Rupee falls 18 paise to 88.66 against US dollar in early trade
Mumbai (PTI) The rupee depreciated by 18 paise to 88.66 against the US dollar on Thursday, as the US dollar's recovery capped the domestic unit's upside.
Forex traders said the dollar has staged a rally, moving above the 100 level, after the US Federal Reserve minutes indicated that most officials were opposed to a rate cut in December, following the October cut.
At the interbank foreign exchange market, the rupee opened at 88.63, then lost ground and touched a low of 88.66 against the US dollar, registering a decline of 18 paise over its previous close.
On Wednesday, the rupee appreciated 12 paise to close at 88.48 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 100.25.
Brent crude, the global oil benchmark, was trading 0.28 per cent higher at USD 63.69 per barrel in futures trade.
"Rupee is facing resistance around 88.80-89.00 and finding initial support near 88.40. The momentum is gradually shifting in favour of the rupee," CR Forex Advisors MD Amit Pabari said.
Positive cues from US-India trade developments, lower crude costs, and gains in domestic equities are gradually strengthening sentiment. A sustainable break below 88.40 could open the way toward 88.00–87.70, indicating further rupee strength, Pabari added.
"Progress on the first phase of the India-US trade deal now looks a little less like a distant dream and a little more like a near-term possibility," he noted.
Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.
The remarks came days after President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India, and added that he will lower tariffs imposed on Indian goods at "some point".
On the domestic equity market front, the Sensex climbed 284.49 points to 85,470.96 in early trade, while the Nifty was up 83.35 points to 26,136.
Foreign Institutional Investors bought equities worth Rs 1,580.72 crore on a net basis on Wednesday, according to exchange data.
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K'taka remains central to Aequs' strategy, says min Patil amid row over firm's investment in TN
Bengaluru (PTI): Karnataka Commerce and Industries Minister M B Patil on Monday asserted that Aequs continues to expand in the state and that its proposed investment in neighbouring Tamil Nadu was a business decision aimed at diversification, not a shift away from Karnataka.
Reacting to criticism on social media over reports that the Karnataka-based firm had signed a major investment deal in Tamil Nadu's Krishnagiri district for setting up a specialised aerospace and defense manufacturing cluster, he said the state government was fully aware of the company's plans and remained confident about its long-term commitment to Karnataka.
"While we welcome every major investment in India, would like to clarify a few points," Patil said in a post on 'X'.
Aequs was significantly expanding its footprint within Karnataka, including a Rs 3,000 crore investment in Kolar for electronics manufacturing.
"Its recently approved Rs 1,500 crore ECMS project will also be grounded in the state. Karnataka remains central to its long-term strategy," he said.
Patil added that the government had prior knowledge of the TN proposal.
The government was already informed and aware that the TN investment is a business decision aimed at geographic diversification and de-risking operations, not a shift away from Karnataka.
"Healthy competition between states strengthens India's manufacturing ecosystem," he said.
Emphasising the state's focus on high-technology sectors, Patil said, "We remain committed to deepening Karnataka's leadership in aerospace and advanced manufacturing, and our engagement with industry partners is strong and ongoing."
The Aequs Group has pledged Rs 4,000 crore to bolster Tamil Nadu's aerospace manufacturing capabilities at the SIPCOT-Shoolagiri Industrial Park in Krishnagiri district.
The group proposes to establish a specialised aerospace and defense manufacturing cluster for the production of aircraft engines, gearbox components, and precision engineering parts. This initiative is expected to provide employment to 7,000 individuals.
