Rupee rises 5 paise to close at 90.69 against US dollar
Mumbai (PTI): The rupee gained 5 paise to settle at 90.69 (provisional) against the US dollar on Tuesday, backed by positive domestic equity markets and lower crude prices overseas.
Sustained outflow of foreign funds and a firm American currency, however, weighed on the Indian currency and capped its gains, forex traders said.
In the interbank foreign exchange market, the rupee opened at 90.72 against the US dollar and moved in a tight range, touching a high of 90.64 and a low of 90.78 in intraday deals.
The unit finally ended the session at 90.69 (provisional) against the greenback, registering a gain of 5 paise from its previous closing level.
On Monday, the rupee settled 8 paise lower at 90.74 against the US dollar.
Anuj Choudhary, Research Analyst,Mirae Asset ShareKhan, said that the rupee traded with a slight negative bias on FII outflows and a positive dollar. However, a positive tone in the domestic markets and softening of crude oil prices cushioned the downside.
"Investors may now watch out for housing market and GDP data from the US this week. USD-INR spot price is expected to trade in a range of Rs 90.50 to Rs 91," Choudhary said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent higher at 97.03.
Brent crude, the global oil benchmark, was trading 0.83 per cent lower at USD 68.08 per barrel in futures trade.
On the domestic equity market front, Sensex rose 173.81 points or 0.21 per cent to settle at 83,450.96, while the Nifty went up 42.65 points or 0.17 per cent to 25,725.40.
On Monday, foreign institutional investors offloaded equities worth Rs 972.13 crore, according to exchange data.
Government data released on Monday showed the country's exports rose marginally by 0.61 per cent to USD 36.56 billion in January, while trade deficit widened to a three-month high of USD 34.68 billion.
Imports rose 19.2 per cent - the highest so far this fiscal - to a three-month high of USD 71.24 billion in January, driven by a sharp rise in inbound shipments of gold and silver due to higher prices, the data showed.
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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.
