Rupee trades in narrow range against US dollar in early trade
Mumbai (PTI): The rupee traded in a narrow range against the US dollar in early trade on Thursday as the support from fresh foreign fund inflows was negated by trade deal uncertainty and risk-off sentiment.
Forex traders said lack of progress in the India-US trade negotiations and strong dollar demand from corporates and importers weighed on the local unit, even as Brent crude prices hovering near USD 60 per barrel supported investor sentiment.
At the interbank foreign exchange market, the rupee opened at 90.35 against the US dollar, then gained some ground and touched 90.32 against the US dollar. In initial trade it also touched 90.38 against the American currency.
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On Wednesday, the rupee recovered 55 paise from its all-time low level to close at 90.38 against the greenback.
"The PSU banks were the sellers of dollars on Wednesday on behalf of the RBI. The intervention amount could have been as high as USD 6 billion," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
"We expect the range of 90 to 91.00 on Thursday with 90.25 as support and 90.75 as resistance," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent higher at 98.41.
Brent crude, the global oil benchmark, was trading higher by 0.67 per cent at USD 60.08 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 114.06 points lower at 84,445.59, while the Nifty was down 41.10 points at 25,777.45.
Foreign Institutional Investors purchased equities worth Rs 1,171.71 crore on Wednesday, according to exchange data.
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Nitin Nabin my boss in party matters: PM Modi
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday congratulated Nitin Nabin on his election as the BJP national president and declared that the young leader will be his boss in matters related to the party.
Addressing a gathering at the party headquarters here, Modi described 45-year-old Nabin as a "millennial" who belongs to a generation that has witnessed a great deal of change in India.
Nabin was declared the BJP national president at the party headquarters at the conclusion of the Sanghatan Parv, which saw elections to various party posts from booth level to the national level.
"When it comes to party matters, Mananiya (honourable) Nitin Nabin ji... I am a worker, and you are my boss," Modi said.
"Now, honourable Nitin Nabin ji is the president of all of us, and his responsibility is not just to manage the BJP, but also to ensure coordination among all NDA allies," the prime minister said.
Modi said Nabin belongs to an era in which, people heard the news on the radio in childhood and are now well-versed in using Artificial Intelligence.
"Nitin ji has both youthful energy and a great deal of experience," the prime minister said.
The prime minister said under the leadership of Atal Bihari Vajpayee, Lal Krishna Advani and Murali Manohar Joshi, the BJP saw a journey from zero to the summit.
"In this century, leaders like M Venkaiah Naidu and Nitin Gadkari, along with many of our senior colleagues, expanded the organisation. Under the leadership of Rajnath ji, for the first time, the BJP achieved a full majority on its own," Modi said.
"Then, under the leadership of Amit Shah, the BJP formed governments in many states and came to power at the Centre for a second consecutive term. Under the leadership of J P Nadda, the BJP grew stronger from the panchayat to Parliament," Modi said.
