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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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.
