Rupee falls 8 paise to 90.98 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 8 paise to 90.98 against the American currency in early trade on Tuesday, as strong dollar demand from metal importers and persistent foreign fund outflows dented investor sentiment.
Forex traders said rising geopolitical uncertainty, including renewed US expansionary signals, has increased risk aversion and kept emerging market currencies under pressure.
Moreover, a sluggish domestic stock market triggered by an exodus of foreign capital, they said.
At the interbank foreign exchange, the rupee opened at 90.91 and lost ground to trade at 90.98 against the greenback, down 8 paise from its previous close.
ALSO READ: Rupee strengthens past 90/USD level in early trade
On Monday, the rupee depreciated by 12 paise to close at 90.90 against the greenback, a tad above its record low closing level. On December 16, 2025, the rupee reached its lowest intra-day level of 91.14 and its lowest closing level of 90.93 against the American currency.
"The US Supreme Court will be giving a decision on the legality of the Trump Tariffs, which will affect the world markets directly. Presently, all the markets are in risk-off mode with Gold and Silver getting bought as safe havens," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was trading 0.44 per cent lower at 98.95.
Brent crude, the global oil benchmark, was trading 0.11 per cent higher at USD 64.01 per barrel in futures trade.
On the domestic equity market front, Sensex declined 311.33 points to 82,934.85 in early trade, and the Nifty dropped 99.5 points to 25,486.
Foreign institutional investors offloaded equities worth Rs 3,262.82 crore on Monday, according to exchange data.
"Foreign investors have withdrawn more than USD 3 billion from Indian equities so far in January, and the steady outflow has made the rupee increasingly sensitive to even modest dollar demand. With capital moving out, stability becomes harder to defend," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that the ongoing global uncertainty, combined with a sustained break above 91.07, could pave the way for a move toward the 91.70–92.00 zone, unless offset by active intervention from the RBI. On the downside, any corrective move is likely to find initial support in the 90.30–90.50 range.
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Lost a good friend; void cannot be filled: Fadnavis mourns Ajit Pawar’s passing
Mumbai (PTI): Maharashtra Chief Minister Devendra Fadnavis on Wednesday described Deputy CM Ajit Pawar’s tragic death in a plane crash as unbelievable, and said he had lost a good friend.
Fadnavis said “today” (January 28) will be a government holiday and there will be a three-day state mourning as a mark of respect to Pawar.
Ajit Pawar’s death has left a void that will never be filled, he said. “After working closely together, it is unbelievable that he is no more,” Fadnavis said.
Talking to reporters, Fadnavis described Pawar as a people’s leader who knew the state well and had a deep understanding of the issues in Maharashtra. He said it takes several years to build and establish such leadership.
Fadnavis said he had apprised Prime Minister Narendra Modi and Union Home Minister Amit Shah about the tragedy. The CM said he had also spoken with Ajit Pawar’s cousin Supriya Sule and his son Parth Pawar.
“Both (Deputy CM) Eknath Shinde and I are leaving for Baramati now. Once their entire family gathers in Baramati, we will share further details,” he said.
The entire state stands by Pawar’s family and his party NCP in this hour of grief, he added.
Ajit Pawar, 66, and four other persons were killed after an aircraft carrying them crashed in Maharashtra’s Pune district on Wednesday morning, officials said. The incident occurred when the plane carrying Pawar and others landed near Baramati, they said.
Several state BJP leaders, including Ashish Shelar, Ravindra Chavan and Chandrashekhar Bawankule, expressed deep grief over Pawar’s passing.
“This heart-wrenching incident has left the mind numb. Maharashtra has lost an experienced, dutiful and resolute leader,” state minister Shelar said.
Pawar left a distinct imprint on the state’s politics through his strong grip over administration, decisiveness and relentless drive for Maharashtra’s all-round progress. “Firmness, discipline, punctuality and tireless dedication were defining aspects of his personality,” he said.
BJP state president Ravindra Chavan said Maharashtra’s politics was unimaginable without Pawar. He said Pawar was known as a dynamic leader with a powerful command over administration and an unwavering focus on the state’s comprehensive development.
He said Pawar held the record for serving the longest tenure as deputy CM in the state’s history and left an indelible mark while handling key portfolios such as irrigation, energy and finance. “With his passing, Maharashtra has lost a firm, disciplined, punctual and indefatigable leader. This void can never be filled,” Chavan said.
Revenue Minister Chandrashekhar Bawankule described Pawar as a senior friend and guide. “Even now, it is difficult to accept that this tragedy has really happened,” he said. Pawar would be remembered as a true people’s leader who gave clear direction and unstoppable momentum to Maharashtra’s all-round development, Bawankule said.
Recalling Pawar’s immense administrative experience, Bawankule said he had personally sought the NCP leader’s advice on several occasions.
“The loss of Ajitdada is not merely the departure of one leader; it is a profound loss for Maharashtra itself. The nation has lost a visionary statesman, and I have lost a dear elder friend and guide,” Bawankule said, adding that the reality of Pawar no longer being among them felt impossible to accept.
VIDEO | Maharashtra CM Devendra Fadnavis expresses grief over the demise of Deputy CM Ajit Pawar in an aircraft crash. He says, “This morning, a very tragic incident occurred. In extremely unforeseen circumstances, the news of the unfortunate demise of our state’s deputy chief… pic.twitter.com/sKIKJ5FvRW
— Press Trust of India (@PTI_News) January 28, 2026
