Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
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Stalin claims DMK secured 1.54 crore votes
Chennai (PTI): DMK president M K Stalin on Tuesday, in a veiled reference to the TVK, claimed that the party that won additional constituencies has gained only 17.43 lakh more votes than the DMK.
He was referring to the April 23 Assembly polls where the DMK and its allies secured 74 seats, with the Dravidian party netting 59 constituencies.
In a statement, Stalin said, "the percentage difference in votes between us and them is just 3.52 per cent," in an apparent reference to the Vijay-led Tamilaga Vettri Kahzagam emerged victorious in the polls, the results of which were announced on Monday.
Claiming that the DMK alliance has secured 1.54 crore votes, Stalin said, "I consider each and every one of your votes as an invaluable token of trust".
Stating that DMK has been in power several times, he said "there is no victory we have not seen and there is no defeat we have not faced".
"Whether in victory or defeat, those who regard them equally and continue their journey toward their ideals are the comrades of the party", he said adding "you are the lifeblood and roots of the movement".
"The harvest of 1.54 crore votes is the fruit of your commitment", he said.
"What return can I offer for your hard work? With the feeling of being the chief worker, we will continue our journey," the DMK chief added.
Stalin said "if we are the ruling party, we will formulate schemes for the people. If we are the opposition party, we will fight for the people's demands. In that regard, now as a strong opposition party, we will continue to work for the people".
Asserting that the DMK will continue the journey of taking forward the policies of the century-old great Dravidian movement, protecting race, language, and nation, the DMK leader said "in our journey, I will not leave anyone behind. We will win again".
