Rupee rises 5 paise to close at 90.69 against US dollar
Mumbai (PTI): The rupee gained 5 paise to settle at 90.69 (provisional) against the US dollar on Tuesday, backed by positive domestic equity markets and lower crude prices overseas.
Sustained outflow of foreign funds and a firm American currency, however, weighed on the Indian currency and capped its gains, forex traders said.
In the interbank foreign exchange market, the rupee opened at 90.72 against the US dollar and moved in a tight range, touching a high of 90.64 and a low of 90.78 in intraday deals.
The unit finally ended the session at 90.69 (provisional) against the greenback, registering a gain of 5 paise from its previous closing level.
On Monday, the rupee settled 8 paise lower at 90.74 against the US dollar.
Anuj Choudhary, Research Analyst,Mirae Asset ShareKhan, said that the rupee traded with a slight negative bias on FII outflows and a positive dollar. However, a positive tone in the domestic markets and softening of crude oil prices cushioned the downside.
"Investors may now watch out for housing market and GDP data from the US this week. USD-INR spot price is expected to trade in a range of Rs 90.50 to Rs 91," Choudhary said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent higher at 97.03.
Brent crude, the global oil benchmark, was trading 0.83 per cent lower at USD 68.08 per barrel in futures trade.
On the domestic equity market front, Sensex rose 173.81 points or 0.21 per cent to settle at 83,450.96, while the Nifty went up 42.65 points or 0.17 per cent to 25,725.40.
On Monday, foreign institutional investors offloaded equities worth Rs 972.13 crore, according to exchange data.
Government data released on Monday showed the country's exports rose marginally by 0.61 per cent to USD 36.56 billion in January, while trade deficit widened to a three-month high of USD 34.68 billion.
Imports rose 19.2 per cent - the highest so far this fiscal - to a three-month high of USD 71.24 billion in January, driven by a sharp rise in inbound shipments of gold and silver due to higher prices, the data showed.
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Omar thanks Home Minister Shah for reopening 14 tourist destinations in J-K
Srinagar (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Tuesday thanked Union Home Minister Amit Shah for reopening 14 tourist destinations in the Union Territory, which were closed in April last year following the Pahalgam terror attack.
"Recently, the Union home minister had come to Jammu and I had talks with him. Before that, I met him in Delhi as well. My request with regard to tourism was that the areas which have been closed should be reopened. There is no purpose served by keeping these destinations closed. We did not close these places even at the worst of times.
"I was assured by the home minister that these places will be reopened and orders for the same have now been issued. I am thankful to the home minister for that. The local people have borne losses (due to closure). Now, I hope people will visit these beautiful places," Abdullah told reporters on the sidelines of a function here.
The lieutenant governor, who heads the security apparatus in Jammu and Kashmir, on Monday ordered the reopening of 11 tourist destinations in Kashmir and three in the Jammu region. These destinations were among the 80-odd places which were shut down for visitors in the aftermath of the Pahalgam terror attack on April 22 last year that left 26 persons, mostly tourists, dead.
On the controversial remarks made by BJP MLA Vikram Randhawa, the chief minister said the truth has prevailed. "The truth did come out after that. The case was against him (Randhawa). If my information is correct, a case was filed against him for occupying government land," Abdullah said.
He alleged there is always a difference in the words and deeds of BJP leaders.
"It is a trait of the BJP that there is a difference in their words and deeds. They talk about Jammu and Kashmir and nominated a person to the Rajya Sabha from here. He spent 90 per cent of his (MPLAD) funds in Uttar Pradesh.
"He (Ghulam Ali Khatana) is from J-K. He has taken an official house here. Khatana sahib lives here and works from here but when it comes to CDF, he spends 90 per cent of it in UP," Abdullah alleged.
Asked about electricity supply during the month of Ramzan, the chief minister said he is scheduled to chair a meeting of officials where all aspects and arrangements will be reviewed.
"We would make all efforts to ensure that people face the least amount of difficulty during the holy fasting month," he added.
On the protests by daily wagers, Abdullah said there is no need for the street protests as the government has announced on the floor of the Assembly that they shall be regularised this year as per a scheduled process.
"It has been said on the floor of the Assembly that they will be regularised through a process under a time table. If somebody is provoking them for political benefits, they should not become tools in their hands.
"I will listen to you and do anything if you ask with love. Try intimidating me, then nothing will happen. If they have something to say, they should come and tell me. These street protests are not good for them or their future. We have said they will be regularised this year in a time-bound manner," he added.
