Rupee falls 4 paise to 90.24 against US dollar in early trade
Mumbai (PTI): The rupee opened weak and declined 4 paise to 90.24 against the US dollar in early trade on Monday, as geopolitical uncertainties triggered by the US intervention in Venezuela fuelled the demand for the American currency.
According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.
At the interbank foreign exchange market, the rupee opened at 90.21 against the US dollar and lost further to trade at 90.24 against the greenback in early deals.
On Friday, the rupee settled lower by 22 paise at 90.20 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 98.50.
The US on Saturday carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Brent crude, the global oil benchmark, was trading 0.07 per cent lower at USD 60.70 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.
Foreign institutional investors turned net buyers, picking up equities worth Rs 289.80 crore on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves jumped by USD 3.293 billion to USD 696.61 billion in the week to December 26. The overall kitty had increased by USD 4.368 billion to USD 693.318 billion in the previous reporting week.
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PM Modi speaks to Iranian president, discusses 'serious' situation in West Asia
New Delhi (PTI): Prime Minister Narendra Modi on Thursday night spoke to Iranian President Masoud Pezeshkian over the phone and discussed the "serious situation" in West Asia.
Modi expressed deep concern over the escalation of tensions in the region and the loss of civilian lives as well as damage to civilian infrastructure.
The prime minister told the Iranian President that the safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India's top priorities.
“Had a conversation with Iranian President, Dr Masoud Pezeshkian, to discuss the serious situation in the region. Expressed deep concern over the escalation of tensions and the loss of civilian lives as well as damage to civilian infrastructure,” Modi said in a post on X.
The prime minister also reiterated India's commitment to peace and stability and urged dialogue and diplomacy to end the crisis.
The prime minister had spoken to leaders of several West Asian countries in the last 10 days in the wake of the coordinated offensive launched against Iran by the United States and Israel, in which the Islamic country's Supreme Leader, Ali Khamenei, was killed last month.
In retaliation, Iran has fired drones and missiles at Israel and US military installations around the Gulf region, including the global business and aviation hubs of Dubai and Doha.
Modi earlier spoke to the leaders of Oman, Kuwait, Bahrain, Saudi Arabia, the UAE, Jordan, Israel and Qatar, and expressed concern over the attacks on their countries, and condemned the violation of some nation’s sovereignty and territorial integrity.
He also discussed the welfare and security of the Indian community residing in those countries.
Around 1 crore Indians live in the Gulf and West Asia. While about 10,000 Indian citizens live, study and work in Iran, more than 40,000 live in Israel.
