Rupee rises 12 paise to 85.80 against US dollar in early trade
Mumbai (PTI): The rupee rose 12 paise to 85.80 against the US dollar in early trade on Thursday amid a drop in global crude oil prices and a hope of a breakthrough in the ongoing India-US trade talks.
However, a strengthening dollar against overseas currencies and FII outflows prevented sharper gains in the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened weaker at 85.93 against the US dollar but moved into positive territory to 85.80, up 12 paise from its previous close.
The rupee had declined 16 paise against the US dollar to close at 85.92 on Wednesday.
An Indian commerce ministry team is in Washington for another round of talks on the proposed bilateral trade agreement. The four-day talks, which started on Monday, will conclude on Thursday.
US President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday.
"The rupee in a volatile move moved from 86.06 to 85.73 and then closed at 85.92 on Wednesday as dollar index was up. For today (Thursday), rupee is expected to be in the range of 85.75/86.25 with RBI resisting the currency pair near to 86.00 level," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Brent crude, the global oil benchmark, was down 0.36 per cent to USD 68.46 per barrel in futures trade.
"Brent oil prices rose after US data showed a sharper-than-expected drop in crude inventories, highlighting tight supplies, while investors remained cautious ahead of potential US tariff announcements on 150 countries as part of his ongoing agenda prompting global efforts to avoid steeper import duties," Bhansali said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 98.55.
On the domestic equity market front, the Sensex rose 119.05 points to 82,753.53 in opening trade, while Nifty was up 18.7 points to 25,230.75.
Foreign institutional investors (FIIs) sold equities worth Rs 1,858.15 crore on a net basis on Wednesday, according to exchange data.
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Maharashtra secures historic sword of Raghuji Bhosale in London auction
LONDON/MUMBAI: The Maharashtra government has acquired the sword of Raghuji Bhosale, founder of the Nagpur Bhosale dynasty and a distinguished commander in the Maratha army under Chhatrapati Shahu Maharaj, after winning it in an auction in London.
Cultural Affairs Minister Ashish Shelar formally took possession of the weapon on Monday. It is scheduled to arrive in Mumbai on 18 August, where it will be received with ceremonial honours, as reported by The Indian Express.
News of the sword’s availability surfaced on 28 April this year. Minister Shelar consulted Chief Minister Devendra Fadnavis, after which the government began preparations to participate in the auction.
A group of Marathi-speaking residents in London gathered to witness the handover. Hemant Dalvi, Deputy Director of the Archaeology Department, accompanied the minister during the formalities.
The sword is an 18th-century Maratha Firangi. It has a straight, single-edged European blade with a gold-inlaid Mulheri hilt and near the hilt is the European manufacturer’s name, while the spine bears a gold-inlaid Devanagari inscription reading “Shreemant Raghoji Bhosale Senasahib Subha Firang,” confirming its connection to Raghuji Bhosale. The hilt’s gold koftgari work and the green cloth-wrapped rounded pommel add to its rarity as Maratha weapons of the period typically lacked elaborate ornamentation or inscriptions.
Raghuji Bhosale I, ruled from Nagpur between 1695 and 1755. He expanded Maratha influence into Bengal, Odisha, Chanda, Chhattisgarh, Sambalpur and parts of southern India. His military campaigns, included victories over the Nawabs of Bengal, Cuddapah and Kurnool. The Nagpur kingdom was also known for its rich deposits of iron and copper, used for weapons and trade.
While few historians believe that the sword left India in the early 19th century, as part of the war booty taken by the British East India Company after their victory over the Bhosales at the Battle of Sitabuldi in 1817, others say it was taken later as a diplomatic gift.
The sword will be escorted from Chhatrapati Shivaji Maharaj International Airport to PL Deshpande Kala Academy in Dadar by a ceremonial bike rally upon its arrival in Mumbai next week. A cultural programme titled Gad Garjana will be held the same day in the presence of state dignitaries.
Minister Shelar described the acquisition as an important moment for Maharashtra’s heritage and extended his thanks to the Chief Minister, Deputy CM Eknath Shinde, and Deputy CM Ajit Pawar for their support in securing the artefact.
