Rupee rises 6 paise to 90.85 against US dollar in early trade
Mumbai (PTI): The rupee rose 6 paise to 90.85 against the US dollar in early trade on Thursday on the back of a weaker greenback and FII inflows.
A positive start to the session at the domestic equity markets lent further support to the local unit while a rise in global crude oil prices, coupled with geopolitical uncertainties, capped sharp gains, according to forex traders.
At the interbank foreign exchange, the rupee opened at 90.86 against the greenback before inching up to 90.85, higher by 6 paise from its previous close.
The rupee stayed range-bound and settled with a gain of 4 paise at 90.91 against the US dollar on Wednesday.
"As the dollar index fell and Asian currencies gained today (Thursday) the rupee opened higher... A risk-on sentiment in the markets and RBI selling near 91.00 levels ensured yesterday (Wednesday) also that rupee is unable to cross 91.00 levels with FPIs being buyers of equity and sellers of dollars," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent down at 97.57.
Brent crude, the global oil benchmark, rose 0.21 per cent to USD 71.00 per barrel in futures trade.
On the domestic equity market front, the Sensex climbed 303 points to 82,579.16 in early trade, while the Nifty rose 85.1 points to 25,567.60.
On Wednesday, foreign institutional investors purchased equities worth Rs 2,991.64 crore, according to exchange data.
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Deputy CM Shivakumar slams BJP MPs for their silence on LPG shortage in India
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said the shortage of LPG refills has become a serious concern in the state, amid warnings from hotel owners that they may be forced to shut down operations if supplies do not improve soon.
Speaking to reporters in Bengaluru, Shivakumar said the issue must be discussed in Parliament and urged Members of Parliament to raise the matter, as the shortage was affecting businesses and the public.
"The government must discuss this in Parliament. They should allow a discussion today... From today itself, we are facing problems. There is no stock," he said.
The Deputy Chief Minister criticised BJP MPs for not speaking about the LPG shortage despite its impact on businesses such as hotels and catering establishments.
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He noted that hoteliers have already begun limiting their operations due to dwindling supplies.
"Now, because of the gas price hike and the gas shortage, people are going on strike, but the BJP MPs are not talking about it. They raise their voice on many other issues - strangely enough - but they are silent on this," he said.
Shivakumar also pointed to the rising fuel costs, saying diesel prices had recently increased sharply, adding further pressure on businesses.
According to him, the combined impact of fuel price increases and LPG supply disruptions was affecting the hospitality sector.
He said even former Prime Minister H D Deve Gowda spoke about some of the issues pertaining to Karnataka and called for discussion.
"Deve Gowda is talking about Mekedatu and Yettinahole projects. Let him direct his party MPs to talk about this (fuel shortage) in the Parliament.
It is not right for me to launch a verbal attack on him, considering his age. Let him suggest solutions for Mekedatu and Yettinahole. Let his party MLAs talk about what their party did, and I will counter it with what we have done," Shivakumar said.
Hotel associations in the state have warned that continued supply shortages could force establishments to temporarily shut down, particularly those dependent on commercial LPG cylinders for daily cooking. The Deputy Chief Minister indicated that the issue required urgent attention at the national level, as LPG supply and pricing fall under the Centre's purview.
