Rupee falls 18 paise to 93.94 against US dollar in early trade
Mumbai (PTI): The rupee fell 18 paise to 93.94 against the US dollar in early trade on Wednesday as sustained foreign fund outflows kept investors on the edge.
However, a drop in global crude oil prices, a weaker greenback, and a strong opening at the domestic equity markets prevented sharper losses in the local unit, forex traders said.
Foreign fund outflows amid uncertainties over the West Asia crisis further weighed on the local unit, forex traders said.
At the interbank foreign exchange, the local unit opened at 93.94 against the US dollar, down 18 paise from its previous close, and maintained that level.
The rupee dropped 23 paise to close at 93.76 against the US dollar on Tuesday.
"The dollar buying syndrome will continue unless the RBI sells the greenback because there is hardly any supply of dollars coming forward from other sources. Exporters at current level of 93.90 may hedge for up to one month while importers may buy all dips they get," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Expectations of rupee to rise to 92.80 is currently rife among market participants with expectations of the RBI stepping in ahead of the end of the ongoing financial year, he said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 99.28.
Brent crude, the global oil benchmark, was trading 4.4 per cent lower at USD 99.89 per barrel in futures trade.
On the domestic equity market front, the Sensex rose sharply by 1,161.61 points, or 1.57 per cent, to 75,230.06, while the Nifty was up 372.85 points, or 1.63 per cent, to 23,285.25.
Foreign institutional investors sold equities worth Rs 8,009.56 crore on a net basis on Tuesday, according to exchange data.
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J&K CM Abdullah inaugurates upgraded hospital, key road link during Rajouri visit
Nowshera/Jammu (PTI): Chief Minister Omar Abdullah on Monday inaugurated a vital upgraded road and a 100-bedded sub-district hospital during his visit to the border belt of Nowshera in Rajouri district, emphasising that public office is a responsibility to serve the people and improve their quality of life.
The chief minister received a rousing welcome on his arrival, with people lining both sides of the road, showering flower petals.
Soon after he arrived in Nowshera, Abdullah inaugurated a vital road link from the highway bridge to Nowshera town and the 100-bedded sub-district hospital during his tour of the area.
The visit of the chief minister, along with his cabinet colleagues, marked a major push towards strengthening connectivity and healthcare infrastructure in the region.
The upgraded road project, executed by the PWD department for Rs 7.99 crore, is expected to significantly improve connectivity, streamline traffic movement and reduce travel time for commuters, officials said.
The chief minister also inaugurated the upgraded 100-bedded sub-district hospital, developed at an estimated cost of Rs 18.18 crore. The facility is equipped with modern healthcare infrastructure aimed at enhancing patient care and expanding access to quality medical services for the people of Nowshera and adjoining areas, they said.
During his visit, Abdullah took a detailed tour of the hospital and inspected key sections, including X-ray, ECG and ultrasound rooms, examination rooms, and the blood storage unit. He interacted with doctors, staff and patients, enquiring about the availability and quality of healthcare services.
Addressing a massive public gathering, Abdullah emphasised that public office is a responsibility to serve the people and improve their quality of life.
"Positions of power are not meant for personal comfort but to bring relief to the people and make their lives easier. Our priority is to strengthen schools, hospitals, roads, and address unemployment and poverty," he said.
He highlighted key initiatives aimed at boosting connectivity, healthcare and overall socio-economic growth in Rajouri and adjoining areas.
Interacting with the public, he assured that the voices and aspirations of the people of the Pir Panjal region would continue to guide policy decisions and drive responsive governance on the ground.
The chief minister reiterated the government’s commitment to regularising daily wagers and ensuring justice for Anganwadi and ASHA workers through improved wages and stipends.
He also highlighted various welfare initiatives, including the provision of free gas cylinders to the poorest households, electricity support and free bus travel for women.
Highlighting recent developmental achievements, he noted that projects like the Nowshera road and hospital, which had remained pending for years, were completed due to the focused efforts of the present government.
Speaking on the occasion, Deputy Chief Minister Surinder Choudhary said that key infrastructure projects in the region have been realised under the leadership of the chief minister, reaffirming the government's commitment to balanced and equitable development across Jammu and Kashmir.
