Rupee falls 3 paise against US dollar
Mumbai (PTI): The rupee fell 3 paise to close at 88.77 against the US dollar on Tuesday, weighed down by a strong American currency against major crosses overseas.
The domestic currency traded in a tight range as investors preferred to remain on the sidelines amid uncertainties over global trade, forex traders said.
At the interbank foreign exchange market, the rupee opened with a marginal gain at 88.72 against the US dollar and touched the intra-day low of 88.79 before ending the session at 88.77, registering a loss of 3 paise from its previous closing level.
On Monday, the rupee gained 5 paise to settle at 88.74 against the US dollar.
Investors moved cautiously after the US Senate once again rejected both Democratic and Republican proposals to fund the government, prolonging the government shutdown into its sixth day, traders said.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee witnessed limited volatility as FII selling eased and crude prices remained soft.
However, the domestic unit continues to hover near its all-time low levels, keeping concerns of further weakness alive, possibly toward 90 levels if sentiment worsens, he added.
"This week's focus remains on Fed Chair Powell's speech, the release of Fed meeting minutes, and key US data on unemployment and non-farm payrolls, which could induce sharp volatility. The rupee range is expected between 88.45 and 88.95," Trivedi said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.34 per cent to 98.13.
Brent crude, the global oil benchmark, was trading 0.37 per cent lower at USD 65.25 per barrel in futures trading.
Commerce and Industry Minister Piyush Goyal on Tuesday said India and the US are in continuous dialogue on the proposed bilateral trade agreement, and all possibilities are there to meet the November deadline for concluding the talks.
Goyal's comment came a day after External Affairs Minister S Jaishankar said that any trade deal between India and the US must respect New Delhi's "red lines", and efforts are underway to reach an understanding.
According to Jaishankar, there were "issues" between India and the US, and many of them were linked to the inability to firm up the proposed trade deal, even as he noted that "there are things you can negotiate and there are things you can't".
In the domestic equity markets, Sensex climbed 136.63 points or 0.17 per cent to settle at 81,926.75, while Nifty went up 30.65 points or 0.12 per cent to 25,108.30.
Foreign institutional investors bought equities worth Rs 1,440.66 crore on a net basis on Tuesday, according to exchange data.
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Lebanon appoints new representative for talks with Israel, rejects linkage to Iran
Beirut: Lebanon’s has moved to underline its independent position in ongoing regional developments, amid attempts to link the country to the broader conflict involving Iran, the United States and Israel.
President Joseph Aoun, while announcing the appointment of former US ambassador Simon Karam as Lebanon’s representative in talks with Israel, made it clear that Karam would be the sole representative for Lebanon and that there would be no substitute.
The move comes in response to what the Lebanese officials see as efforts by Iran to tie Lebanon’s situation to the wider regional conflict. Iran had indicated that there would be no ceasefire involving the US, Israel and Iran unless it also included a ceasefire in Lebanon.
Some groups, including Hezbollah and its supporters, had expressed support for linking the situations, citing concerns that the Lebanese government has limited leverage in negotiations with Israel. Lebanon is not formally a party to the conflict, and its army is considered weak.
However, others, including Prime Minister Nawaf Salam, have opposed this approach. They view Iran’s stance as an attempt to influence Lebanon’s internal affairs and see it as undermining the country’s sovereignty.
Officials backing the government’s position say the move is aimed at reaffirming Lebanon’s sovereignty and ensuring that decisions about peace and ceasefire within the country are not dictated externally.
They also see it as a safeguard, so that any breakdown in talks between the US, Israel and Iran does not automatically lead to renewed conflict in Lebanon.
