India denies reports of requesting ADB, Italy to stop Pakistan funding
New Delhi: The Union Finance Ministry on Monday categorically denied media reports suggesting that India had urged the Asian Development Bank (ADB) and the Italian government to halt funding to Pakistan in the aftermath of the recent terror attack in Pahalgam.
Responding to a report published by ANI, the ministry clarified via a post on X (formerly Twitter), tagging the news agency’s article, stating: “It is clarified this news is incorrect and has no basis in fact.”
One of the ANI reports had claimed, citing unnamed sources, that Finance Minister Nirmala Sitharaman had urged her Italian counterpart, Giancarlo Giorgetti, to reconsider funding support to Pakistan during their bilateral meeting in Milan. A separate ANI report claimed a similar appeal was made by Sitharaman to ADB President Masatsugu Asakawa during their meeting on the sidelines of the 58th Annual Meeting of the ADB Board of Governors.
The Finance Ministry’s social media post included a screenshot of this second ANI article and dismissed both claims as unfounded.
Sitharaman is currently in Milan leading the Indian delegation to the annual ADB meeting.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
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.
