Rupee rises 38 paise to 90.40 against US dollar in early trade
Mumbai (PTI): The rupee appreciated 38 paise to 90.40 against the US dollar in early trade on Thursday, supported by foreign fund inflows and suspected RBI intervention.
Forex traders said foreign fund inflows, while not massive, provided a psychological anchor. Moreover, the RBI has been quietly ensuring that liquidity remains abundant in the banking system.
At the interbank foreign exchange market, the rupee opened at 90.55 against the US dollar, then gained momentum and touched 90.40, registering a rise of 38 paise over its previous close.
In the initial trade, the rupee also touched 90.56 against the American currency.
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On Wednesday, the rupee depreciated 22 paise to close at 90.78 against the US dollar on Wednesday.
"The RBI has been quietly ensuring that liquidity remains abundant in the banking system. With surplus liquidity hovering near Rs 3 trillion — the highest in six months — banks are flush with cash," CR Forex Advisors MD Amit Pabari said in a note.
Pabari further noted that elevated crude oil prices continued to hover like a silent tax on the economy. Geopolitical tensions remained unresolved, keeping risk appetite restrained.
"Meanwhile, steady dollar demand persisted in the background. Add to that the lingering uncertainty around the US-India trade framework -- including the earlier revisions to the White House fact sheet -- and the mood naturally turned cautious," he said.
Forex traders said that while markets initially welcomed the India-US trade deal, fresh concerns have emerged after the White House released its fact sheet.
The fact sheet highlights key terms of the agreement, including that India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 96.78.
Brent crude, the global oil benchmark, was trading 0.42 per cent higher at USD 69.69 per barrel in futures trade.
On the domestic equity market front, Sensex declined 349.87 points to 83,883.77 in early trade, while the Nifty was down 106.60 points to 25,847.25.
On Wednesday, foreign institutional Investors purchased equities worth Rs 943.81 crore, according to exchange data.
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PM Modi inaugurates India AI Impact Expo, interacts with startups
New Delhi (PTI): Prime Minister Narendra Modi on Monday inaugurated the India AI Impact Expo here featuring over 600 high-potential startups and 13 country pavilions showcasing international collaboration in the AI ecosystem.
He also interacted with startups participating in the expo.
The prime minister visited various stalls and spoke with the companies participating in the expo. He was seen asking questions from company representatives to better understand what they are showcasing.
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The prime minister spent several minutes at various stalls while interacting with the representatives.
The Expo brings together global technology firms, startups, academia and research institutions, central and state governments and international partners.
Spread across 10 arenas covering more than 70,000 square metres, the Expo brings together global technology firms, startups, academia and research institutions, Union ministries, state governments and international partners.
The Expo also features 13 country pavilions, showcasing international collaboration in the Artificial Intelligence (AI) ecosystem. These include pavilions from Australia, Japan, Russia, the United Kingdom, France, Germany, Italy, the Netherlands, Switzerland, Serbia, Estonia, Tajikistan and Africa.
The Expo will host over 300 curated exhibition pavilions and live demonstrations, structured across three thematic chakras -- people, planet and progress.
In addition, the Expo will feature over 600 high-potential startups, many of them building globally relevant and population-scale solutions. These startups will demonstrate working solutions that are already deployed in real-world settings.
