Rupee jumps 119 paise to 90.30 against the US dollar on India-US trade deal
Mumbai (PTI): The rupee appreciated 119 paise to 90.30 against the US dollar in early trade on Tuesday, after US tariffs on India were cut from 50 per cent to 18 per cent.
Forex traders said the 18 per cent tariff changes the story, improving India’s relative position and reopening the door for FII participation.
At the interbank foreign exchange market, the rupee opened at 90.30 against the US dollar, registering a gain of 119 paise over its previous close of 91.49.
"The good news overnight was the US-India trade deal which was announced after a delay of almost 9 months by President Donald Trump and endorsed by PM Narendra Modi in which the trade tariffs were reduced to 18 per cent, a tad lower than what it is for Bangladesh and Pakistan our neighbours giving our exporters a relative advantage," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further noted that FIIs may finally buy Indian equities after being sellers for such a long time.
"We need to wait and see the RBI stance today and in the coming days as it needs to buy the short dollar position," he added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20 per cent lower at 97.43.
Brent crude, the global oil benchmark, was trading lower by 0.41 per cent at USD 66.03 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 2138.08 points or 2.62 per cent higher at 83,804.54, while the Nifty was up 607 points or 2.42 per cent at 25,695.40.
Foreign Institutional Investors offloaded equities worth Rs 1,832.46 crore on Monday, according to exchange data.
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Two wanted criminals held after encounter in UP's Meerut
Meerut (UP) (PTI): Two wanted criminals, each carrying a reward of Rs 25,000, were arrested following an encounter with the police in the Jani area in the early hours of Tuesday, officials said.
The accused, identified as Salim alias Sultan alias Sheikhchilli, a resident of of Meerut, and Dilshad alias Bhuri, a native of Bahraich district presently living in Ghaziabad. Both wanted for a robbery in Mundali village on January 21.
According to the police, the incident began during a vehicle check in the Sarurpur area on Monday night. Police team signalled a grey car to stop, but the driver sped away towards Bhola Jhal.
In response, Jani police set up a barricade along the Ashram canal embankment and intercepted the vehicle. Upon being stopped, the occupants allegedly opened fire at the police team.
In the retaliatory action that followed, the car driver lost control and rammed into a tree. The accused then attempted to flee on foot. Police fired in self-defence, resulting in both men sustaining gunshot wounds to their legs. They were apprehended in an injured condition and admitted to a hospital.
During interrogation, the accused confessed to their involvement in the robbery and told the police they were heading towards Delhi to evade arrest.
Two .315 bore country-made pistols, three live cartridges, two spent cartridges, three stolen gold earrings, Rs 10,050 in cash and a car were seized from them. The police added that the vehicle was purchased using money from the robbery.
