PM Modi embarks on three-nation visit beginning with Jordan
New Delhi (PTI): Prime Minister Narendra Modi on Monday embarked on a visit to Jordan, Ethiopia and Oman -- countries which enjoy civilizational ties and exceptional bilateral relations with India.
"First, I will be visiting Jordan, on the invitation of His Majesty King Abdullah II ibn Al Hussein. This historic visit will mark 75 years of establishment of diplomatic relations between our two countries," the prime minister said in his departure statement.
Modi will hold detailed discussions with Jordanian King Abdullah II ibn Al Hussein, Prime Minister Jafar Hassan, and will also meet Crown Prince Al Hussein bin Abdullah.
In his first visit to Ethiopia, the prime minister will address the Joint Session of Parliament and share his thoughts on India's journey as the "Mother of Democracy" and the value that the India-Ethiopia partnership can bring to the Global South.
The prime minister will also hold discussions with Ethiopia's Prime Minister Abiy Ahmed Ali and meet the Indian diaspora.
"On the final leg of my journey, I will visit the Sultanate of Oman. My visit will mark 70 years of the establishment of diplomatic ties between India and Oman," Modi said.
In Muscat, the prime minister will hold discussions with the Sultan of Oman on strengthening the Strategic Partnership as well as a strong commercial and economic relationship.
"I will also address a gathering of the Indian diaspora in Oman, which has contributed immensely to the country's development and in enhancing our partnership," Modi said.
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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.
