Rupee crashes 33 paise to fresh record low of 94.29 against US dollar in early trade
Mumbai (PTI): The rupee crashed 33 paise to a fresh all-time low of 94.29 against the US dollar in early trade on Friday, weighed down by elevated oil prices and a stronger greenback amid no breakthrough in the West Asia conflict.
Heavy sell-off in domestic equity markets and sustained FII outflows put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the local unit opened at 94.18 and slipped further to 94.29 against the greenback, down 33 paise from its previous close.
The rupee slumped 20 paise to close at a record low of 93.96 against the US dollar on Wednesday. Stock, forex, commodity, and bullion markets remained closed on Thursday on account of Ram Navami.
"With Brent oil prices again going past USD 105.75 per barrel, and the dollar index rising towards 100, the rupee opened weak," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent higher at 99.67.
Brent crude, the global oil benchmark, rose overnight before easing towards the end, down 0.78 per cent at USD 107.1 per barrel in futures trade.
"Brent oil was up to USD 107.50 per barrel but fell after US President Donald Trump postponed strikes on Iranian power plants by 10 days," Bhansali added.
On the domestic equity market front, the Sensex tumbled 926.92 points to 74,346.53 in morning trade, while Nifty was down 280.95 points to 23,025.50.
Foreign institutional investors sold equities worth Rs 1,805.37 crore on a net basis on Wednesday, according to exchange data.
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Omar Abdullah says Iran war 'unjust and illegal', asks PM to intervene
Jammu (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Friday condemned the "unjust and illegal war imposed on Iran" and requested Prime Minister Narendra Modi to use his influence to end the war in the interest of humanity.
Abdullah made the statement in the Legislative Assembly as the Leader of the House after several National Conference members pressed for a brief statement, despite opposition from the BJP MLAs who said the Iran crisis is an international issue and does not fall in the domain of this House.
"On behalf of myself and my colleagues, I strongly condemn this unjust and illegal war imposed on Iran. I express my deepest condolences over the loss of Ayatollah Ali Khamenei and his associates and all those who have lost their lives in this conflict," the chief minister said.
"I also make a sincere appeal to our prime minister to use all available diplomatic channels and relationships to help end this war at the earliest. This will benefit not just us, but humanity as a whole," Abdullah said.
