Rupee rises 51 paise to 86.17 against US dollar in early trade
Mumbai (PTI): The rupee rose sharply by 51 paise against the US dollar to 86.17 in early trade on Friday amid a strong opening in the domestic equity markets, a weakening greenback, and decline in oil prices.
The rise in the local unit comes a day after U.S. President Donald Trump suspended the additional 26 percent tariffs on India till July 9.
At the interbank foreign exchange, the domestic unit opened at 86.22 against the US dollar, up 46 paise from the previous close, before rising further to 86.17. The rupee had closed at 86.68 against the greenback on Wednesday.
Equity, forex, commodity markets were closed on Thursday on account of Shri Mahavir Jayanti.
"Rupee is expected to rise above 86 with dollar index down below its September low of 100.20 with expectations of a further fall to 95 levels. A good uptick has allowed exporters to cover their exports holding and any upside due to risk aversion should be utilised for further covers," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
He added that the domestic unit is likely to trade in the range of 86.00-86.60 during the day.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.81 percent lower at 100.04.
Bhansali said the dollar index declined to decades low against Swiss Franc on Friday as waning confidence in the US economy prompted investors to ditch US assets to the benefit of safe havens like franc and yen, euro and gold.
Brent crude, the global oil benchmark, fell 0.27 percent to USD 63.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex rose sharply by 1,204.02 points, or 1.63 percent, to 75,051.17, while the Nifty went up 385.25 points, or 1.72 percent, to 22,784.40.
Foreign institutional investors (FIIs) offloaded equities worth Rs 4,358.02 crore on a net basis on Wednesday, according to exchange data.
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Bhojshala case: Disputed structure built from remains of pre-existing temples, claims ASI
Indore (PTI): The ASI has told the Madhya Pradesh High Court that a massive structure dating back to the Paramara kings' rule existed at the disputed Bhojshala temple-Kamal Maula mosque complex, and the current structure was built from the remains of temples.
The Archaeological Survey of India (ASI) made the claim on Tuesday based on its 98-day scientific survey and over 2,000-page report.
The Hindu community considers Bhojshala a temple dedicated to Vagdevi (Goddess Saraswati), while the Muslim side claims the monument as the Kamal Maula Mosque. The disputed complex is protected by the ASI.
During the hearing before Justices Vijay Kumar Shukla and Alok Awasthi of the HC's Indore bench, Additional Solicitor General Sunil Kumar Jain, representing the ASI, presented a detailed account of the scientific survey conducted two years ago at the complex.
Referring to the ASI's survey report, he said, "Retrieved architectural remains, sculptural fragments, large slabs of inscriptions with literary texts, Nagakarnika inscriptions on pillars, etc, suggest that a large structure associated with literary and educational activities existed at the site. Based on scientific investigations and archaeological remains recovered during the investigations, this pre-existing structure can be dated to the Paramara period."
It can be said that the existing structure was made from the parts of earlier temples, based on scientific investigations, survey and archaeological excavations conducted, study and analysis of retrieved finds, study of architectural remains, sculptures, and inscriptions, art and sculptures, Jain said quoting the report.
Summarising the report, he also drew the court's attention to the fact that the archaeological study identifies that many architectural components, such as pillars and beams, were originally part of temple structures before being repurposed for a mosque.
"The evidence of this transition includes Sanskrit and Prakrit inscriptions that were damaged or hidden, alongside sculptures of deities and animals that were often mutilated or defaced," Jain contended.
The report also states that "all Sanskrit and Prakrit inscriptions are older than the Arabic and Persian inscriptions, indicating that users or engravers of the Sanskrit and Prakrit inscriptions occupied the place earlier".
In light of the Muslim side's earlier objections, the bench wanted to know why there were some discrepancies in the ASI's responses regarding the status of the disputed complex in the cases filed over the years.
The Additional Solicitor General argued that earlier studies of the complex involved only officials, while the current survey involved scientists and the use of advanced technologies such as Ground Penetrating Radar (GPR).
The hearing in the Bhojshala case will continue on Wednesday.
The high court has been regularly hearing four petitions and one writ appeal regarding the religious nature of the Bhojshala temple-Kamal Maula mosque complex since April 6.
