Rupee rises 22 paise to 89.45 against US dollar in early trade
Mumbai (PTI): The rupee appreciated 22 paise to 89.45 against the US dollar in early trade on Monday supported by foreign fund inflows and a positive trend in domestic equities.
Forex traders said corporate dollar inflows and Brent crude prices hovering near USD 60 per barrel supported investors sentiment further.
At the interbank foreign exchange market, the rupee opened at 89.53 against the US dollar, then gained some ground and touched 89.45 against the US dollar, registering a gain of 22 paise over its previous close.
On Friday, the rupee appreciated 53 paise to 89.67 against the US dollar.
The USD/INR pair has appreciated about 2 per cent from its recent lows, but it is still 5 per cent down on a year-on-year basis, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
"The broader depreciation trend remains intact despite the near term consolidation," Bhansali noted.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.63.
Brent crude, the global oil benchmark, was trading higher by 0.83 per cent at USD 60.97 per barrel in futures trade.
Reports highlight firm RBI intervention last week with heavy dollar selling via state-run banks lifting the rupee from its recent lows, Bhansali said.
The rupee’s rise could also indicate some tailwinds from the lower trade deficit during the month of November as also FPIs who have become buyers of Indian equity, Bhansali added.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 210.57 points higher at 85,139.93, while the Nifty was up 154.80 points at 26,121.20.
Foreign Institutional Investors purchased equities worth Rs 1,830.89 crore on Friday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 1.689 billion to USD 688.949 billion during the week ended December 12, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves increased by USD 1.033 billion to USD 687.26 billion.
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Fired from family business, nephew breaks into uncle's shops in Delhi; arrested
New Delhi (PTI): Delhi Police has arrested a 22-year-old man who allegedly stole cash, a laptop and a mobile phone from his uncle's shop in Dwarka to take revenge after he was fired from the family business, officials said on Wednesday.
Piyush Tulswani, the accused, completed his Class 11 from Rajasthan's Pilani, after which he came back to live with his family, a senior police officer said.
His father, Kishan Tulswani, used to work as a sales manager at his uncle Jeetu's confectionery shops. After the death of his father, Piyush took up his position, the officer said.
Soon, Piyush started embezzling money from the shops, and was fired after Jeetu took note of the act, police said.
His mother also reprimanded him for embezzling money, after which Piyush left home and started living with his friend, the officer said.
Piyush hatched a plot to steal money from his uncle’s shops, which he knew well. Acting on his plan, he took his brother's scooter and broke open each shop, stealing cash, a laptop and a mobile phone.
On January 31, Jeetu reported the matter to police, accusing Piyush of committing burglaries at his shops located in Sector-18, Sector-11, Sector-12 and Sector-4, Dwarka, the officer said.
Jeetu also provided CCTV camera footage from the shops, in which Piyush could be seen breaking them open, he said.
Tracing his mobile phone locations to Safdarjang, Hauz Khas, Rajapuri and Dabri, police conducted several raids.
“He later switched off his phone to restrict access to his location,” the officer said.
On February 13, police received information that Piyush would come to the fruit mandi in Dabri around 9.30 am. Accordingly, a trap was laid, leading to the arrest of the accused, he said.
Initially, he did not confess to the crime, but when police showed him the CCTV clips, he admitted to committing the burglaries, the officer said.
