Rupee rises 7 paise to close at 88.72 against US dollar
Mumbai (PTI) : The rupee appreciated 7 paise to close at 88.72 against the US dollar on Friday, on strength in the domestic markets and broad weakness in crude oil prices.
Forex traders said the rupee gained on strong domestic markets and overnight decline in commodity prices.
Intervention by the central bank also supported the domestic currency. However, a strong US dollar capped sharp gains, they added.
At the interbank foreign exchange, the rupee opened at 88.80 and traded in the range of 88.50-88.80 before settling at 88.72, higher by 7 paise from its previous close.
On Thursday, the rupee closed at 88.79 against the greenback.
"We expect the rupee to trade with a positive bias on strength in the domestic markets and broad weakness in crude oil prices. US government shutdown and rising odds of a rate cut by the US Federal Reserve may further strengthen the rupee," said Anuj Choudhary, Research Analyst, Currency and commodities, Mirae Asset ShareKhan.
Choudhary further added that "a strong US dollar and importer demand for dollars may cap sharp upside. USD-INR spot price is expected to trade in a range of 88.40 to 88.85".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 99.32, as safe-haven demand for dollars continues keeping the dollar well bid.
Brent crude, the global oil benchmark, was trading lower by 0.61 per cent at USD 64.85 per barrel in futures trading.
Dilip Parmar, Research Analyst, HDFC Securities, said, the rupee logged healthy gains against the dollar, bolstered by foreign inflows into domestic equities and a retreat in crude oil.
"For the spot USD-INR pair, we see immediate technical support at 88.50, with strong resistance at 88.85 in the near term," he added.
On the domestic equity market front, the benchmark sensitive index Sensex advanced 328.72 points, up 0.40 per cent to 82,500.82, while the Nifty climbed 103.55 points or 0.41 per cent to 25,285.35.
Meanwhile, Foreign Institutional Investors bought equities worth Rs 459.20 crore on Friday, according to exchange data.
According to RBI data, the country's forex reserves fell by USD 276 million to USD 699.96 billion during the week ended October 3. In the previous reporting week, forex reserves had dropped by USD 2.334 billion to USD 700.236 billion.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Congress leaders meet Pune top cop, seek strict action in spokesperson assault case
Pune (PTI): A delegation of Congress leaders on Tuesday met Pune Police Commissioner Amitesh Kumar, a day after a party spokesperson was allegedly assaulted by right-wing activists, and demanded strict action.
On Monday, Pune Congress spokesperson Hanumant Pawar accused a TV debate participant, Tushar Damgude and his five aides of assaulting him outside a Marathi news channel's office in the Swargate area, following a dispute during the discussion.
Pawar alleged that Damgude threatened him by showing a revolver strapped to his waist.
Police have registered an FIR against Damgude and five others under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Arms Act.
During a meeting with the police commissioner, Congress leaders also cited the recent violent confrontation involving BJP and Congress workers outside the Congress Bhavan and urged the police chief to convene an all-party meeting to ensure such incidents don’t recur.
"We submitted a memorandum to the police commissioner and sought strict action against those involved in attacking Pawar. Instead of arresting Damgude and others, police let them off after serving a notice," said Congress leader Prashant Jagtap.
He alleged that the recent incident outside Congress Bhavan and the attack on Pawar reflect the BJP's "increasing high-handedness" in the city and the harassment of the opposition.
Meanwhile, Damgude told reporters that Pawar had used abusive language against him during a recent TV debate.
"Yesterday, after the debate, he used objectionable words. When I sought an explanation, he reiterated the same, which led to the incident," he said.
Damgude acknowledged that he possesses a licensed firearm but refuted Pawar's allegation that he threatened him with the weapon.
