Rupee rises 9 paise to 88.51 against US dollar in early trade
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Mumbai (PTI): The rupee gained 9 paise to 88.51 against the US dollar in early trade on Wednesday, supported by lower crude oil prices even as volatile equity markets across the globe weighed on investor sentiment.
The rupee also faced pressure due to a strong American currency as well as withdrawal of foreign capital from domestic stock markets, forex traders said.
At the same time, investors were concerned about the progress on the proposed India-US trade deal and the domestic PMI data to be released later this week.
At the interbank foreign exchange market, the rupee opened at 88.57 and gained further to trade at 88.51 against the greenback in initial deals, up 9 paise from its previous closing level.
On Tuesday, the rupee settled 1 paisa lower at 88.60 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.49.
Brent crude, the global oil benchmark, declined 0.34 per cent to USD 64.67 per barrel in futures trade.
On the domestic equity market front, Sensex declined 46.27 points, or 0.05 per cent, to 84,626.75 in early trade, while the Nifty slipped 8.35 points, or 0.03 per cent, to 25,901.70.
Foreign institutional investors sold equities worth Rs 728.82 crore on Tuesday, according to exchange data.
Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear a good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.
The remarks came days after US President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India, and added that he will lower tariffs imposed on Indian goods at "some point".
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
