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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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.
