Rupee rises 12 paise to 89.51 against US dollar in early trade
Mumbai (PTI): The rupee appreciated 12 paise to 89.51 against the US dollar in early trade on Wednesday, supported by the RBI's major liquidity announcement and the weakness of the American currency in the overseas market.
Forex traders said the rupee started the day on a stronger note after the RBI announced sufficient liquidity for the markets to the extent of approx. Rs 3 lakh crore, which will also allow the RBI to keep rupee weakness under control.
At the interbank foreign exchange market, the rupee opened at 89.56 against the US dollar, then gained some ground and touched 89.51 against the US dollar, registering a gain of 12 paise over its previous close.
ALSO READ: Rupee rises 22 paise to 89.45 against US dollar in early trade
In the initial trade, it also touched 89.65 against the American currency. On Tuesday, the rupee settled at 89.63 against the US dollar.
"The dollar index was softer after the strong GDP growth of 4.3 per cent and with Asian currencies generally stronger, the rupee has managed to claw back," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further added that, "Rupee is likely to remain broadly in the range of 89-90 while RBI protects both sides as it attempts to cut its short dollar positions.
"The RBI was seen actively managing the rupee to prevent excessive volatility and keep USD/INR from breaking 90 levels while it also bought dollars from the spot market to prevent the appreciation."
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 97.87.
Brent crude, the global oil benchmark, was trading higher by 0.02 per cent at USD 62.39 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex rose 63.82 points to 85,588.66, while the Nifty was up 32.80 points to 26,209. 95.
Foreign Institutional Investors offloaded equities worth Rs 1,794.80 crore on Tuesday, according to exchange data.
The Reserve Bank of India on Tuesday said it will purchase government securities worth Rs 2 lakh crore and conduct a USD 10 billion buy/sell dollar-rupee swap auction to inject liquidity in the banking system.
The latest announcement comes days after the RBI conducted Rs 1 lakh crore OMO purchase auctions of Government of India securities and USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of three years.
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Nation's willpower as important as military strength for ensuring security, says NSA Doval
Gandhinagar (PTI): National Security Advisor (NSA) Ajit Doval on Tuesday described national security as a complex and multifaceted phenomenon, and stressed that the biggest mistake in assessing a nation's strength is ignoring the willpower of its people.
While factors such as military strength are critical, inherent strength of people often proves decisive in security matters, he insisted.
Addressing students at the fifth convocation ceremony of the Rashtriya Raksha University (RRU) in
Gandhinagar in the presence of President Droupadi Murmu, Doval emphasised that national security is a collective responsibility shared by the entire nation.
"National security is a vast, complex, and multifaceted phenomenon. It comprises numerous components: a nation's military might, technological prowess, natural resources, diplomatic strength, and human capital," he said in his address to students passing-out of the government-run university, which has been designated as an institution of national importance.
However, what often happens and where errors most frequently occur when assessing this comprehensive national power is in the evaluation of the nation's willpower and the inherent strength of its people, said the NSA.
Explaining this, Doval cited global examples and said, "If Russia (then USSR) withdrew from Afghanistan (in 1988-89), or if the United States was compelled to withdraw from Vietnam (in 1970s) or if the US failed to achieve its objectives in Afghanistan - it was not for a lack of technology or military strength.
"Rather, the decisive factor was the spirit and commitment of the local people, what we refer to as nation's willpower."
He stressed that the sole objective of warfare is to break the morale of one's adversary, thereby compelling them to accept a treaty on your terms.
The NSA said the role of citizens is crucial in building this strength.
"In the cultivation of this willpower, the role of general public is of paramount importance, specifically the degree of awareness regarding their own security," he opined.
Doval noted India is witnessing a shift in this regard.
"Today, after a long time in our history, we are witnessing a new awakening. (That) national security is a collective responsibility shared by the entire nation. It is not the sole responsibility of the armed forces, police, or intelligence agencies -- it is the combined strength of all of you that ultimately constitutes our national morale," he told the gathering.
Highlighting the role of professionals in security ecosystem, including those in academia, research and operations, he said their knowledge, technical expertise and awareness significantly influence outcomes.
The NSA stressed the importance of character and discipline in the field, saying "mental power" and the ability to work as a team are essential qualities for excelling.
Calling commitment the "third indispensable element," Doval said the field of national security demands the highest level of dedication.
In a message to youngsters wishing to join the security domain, the NSA asserted, "This is a game in which there are no silver medals. You are either victorious, or you are vanquished. If you win, you make history; but if you lose, you become history. Your very existence will be at stake."
During the convocation ceremony, Doval was conferred an honorary Doctor of Philosophy (PhD) degree by President Murmu in recognition of his contributions to national security.
"With the utmost humility, I accept the Honorary Doctorate degree conferred upon me here today. I am deeply grateful for this honour," the NSA added.
