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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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
