Rupee falls 5 paise to 90.22 against US dollar in early trade
Mumbai (PTI): The rupee weakened by 5 paise to 90.22 against the US dollar in early trade on Tuesday, amid a strengthening American currency, higher crude oil prices and incessant outflow of foreign funds.
An unprecedented geopolitical concern and global trade uncertainties have accelerated the dollar demand worldwide, adding strength to the greenback and putting pressure on the Indian currency, analysts said.
At the interbank foreign exchange, the rupee opened at 90.24 and gained slightly to trade at 90.22 against the greenback in early deals, registering a loss of 5 paise from its previous closing level.
On Monday, the rupee ended 1 paisa higher at 90.17 against the US dollar.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.11 per cent higher at 98.73.
Brent crude, the global oil benchmark, was trading 0.28 per cent higher at USD 64.05 per barrel in futures trade.
Foreign institutional investors offloaded equities worth Rs 3,638.40 crore on Monday, according to exchange data.
On the domestic equity market front, the 30-share benchmark index Sensex rose 125.96 points or 0.15 per cent to 84,004.13, while the Nifty advanced 47.25 points or 0.18 per cent to 25,837.50.
Analysts attributed the buying trend in equities to the positive cues triggered by strong domestic macroeconomic numbers.
According to government data released on Monday, India's retail inflation rose to a three-month high of 1.33 per cent in December, mainly due to higher prices of food items, but remained below the Reserve Bank of India's lower tolerance level.
Also, the latest data from the Income Tax Department showed the government's net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
Net corporate tax collection grew 12.4 per cent to over Rs 8.63 lakh crore, and taxes from non-corporates, including individuals, rose 6.39 per cent to about Rs 9.30 lakh crore.
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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.
