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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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
