Rupee rises for 3rd day, up 27 paise to 74.19 per USD
Mumbai: The rupee continued its winning run for the third session in a row on Wednesday, spurting 27 paise to settle at 74.19 against the US dollar amid unabated foreign fund inflows and a weak greenback overseas.
At the interbank forex market, the domestic unit opened at 74.49 against the US dollar and touched an intra-day high of 74.09 and a low of 74.52.
It finally closed at 74.19 against the greenback, registering a rise of 27 paise over its previous close.
The rupee had on Tuesday appreciated 16 paise to finish at 74.46.
"Indian Rupee appreciated majorly on the back of weakness in the dollar. The dollar slipped as rising COVID-19 cases in the US forced local authorities to impose fresh restrictions to curb the outbreak.
"Moreover, US Federal Reserve Chair Jerome Powell warned that surge in COVID-19 cases poses risk to the economy and would require more support from Federal Reserve and Government," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 percent down at 92.22.
Mukadam added that the "rupee may trade in the range of 73.65 to 74.80 in next couple of sessions".
On the domestic equity market front, the 30-share BSE Sensex ended 227.34 points or 0.52 percent higher at a record 44,180.05. The broader NSE Nifty too surged 64.05 points or 0.5 percent to its lifetime high of 12,938.25.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 3,071.93 crore on Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 1.01 percent to USD 44.19 per barrel.
"Rupee after opening on a flat note appreciated in the latter half of the session following suspected dollar inflows that hit the market. The currency is likely to extend its gains in the next couple of sessions as FIIs continue to pour in funds in the equity segment," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Somaiya added that "in the last couple of sessions FIIs have poured in another USD 1 billion taking the total to USD 5.1 billion in this month. We expect the USD-INR (Spot) to trade lower and quote in the range of 73.90 and 74.40."
According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, the Indian rupee extended its gains on Wednesday supported by inflows into local stocks and dollar selling by exporters.
"The RBI intervention capped downside as the dollar buying from the central bank came around the rate of 74.12-74.13 during the day. However, strong selling from exporters pushed the pair towards the short-term support of 74. The pair may remain under pressure and head towards 74 mark on strong inflows and dollar supply from exporters," Vakil added.
"The Indian Rupee appreciated against the U.S. Dollar supported by foreign fund inflows into the domestic equity and debt markets. However, PSU dollar purchases, rumored to be on behalf of the central bank, trimmed some of the gains," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
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London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
