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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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.
