Rupee rises 23 paise against US dollar
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New Delhi: Rising for the third straight session, the rupee gained 23 paise to 82.18 against the US dollar on Wednesday, as weakness in the American currency overseas boosted investor sentiment.
However, a surge in crude oil prices capped the gains in the local unit, forex traders said.
At the interbank foreign exchange market, the local unit opened at 82.29 against the US dollar and settled 23 paise lower at 82.18 against the previous close.
During the day, the domestic unit witnessed an intra-day high of 82.16 and a low of 82.32.
This is the third straight day of rise for the rupee, during which it has gained 44 paise.
On Tuesday, the rupee had closed at 82.41 against the dollar.
Meanwhile, retail inflation rose to a 3-month high in June on rising prices of kitchen essentials, while the factory output expanded at a faster pace of 5.2 per cent in May, according to government data released on Wednesday.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities the rupee appreciated against the Dollar on Wednesday for the third straight session amid speculation that the US inflation could ease further and raised bets that the US Fed may not have to hike beyond July.
The local unit has appreciated by 0.6 per cent so far this week and further appreciation is possible if the data remains in favour.
Most Asian peers, with the exception of Thai Baht, have appreciated this Wednesday and aided sentiments.
"In the overseas markets, the US Dollar Index fell on Wednesday afternoon in Asian trading ahead of the crucial CPI numbers and assuming that there are no upside surprises on the number, we could presume that the July hike could be the last in the Fed tightening cycle," Iyer said.
Markets have already factored in a 25-bps rate hike at its July meeting.
The Euro and the Yen gained, while the Pound eased from the highs against the US dollar in the afternoon session on Wednesday ahead of data.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 101.47.
Brent crude futures, the global oil benchmark, advanced 0.38 per cent to USD 79.70 per barrel.
Traders said investors are awaiting key inflation data releases from the US and India for further cues.
On the domestic equity market front, the 30-share BSE Sensex closed 223.94 points or 0.34 per cent lower at 65,393.90. The broader NSE Nifty declined 55.10 points or 0.28 per cent to 19,384.30.
Foreign Institutional Investors (FIIs) emerged as net sellers in the capital markets on Wednesday as they sold shares worth Rs 1,242.44 crore, according to exchange data.
The US dollar declined on expectations that a slowdown in inflation may lead to a slower pace of rate hike by the US Federal Reserve, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.
Though the US central bank may hike rates in July, a further rate rise in September may be data dependent, Choudhary said.
"We expect the rupee to trade with a slight positive bias, weakness in the US dollar and improved global risk sentiments. Sustained foreign inflows may also support the rupee while a rise in crude oil prices may cap a sharp upside," Choudhary said.
Market participants may remain cautious ahead of India's inflation and IIP data and US inflation data. "We expect USD/INR spot to trade in between 81.80 to 82.80 in the near-term," Choudhary added.
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Death of 10 elephants in MP: Samples being sent to UP for probe; CM chairs high-level meet
Bhopal (PTI): Samples collected in connection with the death of 10 elephants in three days in Madhya Pradesh's Bandhavgarh Tiger Reserve are being sent to ICAR-Indian Veterinary Research Institute in Uttar Pradesh and a forensic laboratory in Sagar, officials have said.
Madhya Pradesh Chief Minister Mohan Yadav on Friday chaired a high-level meeting during which the government decided to send a state minister and top forest officials to Umaria to probe the elephant deaths, they said.
Meanwhile, a senior veterinarian linked to the probe cited staffers at the reserve and said the elephants fell to the ground and shivered before dying.
On Tuesday, four wild elephants were found dead in Sankhani and Bakeli under Khitoli range of the Bandhavgarh Tiger Reserve (BTR), while four died on Wednesday and two on Thursday.
Talking to PTI on Friday over phone from the BTR, Additional Principal Chief Conservator of Forest (Wildlife) L Krishnamoorthy said, "We are sending all the samples we have collected from the field and also organs, like viscera, liver, kidney, etc to the IVRI in Izatnagar in UP's Bareilly as well as the MP forensic laboratory in Sagar."
He heads the five-member committee appointed by the state government to probe the death of the tuskers in Bandhavgarh, which is spread across Umaria and Katni districts in eastern Madhya Pradesh.
Krishnamoorthy had earlier said samples (viscera) of the elephants were sent to Jabalpur-based School of Wildlife Forensic and Health (SWFH) to find out toxins, if any, and the cause of death.
He was responding to a query on whether the elephants had consumed poisonous pesticides sprayed in the field.
"Only after the reports come in we can arrive at a conclusion on the cause of the death. Post mortem reports suspect it could be due to Kodo millets," MP Principal Chief Conservator of Forest (PCCF-Wildlife) VKN Ambade told PTI.
Citing staffers at the BTR, a senior veterinarian said the pachyderms fell to the ground and shivered before dying.
A ground duty officer said the forest department has identified six farmers from whose field the jumbos ate kodo millets, adding reports will clarify if any pesticide was mixed or sprayed on the crop.
Meanwhile, a five-member team of Delhi-based Wildlife Crime Control Bureau continued their probe into the deaths on the second day on Friday.
Officials said the Nagpur-based regional officer of the National Tiger Conservation Authority, assistant inspector general of forests Nandkishore Kale, continued his investigations at the BTR.
"The state tiger strike force also visited nearby agricultural lands, paddy fields, water bodies etc in connection with the kodo millets. All the dead elephants were part of a herd of 13. One of the dead elephants was male. The remaining three in the herd are healthy. They are being monitored," another official said.
Krishnamoorthy earlier said veterinarians had suggested chances of (presence of) mycotoxins associated with kodo millets.
Mycotoxins generate cyclopiazonic acid that causes poisoning in kodo millets, he said.
The forest department's wildlife veterinarians are consulting experts of Indian Veterinary Research Institute (IVRI) Bareilly, Wildlife Institute of India (WII) Dehradun, State Forensic Science Laboratory, Sagar, and Centre for Cellular and Molecular Biology (CCMB) Hyderabad to get details about the mycotoxins, he said.
The Special Investigation Team (SIT) and special task force are investigating the case from all angles, the official added.
The Krishnamoorthy-led panel has been asked to submit its report in 10 days.
Some wildlife experts said it may be the first instance in the country when 10 elephants have died in a span of three days.
Talking about the meeting chaired by CM Yadav, an official said, "The government has decided to send minister of state for forests Dileep Ahirwar, additional chief secretary (forest) Ashok Barnwal and the state's head of forest force (HOFF) Aseem Shrivastava to Umaria district to probe the elephant deaths. They will submit their report in 24 hours."
"Strict action will be taken against the guilty. The meeting was also attended by state chief secretary Anurag Jain and Rajesh Rajora, additional chief secretary to the chief minister," he added.
