Sri Lankan President Dissanayake thanks Indian PM Modi for fuel shipment
Colombo (PTI): Sri Lankan President Anura Kumara Dissanayake on Sunday thanked Indian Prime Minister Narendra Modi for sending an oil shipment to ease the fuel supply disruptions in the Island nation caused by the West Asia conflict.
A shipment of 38,000 MT of fuel, comprising 20,000 MT of diesel and 18,000 MT of petrol, arrived in Colombo on Saturday, as an emergency support through the local operation of Indian Oil Corporation (IOC), Lanka IOC (LIOC).
“Spoke with PM @narendramodi a few days ago about the fuel supply disruptions Sri Lanka is facing due to the Middle East conflict. Grateful for India’s swift support. 38,000 MT of fuel arrived in Colombo yesterday,” Dissanayake posted on social media.
The Sri Lankan President also thanked External Affairs Minister S Jaishankar for his support.
“My thanks also to EAM @DrSJaishankar for his close coordination”, he said. Earlier, Sri Lanka also held talks with Jaishankar to seek assistance on energy sustainability in view of the volatile situation in West Asia.
The LIOC had requested rescue supplies from India after encountering problems in securing fuel from their Middle Eastern and Singapore suppliers.
Since March 15, Sri Lanka has imposed a quota for fuel to avoid long queues formed by hoarders.
Several who had hoarded fuel were charged in courts in different parts of the country.
The energy ministry had confirmed the availability of fuel until the end of May.
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
