Rupee surges 50 paise to 92.56 against USD in early trade after US, Iran agree to 2-week ceasefire
Mumbai (PTI): The rupee appreciated 50 paise to 92.56 against the US dollar in early trade on Wednesday after US President Donald Trump announced suspension of military strikes against Iran for two weeks.
Forex traders said the two-week ceasefire announcement triggered a wave of outsized bargain buying amongst the risk assets as Asian Stocks, Dow futures, Gold and Silver all rallied while Brent Oil fell below USD 100 to USD 96 per barrel.
The rupee in accordance surged to 92.56 levels, with the RBI deadline still in place till the 10th of April (regarding squaring of positions taken overnight up to USD 100 million) while the RBI announces its monetary policy today at 10 am.
At the interbank foreign exchange market, the rupee opened at 92.92 against the US dollar, then gained ground to touch 92.56 against the US dollar in initial trade, registering a gain of 50 paise over its previous close.
On Tuesday, the rupee had settled at 93.06 against the American currency.
Attention now shifts to the RBI’s first Monetary Policy Committee (MPC) meeting of FY 2026–27. The key focus areas will be: RBI's outlook on inflation and growth, its assessment of global uncertainties and any indication of focus on currency stability.
"The tone of the policy will be closely tracked, especially given the rapidly changing global environment," CR Forex Advisors MD Amit Pabari said.
The decision of the six-member Monetary Policy Committee (MPC), headed by Reserve Bank Governor Sanjay Malhotra, will be announced at 10 am.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.90 per cent at 98.96.
Brent crude, the global oil benchmark, was trading lower by 12.68 per cent at USD 95.42 per barrel in futures trade, after the announcement of the ceasefire.
President Trump announced a two-week suspension of military strikes against Iran just hours before his 8 pm ET deadline.
Iran agreed to allow safe navigation through the Strait of Hormuz during the ceasefire, triggering sweeping market moves across oil, equities and currencies.
The rupee is likely to remain range-bound with a bit of volatile moves between 92.50 to 93.50 as the markets await the RBI's monetary policy.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 2527.47 points or 3.39 per cent higher at 77,144.05, while the Nifty jumped 767.25 points or 3.32 per cent to 23,890.90 in initial trade.
Foreign Institutional Investors offloaded equities worth Rs 8,692.11 crore on Tuesday, according to exchange data.
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Kerala enters silence campaigning phase; Candidates make last-mile outreach
Thiruvananthapuram (PTI): Kerala on Wednesday entered the mandatory silence period ahead of the April 9 Assembly polls, with candidates and party workers making last-ditch efforts to reach out to voters through door-to-door visits and personal contacts.
After nearly a month-long campaigning period, a total of 2.71 crore voters would exercise their franchise to decide the fate of 883 candidates in the crucial polling for the 140-member Assembly to be held on Thursday.
With high-decibel campaigning ending on Tuesday evening, the focus has now shifted to quiet, direct voter engagement, as candidates seek to secure support from all sections of voters in their constituencies.
Prohibitory orders have been imposed in sensitive constituencies to prevent any untoward incidents, while distribution of polling materials is being carried out across the state from Wednesday morning.
According to the Election Commission, campaigning through public meetings, rallies, media interactions and election-related interviews is strictly prohibited during the silence period to ensure a level playing field for all stakeholders.
In an advisory, the Commission directed star campaigners and political leaders to refrain from addressing the media through press conferences or interviews on poll-related matters during this period. Of the total 2.71 crore voters, 1.32 crore are men, 1.39 crore women and 273 transgender persons, along with over 2.42 lakh overseas voters.
The contest is primarily among three fronts -- the CPI(M)-led LDF, the Congress-led UDF and the BJP-led NDA.
The state's Chief Electoral Officer, Rathan U Kelkar, has said that all arrangements have been put in place for the smooth conduct of polls.
A total of 30,495 polling stations have been set up across Kerala, including 24 auxiliary booths created following the Special Intensive Revision of electoral rolls, he said.
These additional booths are located in Kasaragod, Kannur, Palakkad, Malappuram and Ernakulam districts.
Among the polling stations, 352 will be managed entirely by women and 37 by persons with disabilities, Kelkar said.
He added that 140 distribution and collection centres have been established, while counting will take place at 140 strongrooms and 43 locations.
As part of security measures, around 2,000 persons identified as potential troublemakers have been placed under preventive detention. Authorities have also executed about 11,000 non-bailable warrants and removed over 3,400 social media posts for alleged violations of poll norms.
The conclusion of public campaigning on Tuesday evening saw a vibrant display of political mobilisation across the state, with roadshows, rallies and processions filling town centres, marked by party flags, drum beats and slogan-shouting workers.
Apart from traditional canvassing, political parties also relied heavily on television, print media and social media platforms to reach voters during the campaign period.
