Indian airlines cancel flights to and from various cities
New Delhi(PTI): Indian airlines have cancelled their flights to and from various cities, including Jammu and Srinagar, amid airspace restrictions in the wake of Indian armed forces carrying out missile strikes on terror targets in Pakistan.
Air India said that in view of the prevailing situation, the airline has cancelled all its flights to and from Jammu, Srinagar, Leh, Jodhpur, Amritsar, Bhuj, Jamnagar, Chandigarh and Rajkot till noon.
"Two international flights en route to Amritsar are being diverted to Delhi. We regret the inconvenience caused due to this unforeseen disruption," the airline said in a post on X.
According to SpiceJet, due to the ongoing situation, airports in parts of northern India, including Dharamshala (DHM), Leh (IXL), Jammu (IXJ), Srinagar (SXR), and Amritsar (ATQ), are closed until further notice.
"Departures, arrivals, and consequential flights may be impacted," the airline said in a post on X.
IndiGo said that due to changing airspace conditions in the region, flights to and from Srinagar, Jammu, Amritsar, Leh, Chandigarh and Dharamshala are impacted.
Indian armed forces early Wednesday carried out missile strikes on nine terror targets in Pakistan and Pakistan-occupied Kashmir, including Jaish-e-Mohamad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.
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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.
