Rupee recovers 13 paise from all-time low to close at 88.02 against US dollar
Mumbai (PTI): The rupee recovered 13 paise from its all-time low level to settle at 88.02 against US dollar on Wednesday, on positive domestic equities, softening of crude oil prices and weak US dollar index.
Forex traders said the rupee is trading near all-time low levels amid persistent foreign fund outflows on the back of ongoing trade tariff concerns between India and the US.
At the interbank foreign exchange market, the rupee opened at 88.15 against the US dollar, then fell to an intraday low of 88.19 and a high of 87.98 against the American currency.
The domestic unit finally settled for the day at 88.02, higher by 13 paise over its previous closing.
On Tuesday, the rupee declined 5 paise to close at an all-time low of 88.15 against the US dollar.
"The Indian rupee strengthened against the US dollar today on positive domestic equities and softening of crude oil prices at higher levels. Weak US dollar index too favoured the rupee," Anuj Choudhary, Research Analyst Currency and commodities Mirae Asset ShareKhan, said.
Choudhary further noted that the rupee is expected to trade with a slight negative bias amid persistent FII outflows on the back of ongoing trade tariff concerns between India and the US.
"However, overall weakness in the US dollar and positive tone in the domestic markets may support the rupee at lower levels. Traders may take cues from JOLTS job openings and factory orders data from the US. Investors may remain cautious ahead of non-farm payrolls report from the US this week," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.20 per cent to 98.19.
Brent crude, the global oil benchmark, was trading 1.66 per cent lower to USD 67.99 per barrel in futures trade.
"Brent oil prices were slightly down on Wednesday amid geopolitical tensions, recent US sanctions and anticipation for the upcoming OPEC+ meeting," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
On the domestic equity market front, Sensex jumped 409.83 points to settle at 80,567.71, while Nifty surged 135.45 points to 24,715.05.
Foreign institutional investors offloaded equities worth Rs 1,666.46 crore on Wednesday, according to exchange data.
On the domestic macroeconomic front, the Indian services sector growth touched a 15-year high in August, driven by a sharp rise in new orders and output, amid substantial improvement in demand conditions, a monthly survey said on Wednesday.
The seasonally adjusted HSBC India Services PMI Business Activity Index was up from 60.5 in July to 62.9 in August, indicating the steepest rate of expansion since June 2010.
Meanwhile, President Donald Trump has said the US gets along with India "very well" but the relationship was "one-sided" for many years since New Delhi was charging Washington "tremendous tariffs".
Trump's comments come amid a strain in ties between New Delhi and Washington after the US imposed 50 per cent tariffs on India, among the highest in the world.
He said for many years, the relationship between India and the US was "one-sided" and that changed when he assumed office.
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'Rear-guard action': BJP over Mamata accepting sports minister's resignation after Messi event
New Delhi (PTI): The BJP on Tuesday alleged that West Bengal Chief Minister Mamata Banerjee's accepting Aroop Biswas' resignation as the state sports minister is nothing but a "rear-guard action" to douse public anger over the mismanagement of football icon Lionel Messi's event last week.
BJP co-in-charge for West Bengal Amit Malviya alleged that this is also an "open confession" that the Messi event fiasco was not accidental but a government-manufactured disaster, borne out of the poor governance of Banerjee, her ministers and the state bureaucracy.
Banerjee on Tuesday accepted Biswas' resignation as the sports minister in the wake of the controversy over the mismanagement of football icon Messi's event last week, a senior leader of the ruling TMC said.
Biswas, who had written to the chief minister seeking to be relieved of his responsibilities as sports minister, will continue as a cabinet minister, retaining charge of the power department.
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Reacting to the development, Malviya said in a post on X, "TMC Sports Minister Aroop Biswas resigns after the Messi fiasco and Mamata Banerjee accepts it in record time."
"Do not mistake this for accountability; this is nothing but a rear-guard action to douse public anger. anger! This is not 'Raj Dharma'," he added.
The BJP leader alleged that the incident was the outcome of "loot" of common people which is "so synonymous" with the TMC.
The incident was also the outcome of the "shameless VIP culture that TMC thrives on and deep-rooted cronyism promoted by Banerjee," he charged.
Malviya further alleged that Biswas' resignation exposes a "collective failure of Mamata Banerjee, her partisan bureaucracy, and her crony cabinet".
"This is a symbolic sacrifice, a political hoax, soon to be buried under layers of bureaucracy, with no justice, no accountability, and no remorse," the BJP leader said, adding, "No resignation will bring back the time lost, the money wasted, or the stolen chance for football lovers to witness Messi in Kolkata."
