Iran parliament speaker warns US against ground invasion
Dubai (AP): Iranian forces “are waiting for the arrival of American troops on the ground to set them on fire and punish their regional partners forever,” Iran parliament speaker Mohammad Bagher Qalibaf said Sunday.
“Our firing continues. Our missiles are in place. Our determination and faith have increased,” Qalibaf said.
He warned the US against a ground invasion, threatening severe retaliation against American troops and allies in the region if US forces alight on Iranian soil, according to Iran official media.
He described the US' 15-point plan which Pakistan passed to Iran last week as “their wishes” and said the Trump administration is attempting to gain through the plan what it has failed to achieve by force.
“As long as the Americans seek Iran's surrender, our response is clear: Far be it from us to accept humiliation,” he said.
Economic ramifications to be long-lived: Experts
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The US-Israel attacks on Iran have driven up prices, darkened the outlook for the world economy, sent global stock markets reeling and forced developing countries to ration fuel and subsidise energy costs to protect their poorest.
Ongoing strikes and counter-strikes on Persian Gulf refineries, pipelines, gas fields and tanker terminals threaten to the prolong the global economic pain for months, even years.
“A week ago or certainly two weeks ago, I would have said: If the war stopped that day, the long-term implications would be pretty small,'' said Christopher Knittel, an energy economist at the Massachusetts Institute of Technology. “But what we're seeing is infrastructure actually being destroyed, which means the ramifications of this war are going to be long-lived.''
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
