Rupee rises 11 paise to 91.57 against the US dollar in early trade
Mumbai (PTI): The rupee gained 11 paise to 91.57 against the US dollar in early trade on Wednesday, supported by a retreating dollar index and the landmark India-EU trade deal.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance.
At the interbank foreign exchange market, the rupee opened at 91.60 against the US dollar, then gained some ground to 91.57, registering a gain of 11 paise over its previous close.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 (provisional) against the US dollar.
In the initial trade, it also touched 91.66 against the American currency.
"The 92.00 level remains the key near-term pivot for USD/INR. A sustained move above this zone could open the way toward the 92.20–92.50 range," CR Forex Advisors MD Amit Pabari said.
Pabari further added that continued RBI presence in the market, combined with a softer dollar backdrop, may help stabilise the pair and gradually pull it back toward the 90.80–91.00 zone in the near term.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 96.09.
Brent crude, the global oil benchmark, was trading 0.53 per cent higher at USD 67.93 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex jumped 646.49 points to 82,503.97 in early trade, while the Nifty surged 196.7 points to 25,372.10.
Foreign Institutional Investors offloaded equities worth Rs 3,068.49 crore on Tuesday, according to exchange data.
Meanwhile, India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
"This agreement follows recent trade pacts with Britain, New Zealand, and Oman. While challenges remain - especially with high US tariffs on Indian exports - the EU deal sends a strong signal of India's growing role in global trade," Pabari added.
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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.
