Rupee rises 26 paise to 89.92 against US dollar in early trade
Mumbai (PTI): The rupee rose 26 paise to 89.92 against US dollar in early trade on Wednesday aided by a weaker greenback and a sharp drop in global crude oil prices.
At the interbank foreign exchange, the rupee opened at 90.20 against the US dollar but kept rising to trade at 89.92, up 26 paise from its previous close.
The rupee snapped its four-day losing streak to appreciate 12 paise to settle at 90.18 against the American currency on Tuesday.
"The rupee opened firmer even as (US President) Donald Trump continues to threaten India with more tariffs. Exporters are expected to continue selling at high of the day on cash/spot basis while importers will buy the dips and more if the fall is close to 90 for the dollar," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.52.
Brent crude, the global oil benchmark, was trading 1.05 per cent lower at USD 60.06 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 169.64 points to 84,909.30 in early trade, while Nifty was down 42.35 points to 26,128.90.
Foreign institutional investors offloaded equities worth Rs 107.63 crore on Tuesday, according to exchange data.
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21 Congress MLAs leave for foreign tour ahead of budget; leaders say trip is personal
Bengaluru (PTI): At least 21 Congress legislators in Karnataka left for a foreign tour ahead of the state budget on Wednesday, as a power tussle continues within the ruling party.
Chief Minister Siddaramaiah is set to present a record 17th budget on March 6, soon after the legislative session begins. The session will continue until March 27.
It is learnt that the MLAs travelling abroad are considered loyal to the CM.
According to Congress sources, 11 MLAs flew out on Tuesday, while 10 others are scheduled to leave for various foreign destinations with their families.
Sources said C Puttaranga Shetty, B Devendrappa, H D Thammaiah, Hampanagouda Badarli, B M Nagaraj, A Vasanth Kumar, D Thimmaiah and Sharanagouda Patil Bayyapur are among those travelling abroad.
The legislators are touring Australia and New Zealand. They will first fly to Kuala Lumpur, Malaysia, and then continue their journey to Australia and New Zealand, sources added.
The MLAs clarified that the trip is personal and has nothing to do with the party or the government.
"We are going on a private tour. It’s just my family and me," Thammaiah told reporters at the Kempegowda International Airport here.
The Chikkamagaluru MLA said the decision had been taken during the Belagavi legislative session.
"Those interested in the tour are travelling. We often go abroad, but this is the first time it has made news," Thammaiah said.
Badarli sought to clarify that all the MLAs were funding the tour themselves and that it had nothing to do with politics.
"We travel abroad two or three times. Earlier, we visited Muscat, European countries and the United States," he said.
Puttaranga Shetty said the MLAs would return on March 2 or 3.
Responding to suggestions that those travelling belonged to Siddaramaiah’s camp, Shetty said, "The CM is not aware of our trip. Why drag his name into this unnecessarily?"
MLAs considered close to Deputy Chief Minister D K Shivakumar said there was nothing unusual about "common friends travelling abroad together."
"We too have travelled abroad. What is wrong with that? I was not invited. Our team is different from theirs, but it is not factionalism," MLA H C Balakrishna said.
MLA Ravi Ganiga said no one could remove the incumbent or change the government merely because of a foreign tour, adding that the Congress high command takes appropriate decisions at the right time.
