Pakistan shells forward areas in Poonch
Jammu: Pakistani troops Monday fired mortar shells on forward areas along the Line of Control (LoC) in Poonch district of Jammu and Kashmir, sparking panic among border residents, officials said.
This is for the fourth consecutive day that Pakistan has violated the ceasefire in the twin districts of Poonch and Rajouri.
A defence spokesman said Pakistan violated the ceasefire around 7.40 am by shelling mortars and firing with small arms along the LoC in Shahpur and Kerni sectors of Poonch district.
"The Indian Army is retaliating," the spokesman said.
Official sources said panic gripped the residents as Pakistan heavily shelled forward areas and targeted civilian areas.
Mortar shells have landed in different villages of Qasba, Kerni, Guntariyan and Shahpur, forcing the people to stay indoors and take precautionary measures to avoid any casualty, they said.
Intense shelling is going on but there was no report of any casualty on the Indian side so far, the officials said, adding all schools in shelling-hit areas have been closed as a precautionary measure.
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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.
