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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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.
