Rupee rises 11 paise to 91.57 against the US dollar in early trade
Mumbai (PTI): The rupee gained 11 paise to 91.57 against the US dollar in early trade on Wednesday, supported by a retreating dollar index and the landmark India-EU trade deal.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance.
At the interbank foreign exchange market, the rupee opened at 91.60 against the US dollar, then gained some ground to 91.57, registering a gain of 11 paise over its previous close.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 (provisional) against the US dollar.
In the initial trade, it also touched 91.66 against the American currency.
"The 92.00 level remains the key near-term pivot for USD/INR. A sustained move above this zone could open the way toward the 92.20–92.50 range," CR Forex Advisors MD Amit Pabari said.
Pabari further added that continued RBI presence in the market, combined with a softer dollar backdrop, may help stabilise the pair and gradually pull it back toward the 90.80–91.00 zone in the near term.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 96.09.
Brent crude, the global oil benchmark, was trading 0.53 per cent higher at USD 67.93 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex jumped 646.49 points to 82,503.97 in early trade, while the Nifty surged 196.7 points to 25,372.10.
Foreign Institutional Investors offloaded equities worth Rs 3,068.49 crore on Tuesday, according to exchange data.
Meanwhile, India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
"This agreement follows recent trade pacts with Britain, New Zealand, and Oman. While challenges remain - especially with high US tariffs on Indian exports - the EU deal sends a strong signal of India's growing role in global trade," Pabari added.
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Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
