Rupee falls 23 paise to 89.94 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 23 paise to 89.94 against the US dollar in early trade on Friday, weighed down by foreign fund outflows and recovery in crude oil prices.
Forex traders said a negative trend in domestic equities, dollar demand from importers, and trade deal uncertainty further dented investor sentiment.
At the interbank foreign exchange, the local unit opened at 89.84 against the dollar but lost ground to trade at 89.94, down 23 paise from its previous close.
On Wednesday, the rupee pared initial gains and settled for the day lower by eight paise at 89.71 against the US dollar.
Forex and equity markets were closed on Thursday for Christmas.
After strengthening to the 89.00 level last week, the rupee has again started to weaken in holiday-thin trade, with FPIs continuing to sell equity and buy dollars after a brief pause, said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent lower at 97.89.
Brent crude, the global oil benchmark, was trading 0.16 per cent higher at USD 62.34 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 183.42 points to 85,225.28 in early trade, while the Nifty dipped 46.45 points to 26,095.65.
Foreign institutional investors offloaded equities worth Rs 1,721.26 crore on Wednesday, according to exchange data.
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Govt's reform trajectory will continue with even more vigour in coming times: PM Modi
New Delhi (PTI): Prime Minister Narendra Modi on Friday said the government's reform trajectory will continue with even more vigour in the coming times as it is committed to boosting 'Ease of Living'.
The prime minister made this observation on a series of posts by the central government on its various reform initiatives.
"Ours is a Government committed to boosting 'Ease of Living' and this thread below gives examples of how we have worked in that direction. Our reform trajectory will continue with even more vigour in the coming times," Modi said.
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With the hashtags #ReformInAction & #GoodGovernance, the central government said in the posts that the real test of reform is whether it reduces stress for people and 2025 marked a clear shift in governance, with reforms focused on outcomes, not complexity.
Simpler tax laws, faster dispute resolution, modern labour codes, and decriminalised compliance reduced friction for citizens and businesses alike. The emphasis was on trust, predictability, and long-term growth, showing how well-designed policy can quietly improve everyday life, the posts by MyGovIndia said.
For millions of Indians, tax relief became real. Incomes up to Rs 12 lakh attract zero tax. Middle-class families now retain more of what they earn, giving them flexibility to spend, save and invest with greater confidence, it stated.
It said the Income Tax Act, 2025 streamlined compliance and brought clarity, transparency, and fairness to the direct tax system, making it more taxpayer friendly and aligned with today's needs.
Small businesses can now grow without fear of losing benefits. Higher investment and turnover limits allow MSMEs to expand while retaining access to loans and tax incentives. This encourages scaling up, hiring more workers, and building stronger local enterprises
Rural employment now creates assets, not just wages. With extended guaranteed employment and a focus on village infrastructure, rural labour is now building permanent assets that strengthen communities and livelihoods, it said.
It observed that workers no longer need to navigate dozens of laws as 29 labour laws were simplified into four clear codes covering wages, safety, social security, and relations.
Rights are clearer, compliance is easier, and women benefit from assured maternity and workplace protections, it stated.
The government also stated that GST has been made simpler for businesses and consumers alike.
With streamlined tax slabs, easier registration, automated processes, and faster refunds, the next generation of GST reforms is improving ease of doing business.The impact is clear in record Diwali sales of Rs 6.05 trillion and the strongest Navratri shopping in over a decade, it said.
It also said that businesses can now bring products to market faster.
With rationalised Quality Control Orders, Indian manufacturers face lower compliance costs, improved efficiency, and greater strength in global markets. More room to grow for Indian businesses, the government said in the posts.
The expanded definition of small companies reduced compliance burden and costs, allowing enterprises with turnovers up to Rs 100 crore to focus on innovation and expansion, it added.
