Rupee hits over 10-week low, slumps 35 paise against USD
Mumbai: The Indian rupee on Wednesday plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76 against the US dollar as investors appeared cautious looking for clarity on the US election outcome and the latest tranche of fiscal stimulus.
At the interbank forex market, the rupee opened at 74.74 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.90. It finally settled at 74.76 -- its lowest level since August 21 this year.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.35 percent to 93.88.
"The rupee will continue to be in focus till clarity emerges on the US election outcome and the latest tranche of fiscal stimulus. In times of uncertainty, investors tend to rush towards the USD which is a safe haven," Nish Bhatt, Founder & CEO, Millwood Kane International, said.
Brent crude futures, the global oil benchmark, rose 0.38 percent to USD 39.86 per barrel.
On the domestic equity market front, BSE benchmark Sensex ended 355.01 points or 0.88 percent higher at 40,616.14; and the broader NSE Nifty climbed 95 points or 0.80 percent to 11,908.50.
"The big risk to the currency market is the uncertainty over the new US President and the inconclusive election result. The Democrats are leading but Republicans are catching up. In such a scenario, traders are preferring to go against the rupee," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
The closely-fought US presidential election appeared to be headed into an uncertain phase with Republican incumbent Donald Trump and his Democratic challenger Joe Biden fighting it out in the key battleground states.
"The rupee depreciated against the greenback as investors continued to have faith in the dollar over US election outcome concerns," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Iyer further said that investors will be also looking to the US Federal Reserve and Bank of England monetary policies, due on Thursday.
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London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
