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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PM Modi speaks to Iranian president, discusses 'serious' situation in West Asia
New Delhi (PTI): Prime Minister Narendra Modi on Thursday night spoke to Iranian President Masoud Pezeshkian over the phone and discussed the "serious situation" in West Asia.
Modi expressed deep concern over the escalation of tensions in the region and the loss of civilian lives as well as damage to civilian infrastructure.
The prime minister told the Iranian President that the safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India's top priorities.
“Had a conversation with Iranian President, Dr Masoud Pezeshkian, to discuss the serious situation in the region. Expressed deep concern over the escalation of tensions and the loss of civilian lives as well as damage to civilian infrastructure,” Modi said in a post on X.
The prime minister also reiterated India's commitment to peace and stability and urged dialogue and diplomacy to end the crisis.
The prime minister had spoken to leaders of several West Asian countries in the last 10 days in the wake of the coordinated offensive launched against Iran by the United States and Israel, in which the Islamic country's Supreme Leader, Ali Khamenei, was killed last month.
In retaliation, Iran has fired drones and missiles at Israel and US military installations around the Gulf region, including the global business and aviation hubs of Dubai and Doha.
Modi earlier spoke to the leaders of Oman, Kuwait, Bahrain, Saudi Arabia, the UAE, Jordan, Israel and Qatar, and expressed concern over the attacks on their countries, and condemned the violation of some nation’s sovereignty and territorial integrity.
He also discussed the welfare and security of the Indian community residing in those countries.
Around 1 crore Indians live in the Gulf and West Asia. While about 10,000 Indian citizens live, study and work in Iran, more than 40,000 live in Israel.
