Rupee gains 12 paise against US dollar
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Mumbai (PTI): The rupee appreciated 12 paise to close at 88.48 against the US dollar on Wednesday, supported by a positive trend in domestic equity markets and lower international crude prices.
However, a strengthening greenback against major currencies overseas capped the sharp gain in the domestic unit, according to forex traders.
At the interbank foreign exchange market, the rupee opened at 88.57 and hit an intra-day high of 88.41 against the US dollar. The local currency finally settled at 88.48, registering a 12-paise rise from its previous closing level.
On Tuesday, the rupee settled 1 paisa lower at 88.60 against the US dollar.
"We expect the rupee to trade with a slight positive bias on a rise in risk appetite in global markets and trade deal optimism.
"However, a strong dollar and fading rate cut expectations may cap the upside. Dollar demand from importers and FII outflows may pressurise the rupee at higher levels. USD-INR spot price is expected to trade in a range of Rs 88.25 to Rs 88.70," said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent higher at 99.63.
Brent crude, the global oil benchmark, declined 0.46 per cent to USD 64.58 per barrel in futures trade.
On the domestic equity market front, Sensex soared 513.45 points or 0.61 per cent to settle at 85,186.47, while Nifty jumped 142.60 points or 0.55 per cent to 26,052.65.
Foreign institutional investors bought equities worth Rs 1,580.72 crore on Wednesday, according to exchange data.
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".
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Will vacate one of two assembly seats won in 10 days: BJP''s Suvendu
Kolkata (PTI): BJP leader Suvendu Adhikari, who defeated West Bengal Chief Minister Mamata Banerjee in Bhabanipur and secured Nandigram for three times in a row in the recent assembly polls, said on Wednesday that he would vacate one of the two constituencies within 10 days.
Adhikari also asserted that the party's central leadership would decide which constituency he would retain.
"I will vacate one seat within 10 days. The party will decide which one I retain. I will not forget my responsibility towards the people of Bhabanipur and Nandigram," he said.
Adhikari on Monday defeated Banerjee in Bhabanipur by over 15,000 votes, puncturing what was long seen as her safest political refuge and delivering a decisive psychological blow to the TMC, amid a sweeping BJP surge across West Bengal.
Addressing party workers and supporters in Nandigram in Purba Medinipur district, the BJP leader appealed to them not to take out victory processions immediately and instead maintain peace.
"Do not take out victory rallies now. Maintain peace and discipline. Celebrate after May 9, after taking permission," he told party workers.
State BJP president Samik Bhattacharya on Wednesday announced that the oath-taking ceremony of the new government will be held on May 9 at Brigade Parade Ground.
Referring to alleged attacks on BJP workers during the TMC regime, Adhikari said he would not forget the “atrocities" faced by them and assured them of taking appropriate action against perpetrators through legal processes.
"I was part of the 2011 ‘poribartan’ (change), and now I am part of the real change. I offer my gratitude to the people of Nandigram," Adhikari said.
He was referring to the TMC's victory in 2011 when the Mamata Banerjee party dismantled the 34-year Left Front regime in the state.
Adhikari offered prayers at a Hanuman statue in Nandigram and remembered the BJP workers, who had died in political violence.
"We will work in such a way that the BJP government in Bengal stays for 100 years," he said, expressing hope that the BJP’s vote share in the state would rise from the current 46 per cent to 60 per cent in future elections.
The BJP leader also assured residents of Nandigram of improved drinking water supply and better hospital and education infrastructure.
