Rupee falls 2 paise to near all-time low of 84.85 against US dollar in early trade
Mumbai (PTI): The rupee fell 2 paise to near all-time low of 84.85 against the US dollar in early trade on Thursday on the back of foreign fund outflows and rising crude oil prices.
An elevated dollar index and muted domestic equity markets weighed on the Indian currency even as investors were awaiting cues from domestic inflation data to be released later in the day, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.85 against the greenback, registering a fall of 2 paise over its previous close.
On Wednesday, the rupee settled with a gain of 2 paise at 84.83 against the US dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.12 per cent at 106.26.
Brent crude, the global oil benchmark, rose 0.12 per cent to USD 73.61 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading with a marginal gain of 53.59 points, or 0.07 per cent at 81,579.73 points. The Nifty inched up 2.10 points, or 0.01 per cent, to 24,643.90 points. Both the indices ended Wednesday's session with marginal gains.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 1,012.24 crore, according to exchange data.
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China confirms its support to Pakistan during four-day conflict with India
Beijing (PTI): China, for the first time, has confirmed that it provided on-site technical support to Pakistan during the four-day conflict with India last year, official media reports here said.
China's state broadcaster CCTV on Thursday aired an interview with Zhang Heng, an engineer from the Aviation Industry Corporation of China's (AVIC) Chengdu Aircraft Design and Research Institute, a key developer of China’s advanced fighter aircraft and unmanned aerial vehicle design.
Zhang had provided technical support to Pakistan during the four-day war last May, Hong Kong-based South China Morning Post reported, quoting CCTV.
Pakistan's air force operates a fleet of Chinese-made J-10CE jets, produced by an AVIC subsidiary.
"At the support base, we frequently heard the roar of fighter jets taking off and the constant wail of air-raid sirens. By late morning, in May, the temperature was already approaching 50 degrees Celsius (122 degrees Fahrenheit). It was a real ordeal for us, both mentally and physically,” Zhang said.
What drove his team was the "desire to do an even better job with on site support” and to ensure their equipment could “truly perform at its full combat potential”, Zhang told CCTV.
“That wasn’t just a recognition of the J10CE; it was also a testament to the deep bond we formed through working side by side, day in and day out,” he said.
