Rupee rises 26 paise to 89.92 against US dollar in early trade
Mumbai (PTI): The rupee rose 26 paise to 89.92 against US dollar in early trade on Wednesday aided by a weaker greenback and a sharp drop in global crude oil prices.
At the interbank foreign exchange, the rupee opened at 90.20 against the US dollar but kept rising to trade at 89.92, up 26 paise from its previous close.
The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American currency on Tuesday.
"The rupee opened firmer even as (US President) Donald Trump continues to threaten India with more tariffs. Exporters are expected to continue selling at high of the day on cash/spot basis while importers will buy the dips and more if the fall is close to 90 for the dollar," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.52.
Brent crude, the global oil benchmark, was trading 1.05 per cent lower at USD 60.06 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 169.64 points to 84,909.30 in early trade, while Nifty was down 42.35 points to 26,128.90.
Foreign institutional investors offloaded equities worth Rs 107.63 crore on Tuesday, 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.
