Rupee rises 12 paise to 89.51 against US dollar in early trade
Mumbai (PTI): The rupee appreciated 12 paise to 89.51 against the US dollar in early trade on Wednesday, supported by the RBI's major liquidity announcement and the weakness of the American currency in the overseas market.
Forex traders said the rupee started the day on a stronger note after the RBI announced sufficient liquidity for the markets to the extent of approx. Rs 3 lakh crore, which will also allow the RBI to keep rupee weakness under control.
At the interbank foreign exchange market, the rupee opened at 89.56 against the US dollar, then gained some ground and touched 89.51 against the US dollar, registering a gain of 12 paise over its previous close.
ALSO READ: Rupee rises 22 paise to 89.45 against US dollar in early trade
In the initial trade, it also touched 89.65 against the American currency. On Tuesday, the rupee settled at 89.63 against the US dollar.
"The dollar index was softer after the strong GDP growth of 4.3 per cent and with Asian currencies generally stronger, the rupee has managed to claw back," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further added that, "Rupee is likely to remain broadly in the range of 89-90 while RBI protects both sides as it attempts to cut its short dollar positions.
"The RBI was seen actively managing the rupee to prevent excessive volatility and keep USD/INR from breaking 90 levels while it also bought dollars from the spot market to prevent the appreciation."
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 97.87.
Brent crude, the global oil benchmark, was trading higher by 0.02 per cent at USD 62.39 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex rose 63.82 points to 85,588.66, while the Nifty was up 32.80 points to 26,209. 95.
Foreign Institutional Investors offloaded equities worth Rs 1,794.80 crore on Tuesday, according to exchange data.
The Reserve Bank of India on Tuesday said it will purchase government securities worth Rs 2 lakh crore and conduct a USD 10 billion buy/sell dollar-rupee swap auction to inject liquidity in the banking system.
The latest announcement comes days after the RBI conducted Rs 1 lakh crore OMO purchase auctions of Government of India securities and USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of three years.
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Hemant Karkare dying at hands of Kasab ‘Karmic Justice’: Shefali Vaidya on Col. Purohit’s promotion
Shefali Vaidya’s ‘karmic justice’ remark on Hemant Karkare sparks controversy.
Columnist Shefali Vaidya said that the death of former ATS chief Hemant Karkare was “almost karmic justice,” while expressing support for the promotion of Shrikant Purohit.
In the post, she wrote, “Col Purohit to be made Brigadier! This is the least Indian Army could do to restore the honour of an officer who was wrongly accused, framed on false charges, tortured beyond imagination and lost many years of his life thanks to anti-national, evil Congress.”
She further stated, “the way Maharashtra ATS Hemant Karkare died at the hands of Kasab was almost karmic justice, for having tortured Col Purohit, Sadhvi Pragya and others in the fake Hindu terror case. Ditto for disgraced cop Parambir Singh!”
Her post came after reports that Colonel Purohit, who was acquitted in the 2008 Malegaon blast case last year, has been approved for promotion to Brigadier.
Defence sources cited by Indian Express had indicated that less than a month after his retirement was put on hold by the Armed Forces Tribunal (AFT), he has been approved for promotion to Brigadier.
According to the report, he will now continue in service for at least two more years, up to the age of 56, which is the retirement age for Brigadiers, compared to 54 for Colonels.
Purohit had reportedly approached the AFT, stating that the 17-year-long trial had affected his career progression and denied him the opportunity to be considered for promotions.
Though he was granted bail in 2017, he remained under a Discipline and Vigilance (DV) ban, which was lifted in July 2020. Due to this, his promotion to the rank of Colonel was reportedly withheld in 2021.
The controversy around remarks on Karkare is not new.
Earlier, YouTuber Dhruv Rathee had highlighted instances of social media users allegedly making derogatory comments about the slain officer.
Hemant Karkare, a 1982-batch IPS officer, served as the chief of the Mumbai ATS and led the investigation into the 2008 Malegaon blasts. He was killed in action on November 26, 2008, during the 2008 Mumbai attacks while responding to terrorist activity near Cama Hospital. He was posthumously awarded the Ashoka Chakra in 2009.
According to the Mumbai Police chargesheet, Karkare, along with Additional Commissioner of Police Ashok Kamte and Inspector Vijay Salaskar, was killed in an exchange of fire with Pakistani terrorists, including Ajmal Amir Kasab and Abu Ismail Khan.
The officers were ambushed near Rang Bhavan Lane while moving towards Cama Hospital.
According to a report by India Today, BJP leader Pragya Singh Thakur had earlier claimed that Karkare died as a result of a “curse,” while Maharashtra Leader of Opposition Vijay Wadettiwar had alleged that an “RSS-linked cop” was responsible for Karkare’s death, citing claims from a book by S.M. Mushrif.
