Rupee slips 1 paisa to 90.67 against US dollar in early session
Mumbai (PTI): The rupee slipped by 1 paisa to 90.67 against the US dollar in the early session on Monday amid FII outflows and a stronger greenback.
A marginal rise in global crude oil prices and a sharp decline in the country's forex reserves also weighed on the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened higher at 90.63 before falling to 90.67 against the US dollar, down 1 paisa from its previous close.
The rupee consolidated in a narrow range and settled 5 paise lower at 90.66 against the US dollar on Friday.
"The rupee opened slightly stronger from Friday close and should remain in a small range on a day when cash demand will be lower due to US Presidential Day holiday," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Markets will watch out for India's trade balance figures, which could be released by the commerce ministry on Monday, he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 96.93.
Brent crude, the global oil benchmark, was trading 0.04 per cent higher at USD 67.78 per barrel in futures trade.
At the domestic equity markets, Sensex declined 71.53 points to 82,555.23 in early trade while Nifty was down 11.95 points to 25,459.15.
On Friday, foreign institutional investors offloaded equities worth Rs 7,395.41 crore, according to exchange data.
Reserve Bank data released on Friday showed India's forex reserves were down USD 6.711 billion to USD 717.064 billion during the week ended February 6. In the previous reporting week, the kitty had jumped by USD 14.361 billion to an all-time high of USD 723.774 billion.
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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.
