Rupee rises 5 paise to 90.67 against US dollar in early trade
Mumbai (PTI): The rupee rose 5 paise to 90.67 against the US dollar on Wednesday on the back of a drop in global crude oil prices and FII inflows.
However, a stronger greenback and a weak start to day at the domestic equity markets capped sharp gains in the local unit, forex traders said.
At the interbank foreign exchange, rupee opened at 90.60 but lost some ground to trade at 90.67 against the US dollar, higher by 5 paise from its previous close.
The rupee gained 2 paise to settle at 90.72 against the US dollar on Tuesday.
"The RBI sold dollars at 90.78, ensuring that rupee closed near to Monday closing while FPIs were buyers of equities yesterday (Tuesday)," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Today the rupee is expected to move in the same range of 90.40-80, he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10 per cent higher at 97.24.
"The dollar index was slightly higher and analysts expect scope for a near-term rebound after a prolonged slump. Strong US growth and foreign investment interest supported the dollar," Bhansali added.
Brent crude, the global oil benchmark, was trading 0.36 per cent lower at USD 68.40 per barrel in futures trade.
On the domestic equity market front, Sensex fell 77.56 points to 83,373.40 in early trade while the Nifty declined 26.25 points to 25,699.15.
On Tuesday, foreign institutional investors turned net buyers and purchased equities worth Rs 995.21 crore, according to exchange data.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Chinese products showcased at AI summit; irreparable damage caused to image of country: Cong
New Delhi (PTI): Congress leader Rahul Gandhi on Wednesday dubbed the AI Summit a "disorganised PR spectacle" and alleged that Chinese products are being showcased there.
"Instead of leveraging India's talent and data, the AI summit is a disorganised PR spectacle - Indian data up for sale, Chinese products showcased," Gandhi said in a post on X.
The former Congress president's remarks came amid a controversy over Galgotias University allegedly showcasing a robotic dog labelled "Orion" at the AI Summit expo that critics said was actually a Chinese-made Unitree Go2 and not an in-house innovation.
According to sources, Galgotias University has been asked to vacate ts stall at the AI Summit Expo immediately.
Gandhi also tagged a post of the Congress which alleged, "The Modi government has made a laughing stock of India globally, with regard to AI. "
In the ongoing AI summit, Chinese robots are being displayed as our own, he charged.
"The Chinese media has mocked us. This is truly embarrassing for India.What is even more shameful is the fact that Modi's minister Ashwini Vaishnaw is indulging in the same falsehood, promoting China's robots at the Indian summit," the Congress said.
"The Modi Government has caused irreparable damage to the image of the country - they have reduced AI to a joke - a field in which we could be world leaders given our data power. Brazenly shameless," the Congress said on X.
