Rupee rebounds from all-time low, up 7 paise to 92.14 against US dollar in early trade
Mumbai (PTI): The rupee rebounded from its all-time low in early trade on Tuesday, rising 7 paise to 92.14 as global oil prices fell after US President Donald Trump said the war with Iran may end soon.
A weaker greenback and a strong opening at the domestic equity markets further supported the local unit while heavy FII outflows capped sharp gains, forex traders said.
At the interbank foreign exchange, the rupee opened at 91.92 but fell to 92.14, up 7 paise from its previous close.
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The rupee crashed to its all-time closing low of 92.21 against the US dollar on Monday, losing 39 paise during the session, as global crude oil prices saw a sharp spike, and the greenback strengthened.
"The rupee fell to its lowest (on Monday). But oil prices have since fallen after G-seven countries decided to utilise their strategic reserves to sell oil and bring prices down," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
"Later, Trump said the war could be over as soon as his goals have been accomplished. Later he also weighed on easing Russia sanctions and other measures to cool off oil prices. The Brent prices cooled off this morning in the Asian trade," he said, adding that the rupee is expected to move within a range of 91.50 to 92.10.
Meanwhile, Brent crude, the global oil benchmark, was trading lower by 4.69 per cent at USD 94.32 per barrel in futures trade as the war between US-Israel and Iran intensified.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.26 per cent lower at 98.92.
On the domestic equity market front, the Sensex rose 809.57 points to 78,375.73 in opening trade while Nifty climbed 252.75 points to 24,280.80.
Foreign institutional investors sold equities worth Rs 6,345.57 crore on a net basis on Monday, according to exchange data.
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Congress continues disciplinary action; four Youth Congress district presidents removed
Bengaluru: The Congress high command has continued disciplinary action following allegations of anti-party activities after the by-elections to the Davangere South and Bagalkot Assembly constituencies.
The All India Youth Congress Committee has taken action against four district presidents are Syed Afrid Pasha (Kolar), Ashok B. Nayak (Vijayanagar), Nikhil Raj (Tumakuru), and Syed Abrar (Mysuru City).
The order states that the leaders were found to be inactive in party activities and had failed to discharge their responsibilities effectively. They have been temporarily relieved of their duties.
Earlier, MLC Abdul Jabbar was suspended from primary membership over alleged anti-party activities during the Davangere South by-election, while senior leader and MLC Naseer Ahmed was relieved of his role as the Chief Minister’s political secretary.
The latest action has drawn reactions from some community leaders and party members, with concerns raised over the leadership’s decisions.
