Rupee strengthens past 90/USD level in early trade
Mumbai (PTI): The rupee appreciated 24 paise to 89.96 against the US dollar in early trade on Friday, supported by corporate dollar inflows and easing crude oil prices.
Forex traders said the gain in the USD/INR pair follows the rupee’s string of record lows in recent weeks on likely intervention from the Reserve Bank of India.
Moreover, crude oil prices hovering around USD 59 per barrel level supported market sentiment.
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At the interbank foreign exchange market, the rupee opened at 90.19 against the US dollar, then gained some ground and touched 89.96 against the US dollar, registering a gain of 24 paise over its previous close.
In initial trade it also touched 90.22 against the American currency. On Thursday, the rupee appreciated 18 paise against the US dollar to close at 90.20 against the greenback.
The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday.
"Since the speculators are out of the market the buying of US dollar syndrome has come down a bit though intra-day we could see spikes," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The US CPI came lower than expected but was also due to non-collection of sufficient data and therefore, the next month’s CPI becomes more important, Bhansali said, adding that "Rupee remains in a range of 90-90.50".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.46.
Brent crude, the global oil benchmark, was trading lower by 0.27 per cent at USD 59.66 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex climbed 375.98 points to 84,857.79, while the Nifty was up 110.60 points to 25,934.15.
Foreign Institutional Investors purchased equities worth Rs 595.78 crore on Thursday, according to exchange data.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Speaking at 'Times Network's India Economic Conclave 2025', Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility.
"I am not concerned about the rupee at all... Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness," he said.
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Kumaraswamy rebukes West Bengal govt over 'protocol lapses' during Prez Murmu visit
Bengaluru (PTI): Taking exception to the alleged protocol lapses during President Droupadi Murmu's visit to West Bengal, Union Minister H D Kumaraswamy on Sunday said the differences in political ideology can never justify disregard for constitutional offices that command universal respect across the country.
The JD(S) leader emphasised that in a mature democracy, every government, irrespective of party affiliation, should uphold the dignity of institutions that safeguard our constitutional framework.
President Murmu had expressed displeasure and anguish over alleged protocol lapses during her recent Siliguri visit, citing a last-minute venue change for the Santal conference and the absence of Chief Minister Mamata Banerjee and the state ministers during her reception.
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In a post on X, Kumaraswamy said, "Insulting the President of India, Smt. Droupadi Murmu avaru, is nothing short of an affront to the Constitution itself. The office of the President symbolises the sovereignty, unity and dignity of our Republic, and it stands above all political considerations."
Warning that any discourtesy shown to the nation’s highest constitutional authority undermines the very spirit of democratic institutions and sets a deeply troubling precedent, he said, "differences in political ideology can never justify disregard for constitutional offices that command universal respect across the country."
"The honour of the President’s office must remain inviolable and beyond the realm of partisan politics," he added.
Echoing these sentiments, State BJP President B Y Vijayendra said he was "deeply pained" by the manner in which President Droupadi Murmu was treated in West Bengal.
In a post on 'X', he said, "The anguish expressed by the First Citizen of India marks a deeply disturbing moment for our Constitutional Democracy. By disregarding established protocol and shifting the venue of the International Santal Conference, the All India Trinamool Congress Government in West Bengal has not only shown disrespect to the Presidency but has also undermined our proud tribal heritage."
"President Murmu Ji’s life is itself a living symbol of the strength and pride of India’s tribal communities, and to disrespect her in such a setting is to dishonour the millions of tribal citizens whose aspirations and identity she represents," he added.
Noting that disrespecting the Head of State is nothing short of disrespecting the Constitution itself, Vijayendra said, the TMC government’s conduct reflects a deeply worrying pattern of disregard for constitutional norms and institutional dignity.
"Those responsible must be held accountable, and it must be made absolutely clear that the office of the President of India stands beyond the reach of political negligence and arrogance. India’s democracy demands nothing less," he added.
