US dollar. Market is focussed on the stance the US Federal Reserve Chief chairman Jerome Powell will deliver in the US FED meeting this week.
"Any shift in tone could quickly change the direction for global currencies," CR Forex Advisors MD Amit Pabari said.
"With the dollar turning softer—driven by rising expectations of a Fed rate cut—and the RBI actively managing liquidity and hope of a trade deal, the rupee now looks set to settle into a period of consolidation within a broad 89.20–90.30 range," Pabari added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 99.04 Brent crude, the global oil benchmark, was trading lower by 0.19 per cent at USD 62.37 per barrel in futures trade.
"A combination of softer local equities, tepid Asia FX and pre-FED caution, higher US yields are weighing over rupee even as the dollar index holds itself near 99 levels.
"FPI equity outflows continue while uncertainty around US-India trade talks beginning on Wednesday are keeping the US dollar well bid while RBIs presence keep rupee well entrenched into a small range," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
India and the United States will commence three-day talks on the first phase of their proposed bilateral trade agreement here from December 10.
On the domestic equity market front, the benchmark sensitive index Sensex was trading lower by 381.91 points at 84,720.78, while the Nifty was down 139.55 points at 25,821.00.
Foreign Institutional Investors sold equities worth Rs 655.59 crore on Monday, according to exchange data.
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345 Indian fishermen stranded in Iran return home via Armenia
New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.
External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.
The Indian nationals arrived in Chennai this evening, the officials cited above said.
The circumstances that led to them being stranded in Iran were not immediately known.
"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.
Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.
"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.
It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.
It also made a mention of five Indians being injured in Abu Dhabi on Friday.
According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.
"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.
It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.
