Rupee falls 3 paise to 89.90 against US dollar in early trade
Mumbai (PTI): The rupee fell 3 paise to 89.90 against the US dollar in early trade on Thursday weighed down by a rise in global crude oil prices and FII outflows.
A strengthening dollar and weaker sentiments in the domestic equity markets put additional pressure on the rupee, forex traders said.
At the interbank foreign exchange, the rupee opened at 89.96 against the US dollar and later rose to 89.90, lower by 3 paise from its previous close.
The rupee rose 31 paise to close at 89.87 against the US dollar on Wednesday on possible intervention by the Reserve Bank of India (RBI) and a fall in global crude oil prices.
"The RBI capped the dollar strength against rupee at 90.30 and did not allow it go beyond this by selling at 90.22 levels on Wednesday, despite the constant dollar demand from FPIs and importers who kept buying dollars on all dips up to 89.75," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
"Today the upside seems to be capped while the downside could extend to 89.50 if the RBI continues to intervene in the market," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 98.69.
Brent crude, the global oil benchmark, was trading 0.38 per cent higher at USD 60.19 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 255.86 points to 84,705.28 in early trade, while the Nifty slipped 65.9 points to 26,074.85.
Foreign institutional investors offloaded equities worth Rs 1,527.71 crore on Wednesday, according to exchange data.
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Modi should leverage his ties with world leaders to de-escalate war in West Asia: Omar Abdullah
Jammu (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Monday said India can play a meaningful role in de-escalation in West Asia, given Prime Minister Narendra Modi's strong relations with the warring countries and their neighbours.
He said Pakistan was leveraging ties with Iran and the United States, and that any effort towards ending the war should be welcomed.
"As I said in the House (Assembly), we would like the war to end as soon as possible. The role that the prime minister can play may not be possible for anyone else because of his good relations with all these countries," Abdullah told reporters on the sidelines of a function here.
He, however, said any escalation would not be easy to manage.
"Any such move by US President Donald Trump, despite the long history of Iran resisting external domination, would not be easy," the chief minister said.
Asked about Pakistan mediating in the war, he said, "I will simply say that if any country can play a role in preventing this war, no one should have any objection to it."
He added, "I will repeat what I said … our prime minister has good and close relations with all countries — whether it is Israel, the United States, Iran, or the countries around Iran. If those relationships can be used to make some progress and help ease the situation, it would be a good thing."
Abdullah said attacks by terror groups like Lashkar-e-Taiba and Jaish-e-Mohammed in India, as suggested by a report from the United States, are not unlikely.
Meanwhile, he asserted that any efforts to end the war, be it from Pakistan, must not be resisted.
"Pakistan is using its good relations with Iran and the United States to its advantage, and it has done so. How can we object to that? If that angle helps in stopping the war, would you want them not to act and let the war continue? We want the war to stop. If any country can play a role in that, it should. And if we can play an even better role, then we should do so," he said.
On unemployment in J-K, the chief minister said the issue cannot be resolved overnight, and government jobs alone are not the solution.
He stressed the need to explore alternative avenues, highlighting the importance of Mission Yuva in promoting entrepreneurship.
"Mission Yuva provides not just funding but also support in preparing DPRs and post-startup assistance, such as marketing. In just nine months, distributing Rs 1,000 crore and approving numerous schemes is a significant achievement," he said.
Abdullah credited the coordination between the government and Jammu and Kashmir Bank for the scheme's progress.
