Rupee rises 18 paise to 90.12 against US dollar in early trade
Mumbai (PTI): The rupee rose 18 paise to 90.12 against the US dollar in early trade on Tuesday on the back of a weaker greenback and a dip in global crude oil prices.
However, US President Donald Trump's remarks on tariffs on India, FII outflows, and sustained weak sentiments at the domestic equity markets capped sharper gains in the rupee, according to forex traders.
At the interbank foreign exchange, the rupee opened at 90.22 against the US dollar and rose further to 90.12, up 18 paise from its previous close.
On Monday, the rupee stayed weak for the fourth straight session and closed 10 paise lower at 90.30 against the US dollar, as a surge in geopolitical uncertainty has bolstered the greenback's appeal.
"Trump threatened India with more tariffs if India did not toe the line of not buying oil from Russia. The rupee continues to be hampered by the threats. There is a good chance for the rupee to go back to 91 levels with the trade deal not happening in near future," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The US has carried out a military operation in Venezuela and deposed President Nicolas Maduro. President Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.22.
"The US dollar index fell to 98.31 levels after the US ISM Manufacturing PMI came lower than expected at 47.9, giving market indication of rate cuts due to a weakening economy," Bhansali added.
Brent crude, the global oil benchmark, was trading 0.31 per cent lower at USD 61.57 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 431.95 points to 85,007.67 in early trade, while Nifty was down 105.6 points to 26,144.70.
Foreign institutional investors offloaded equities worth Rs 36.25 crore on Monday, according to exchange data.
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345 Indian fishermen stranded in Iran return home via Armenia
New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.
External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.
The Indian nationals arrived in Chennai this evening, the officials cited above said.
The circumstances that led to them being stranded in Iran were not immediately known.
"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.
Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.
"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.
It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.
It also made a mention of five Indians being injured in Abu Dhabi on Friday.
According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.
"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.
It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.
