Congress and NCP (SP) to contest separately in Nagpur civic polls
Nagpur (PTI): Maha Vikas Aghadi (MVA) constituents, the Congress and NCP (SP) will contest the Nagpur municipal corporation elections separately, with the Sharad Pawar-led party accusing the ally of not allocating 15 seats.
Nagpur NCP (SP) president Duneshwar Pethe claimed on Tuesday that discussions continued with Congress leaders until Monday night. However, later the leaders stopped responding to our phone calls, which indicated that they do not want to forge an alliance, he told PTI Videos.
Pethe said the NCP (SP) had initially demanded 25 seats but eventually agreed to contest 15 seats; still, Congress ignored our demand, he added.
"It seems the Congress wants to help the BJP and decided against allying with us", the NCP (SP) leader alleged.
In the last election held for the 151-member Nagpur civic body in 2017, the BJP had won 108 seats, the Congress 28, BSP 10, Shiv Sena (undivided) 2, and NCP (undivided) one seat.
Elections to 29 municipal corporations in Maharashtra will be held on January 15, and the votes will be counted the next day. The deadline for filing nominations is Tuesday, while January 2 is the last date for withdrawal, and the final list of candidates will be published on January 3.
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Rupee rises 10 paise to 92.41/USD; faces risks from rising global tensions
Mumbai (PTI): The rupee appreciated 10 paise to 92.41 against the US dollar in early trade on Friday, even as the USD/INR pair faces risks from rising global tensions, especially the US-Iran conflict.
Forex traders said the rupee is likely to see high volatility intra-day as the deadline for RBI's instructions to banks to curb their overnight positions to USD 100 million closes today.
At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then gained ground to touch 92.41 against the US dollar in initial trade, registering a gain of 10 paise over its previous close.
On Thursday, the rupee settled with a marginal gain of 3 paise at 92.51 against the US dollar.
"An estimated 80–85 per cent of these positions have already been unwound, which means the bulk of this supportive flow is now behind us. In simple terms, the cushion that held the rupee steady is beginning to thin, and this is where the story starts to shift," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that looking ahead, the picture for the rupee appears to be changing. "With most of the NOP-related support now fading and global uncertainties still elevated, the scope for further strength seems limited. USDINR is likely to find a base in the 92.20–92.50 zone, with a gradual move higher towards 93.50–94.00 levels," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.07 per cent at 98.69 as the safe-haven demand has come down after the ceasefire, but as the ceasefire is fragile, the US dollar is getting bids at lower levels.
Brent crude, the global oil benchmark, was trading higher by 0.51 per cent at USD 96.44 per barrel in futures trade, as the ongoing uncertainty over the Strait of Hormuz opening is keeping the oil trade well bid.
Pabari further noted that just as domestic support begins to fade, the global backdrop is turning uneasy again. "The World Bank has flagged that India's growth for FY27, expected at 6.6 per cent, faces risks from rising global tensions, especially the Iran conflict," he said.
According to Pabari, India continues to have strong buffers in the form of forex reserves and a stable banking system, but pressure points are slowly beginning to build.
On the domestic equity market front, the stock markets witnessed a rebound in early trade. The 30-share Sensex jumped 630.08 points to 77,261.73, while the Nifty climbed 203.6 points to 23,978.70.
Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data.
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