Rupee recovers 10 paise from all-time low to 91.80 against US dollar in early trade
Mumbai (PTI): The rupee rebounded from its all-time low levels and gained 10 paise to trade at 91.80 against the US dollar in early deals on Tuesday, as the dollar index retreated from its elevated levels.
Forex traders said the rupee recovered marginally as traders rushed to cover broad dollar weakness.
At the interbank foreign exchange, the rupee opened at 91.80 against the greenback, up 10 paise from its previous close.
On Friday, the rupee hit a historic low of 92 per dollar and gained marginally to settle at 91.90 against the American currency.
Forex and equity markets were closed on Monday for Republic Day.
"The dollar index was down sharply to a four-month low of 96.80 amid pre-FOMC positioning as it has weakened 0.98 per cent over the past month," Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said in a research note.
According to forex traders, the rupee remains under severe pressure from heightened global geopolitical uncertainties, weak domestic equities, persistent dollar demand, and unabated capital outflows.
The pending trade agreement with the US remains a key stabilising factor. Until the geopolitical risk eases and the trade deal materialises, the rupee is likely to remain vulnerable to external shocks, they said.
Meanwhile, US Treasury Secretary Scott Bessent has said there is a "path" to remove the 25 per cent tariffs imposed on India for buying Russian oil, noting that such purchases by Delhi from Moscow have "collapsed".
United States President Donald Trump has imposed 50 per cent tariffs on India, including 25 per cent for its purchases of Russian oil, leading to a strain in the bilateral ties between the two countries.
"Year ahead forecasts point to continued rupee weakness tied to FPIs' selling of equities and debt, weakness in Indian stock markets and RBI's oversold position. The only factor positive for the rupee is its undervaluation by about 5 per cent," Bhansali added.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 97.01.
Brent crude, the global oil benchmark, was trading 1.26 per cent lower at USD 64.42 per barrel in futures trade.
On the domestic equity market front, Sensex dropped 417.68 points to 81,120.02 in early trade, while the Nifty declined 111.1 points to 24,937.55.
Foreign institutional investors offloaded equities worth Rs 4,113.38 crore on Friday, according to exchange data.
India's foreign exchange reserves jumped by USD 14.167 billion to USD 701.36 billion during the week ended January 16, the Reserve Bank said on Friday.
The overall reserves had increased by USD 392 million to USD 687.193 billion in the preceding week.
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Allahabad HC orders police protection to married couple apprehending 'honour killing'
Prayagraj (PTI): The Allahabad High Court has granted protection to a married couple who expressed fear that they may be killed by the woman's family.
The order was passed by a division bench comprising Justice JJ Munir and Justice Tarun Saxena on March 25.
"No individual can make an 'honour issue' out of a consenting adult marrying a person of their own choice. It is the state's duty to protect the life, limb, and property of such persons even against their own family members," the bench said.
The court was hearing a petition filed by Prachi Agrawal and her partner, who sought relief in connection with an FIR filed under Section 87 of Bhartiya Nyaya Sanhita (BNS) for kidnapping, and abducting or inducing a woman to compel her marriage.
The couple submitted that they married at an Arya Samaj temple and possessed a marriage registration certificate issued under the Uttar Pradesh Marriage Registration Rules, 2017.
The petitioners alleged that the woman's family members were averse to their marriage and lodged a bogus FIR against them.
The couple further submitted a joint affidavit expressing apprehension of an honour killing by the woman's family.
The court said that a prima facie case was made out and issued notice to the private respondent and granted two weeks to file a counter-affidavit.
Meanwhile, as an interim measure, the court granted the petitioners protection from arrest.
The court also explicitly ordered the woman's family members and relatives not to harm the petitioners, enter their matrimonial home, or establish contact with them directly or through any electronic means.
The bench directed the Aligarh senior superintendent of police to ensure that no harm comes to the couple and posted the matter for hearing on April 8.
