Rupee rises 13 paise to 86.60 against US dollar in early trade
Mumbai (PTI): Rupee rose 13 paise to 86.60 against the US dollar in early trade on Friday over a decline in global crude oil prices and a weakening greenback.
The rupee had lost 30 paise to close at an over two-month low of 86.73 against the US dollar on Thursday, logging a combined loss of 69 paise during the past three sessions.
At the interbank foreign exchange, the rupee opened at 86.65 against the US dollar before rising to 86.60, up 13 paise from its previous close.
"The uncertainty of Iran-Israel war remains, and US President Donald Trump has only postponed the US entry by 2 weeks... the rupee is expected to move between 86.35/95. Exporters are getting a good chance to sell dollars as when the fighting ends we may see the rupee back to 85.50/75 levels, which could happen in July," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
"Importers need to wait for hedging, while exporters can keep selling at 86.85/90 levels. FPIs have been small buyers of equity in the last three days, and the selling has mostly happened in mid-cap and small caps as indices have not fallen much despite the war in the Middle East," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.31 per cent lower at 98.59.
In the domestic equity market, the 30-share BSE Sensex climbed 289.43 points to 81,651.30 while Nifty was up 88.25 points to 24,881.50.
Brent crude, the global oil benchmark, declined 2.46 per cent to USD 76.91 per barrel in futures trade.
"As the White House release said that Trump will decide in two weeks whether to attack Iran or not, there was some relief in various asset classes with Brent oil down to USD 77.16 per barrel with prices having jumped by almost 3 per cent overnight," Bhansali said.
Foreign institutional investors (FIIs) purchased equities worth Rs 934.62 crore on a net basis on Thursday, according to exchange data.
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AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
