Rupee falls 3 paise against US dollar on surging crude
Mumbai, (PTI): The rupee settled 3 paise lower at 83.28 against the US dollar on Wednesday, tracking negative cues from domestic equity markets amid surging crude oil prices overseas.
However, fresh foreign capital inflows and a weak greenback against major rivals overseas favoured the rupee and restricted the loss, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 83.24 against the dollar and traded in a narrow range of 83.23 to 83.28. It finally settled at 83.28, registering a loss of 3 paise over its previous close.
On Tuesday, the rupee settled at 83.25 against the US dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee declined amid weak domestic markets and a jump in crude oil prices.
"However, the softening of the US dollar cushioned the downside. The US dollar softened as US President Joe Biden landed in Israel raising expectations that the Hamas-Israel conflict may get contained.
"This waned safe-haven demand for the US dollar. Dovish comments from US Federal Reserve officials also weighed on the greenback. Economic data from the US on Tuesday topped forecasts as retail sales and industrial production were better than market expectations," he said.
"USD-INR spot price is expected to trade in a range of Rs 82.90 to Rs 83.60."
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.05 per cent to 106.20.
Brent crude futures, the global oil benchmark, witnessed a sharp rise of 3.05 per cent to USD 89.30 per barrel.
The Reserve Bank of India (RBI) appears to be actively intervening to prevent significant depreciation. Also, the weakness in the dollar provided some support to the rupee, Jateen Trivedi, VP Research Analyst at LKP Securities, said.
"Indian capital markets have seen substantial selling pressure, potentially due to a combination of global and domestic factors. Overall, the rupee remains weak in the near term, although RBI's intervention continues to provide some stability," Trivedi said.
On the domestic equity market front, the BSE Sensex closed 551.07 points or 0.83 per cent lower at 65,877.02. The broader NSE Nifty declined 140.40 points or 0.71 per cent to 19,671.10.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they purchased shares worth Rs 1,831.84 crore, according to exchange data.
"Foreign banks are buying US dollars, while public sector banks have been selling it. Even as strength in Asian peers provided some relief to the rupee, elevated oil prices continue to linger as a risk factor. Therefore, the rupee is expected to remain under pressure but in a tight range of 83.20 to 83.30 levels," Rinkle Vira, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers, said.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
