Rupee recovers 11 paise to 90.12 against US dollar in early trade
Mumbai (PTI): The rupee rebounded from low levels and gained 11 paise to trade at 90.12 against the US dollar in early deals on Wednesday, tracking lower crude oil prices and retreating American currency overseas.
Domestic equity markets also showed resilience even as traders stayed cautious, watching geopolitical developments and awaiting US inflation numbers that are expected to provide cues for the Federal Reserve's policy move, forex analysts said.
At the interbank foreign exchange, the rupee opened at 90.26 and strengthened up to 89.94 level before trading at 90.12 against the greenback, 11 paise higher from the closing level of the previous session.
On Tuesday, the rupee declined 6 paise to close at 90.23 against the US dollar.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 98.90.
Brent crude, the global oil benchmark, was trading 0.47 per cent lower at USD 65.17 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex rose 34.81 points to 83,662.50, while the Nifty gained 14.15 points to 25,746.90.
Foreign institutional investors offloaded equities worth Rs 1,499.81 crore on Tuesday, according to exchange data.
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Pongal now a global festival: PM Modi
New Delhi (PTI): Prime Minister Narendra Modi on Wednesday said Pongal has become a global festival and Tamil culture is a shared heritage of the entire nation.
Modi also said that Pongal teaches people that gratitude towards nature should not be limited to words, but should become part of daily lives.
"Today, Pongal has become a global festival. Last year, I had the chance to attend several programmes related to Tamil culture, which is shared heritage of not just India but the entire world," he said at a Pongal celebration at the residence of Union Minister L Murugan here.
The prime minister said that in Tamil culture, the farmer is regarded as the foundation of life.
"The Thirukkural speaks in detail about agriculture and the importance of farmers," he said.
Modi said Pongal inspires people to make respect for nature a way of life.
