Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Liquor manufactures can sell liquor on tetra packs in Odisha: Minister
Bhubaneswar (PTI): Odisha Excise Minister Prithviraj Harichandan on Friday said the government has allowed the sale of liquor on tetra packets with certain criteria in its new Excise Policy for 2026-29.
Speaking to media persons here, Harichandan said selling liquor in tetra packs was there in the state's excise policy since 2014. However, it is not yet made available in the Odisha market, he said.
"If any licensed liquor manufacturer or vendor wants to produce or sell the liquor on tetra pack, they can do it. The government will not restrict them," he clarified.
The state government is giving priority for proper regulation of manufacturing and selling of liquor in the state, the minister added.
"We just ensure that there is no illegal sale of liquor in the state," he stated.
As per the new Excise Policy, which came into force from April 1, India-made foreign liquor (IMFL) manufacturers can supply their products in tetra packaging and in glass bottles in specified sizes. Only 180 ml can be supplied in tetra packs.
The tetra packs must have six protective layers and must have the shelf life or the date fit for consumption clearly mentioned on the packaging, the policy guidelines said.
Before using the tetra packs for packaging of liquor, the manufacturing units must take certification from the Central Food Technology Research Institute or Indian Institute of Packaging, or any such institute as notified by the excise commissioner, it said.
Earlier, opposition leaders had demanded the rollback of the government's decision to introduce the sale of liquor in tetra packs, calling the move "unethical" and "anti-youth".
