Rupee hits record intra-day low in early trade, falls 12 paise to 92.37 against US dollar
Mumbai (PTI): The rupee slumped 12 paise to its record low of 92.37 against the US dollar in early trade on Friday as global crude oil prices showed no signs of easing amid the ongoing West Asian conflict.
A stronger greenback, heavy FII selling and weak sentiments in the domestic equity markets further weighed on the rupee, according to forex traders.
At the interbank foreign exchange, the local unit opened at 92.33 and slipped further to hit its record intra-day low of 92.37 against the US dollar, down 12 paise from its previous close.
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The rupee touched a fresh intra-day low of 92.36 on Thursday and closed the session 24 paise down at its lowest level of 92.25 against the US dollar.
"Oil prices remained elevated after Iran said the Strait of Hormuz is closed permanently till the resolution of the crisis. The dollar index also rose, European and Asian currencies all fell against the dollar," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The rupee has remained vulnerable and in the absence of the RBI could have reached 93.00 levels, he added.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.77.
Brent crude, the global oil benchmark, was trading higher by 4.99 per cent at USD 96.57 per barrel in futures trade.
On the domestic equity market front, the Sensex plunged 560.06 points, or 0.74 per cent, to 75,474.36, while the Nifty tanked 184.45 points, or 0.78 per cent, to 23,454.70.
Foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on Thursday, according to exchange data.
Meanwhile, retail inflation moved up to 3.21 per cent in February compared to 2.74 per cent in the preceding month, driven mainly by higher food prices, government data released on Thursday showed.
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Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
