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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Amid relentless rain, fans wear white jersey to honour Virat Kohli the Test cricketer
Bengaluru, May 17 (PTI): 'Every single one of us loves you Virat Kohli. Thank you for making Red Ball cricket exciting again' -- read a huge banner unfurled by fans near the Roger Binny Stand.
Despite the relentless rain that washed out Royal Challengers Bengaluru's IPL match against Kolkata Knight Riders, Chinnaswamy Stadium on Saturday became a beating theatre of white for one man — Virat Kohli, offering a fitting tribute to a cricketer who gave his everything for the format that is played in white.
It was an organic outpouring of affection for a player who placed Test cricket in the public conscience and was its most persuasive ambassador.
It was clear that the day belonged to Kohli as the fans queued up in white outside the stadium as early as 4.30 pm, carrying placards and wearing a white jersey with the famed No. 18 embossed on the back.
They wanted to catch a glimpse of Kohli, who generally sits in the front row of the team bus, hoping to get a glance back or a quick wave.
"Sir, avaru yavaga baruthare? (When will he come?)," an impatient fan would ask a group of scribes while walking through the ever-swelling crowd.
It was not just peak fandom. It mirrored the deep connection the city has developed with Kohli over the last 18 years.
All through these years, Kohli remained an unwavering RCBian, and the red and gold jersey was like a second skin for him.
"For me, the relationship and mutual respect that I have built with RCB over the years is the most valuable thing. Whether we win the trophy or not, it doesn't matter. This is my home," Kohli had said once.
In return, Bengaluru stayed loyal to Kohli even on times when the rest of the cricketing world derided him for his aggression or occasional petulance.
Kohli never had the pan-Indian God-like status of Sachin Tendulkar or was never adopted as 'Thala' as Chennai accepted MS Dhoni.
But he is as Bengalurean as anyone else, as indispensable to the city dwellers as a cup of morning coffee. Kohli has become their habit, an endearing addiction.
It's remarkable too. Karnataka has always been the hub of gentleman cricketers — from GR Viswanath to Anil Kumble to Javagal Srinath to Rahul Dravid, a proud lineage that matches the city's up-collared middle-class values.
But it wholeheartedly took an uber aggressive, non-Kannada speaking cricketer who is not hesitant to spit out a few expletives to the heart, and this strange wedlock should be studied from a socio-cultural angle.
Mo Bobat, the RCB team director, had touched upon that point, the Kohli-fan connection.
"He's about those special moments, those inspiring moments. He did that as captain, as a player, and we're all really proud of him. I'm sure the fans will show him lots of love this week when they see him again," Bobat had said.
However, the evening rains, part of the fast setting in monsoon in this part of the country, nearly undid their display of love.
But, the fans waited patiently — often chanting RCBEEE or Kooohli Kooohli.
Perhaps, it was a collective chant for the rains to move away and give them the chance for 'Kohli Darshan' — the RCB fans' version of 'Thala Darishanam', often used by Chennai Super Kings to describe Dhoni's sightings around the city.
But that moment never came as the skies opened up to washout the match between RCB and KKR.
The faithful had to contend with the visuals of a deeply thoughtful 'King' sitting in the dressing room that was often beamed on the big screen.
They welcomed those small crumbs of consolation with loud cheers, waving the RCB flags.
However, that's all there for them on a rain-drenched night.
But as Phil Collins famously sang there will be 'One More Night' for them to pay a more lively tribute to Kohli on May 23, when RCB face off against Sunrisers Hyderabad.
So, keep your whites dry Bengalurueans!
A fan of Royal Challengers Bengaluru's Virat Kohli wears a number 18 white jersey, showing his stats and achievements, in his honour after he recently announced retirement from the test cricket, as the Indian Premier League (IPL) 2025 T20 cricket match between Royal Challengers Bengaluru and Kolkata Knight Riders is delayed due to rain, at the M Chinnaswamy Stadium, in Bengaluru | PC: PTI
