IndiGo cancels more than 500 flights to Middle East in past 4 days amid widening crisis
Mumbai (PTI): IndiGo on Wednesday said it cancelled over 500 flights to the Middle East and select international destinations from February 28 to March 3 due to the evolving airspace restrictions over Iran and other Gulf countries.
In a regulatory filing, the airline said that it will continue to closely monitor the revenue environment arising from this situation.
With airspace curbs in the Middle East due to the conflict involving the US, Israel and Iran, flight services have been significantly impacted since February 28.
"More than 500 flights to the Middle East and select international destinations have been cancelled between February 28 and March 3," IndiGo said.
It said in the filing, "Our operational teams are continuously assessing the evolving regional developments, recalibrating flight schedules, and planning repatriation operations in coordination with relevant authorities in India and the respective international jurisdictions, with the objective of minimising disruption to passengers."
The Civil Aviation Ministry said on Tuesday that 1,221 flights by Indian carriers and 388 flights by foreign carriers had been cancelled (till March 3) due to the ongoing situation.
As per the Ministry website, the number of departed international flights from India was 356, while 338 international flights landed at various international airports in the country on March 3.
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Rupee settles 1 paisa higher to close at 94.15 against US dollar
Mumbai (PTI): The rupee settled with gains of just one paisa to close at 94.15 against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments.
Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar, and touched an intraday high of 94.11 and a low of 94.28 against the greenback during the day.
At the end of Monday's trading session, the rupee was quoted at 94.15, registering a gain of just 1 paisa over its previous close.
On Friday, the rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar.
"The rupee snapped a five-session losing streak, rebounding in tandem with a rally across regional currencies. However, the mood remains apprehensive as the market braces for a potential RBI intervention around 94.30 and higher crude oil prices," said Dilip Parmar – Senior Research Analyst, HDFC Securities.
On the charts, the USDINR pair has reclaimed its upward momentum, carving out a classic bullish structure of higher highs and lows on the daily time frame, he said, adding that for the coming sessions, 93.80 serves as a support, with 94.40 acting as the primary hurdle.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent at 98.32.
Brent crude, the global oil benchmark, was trading higher by 2.36 per cent at USD 107.82 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 639.42 points to settle at 77,303.63, while the Nifty surged 194.75 points to 24,092.70.
Foreign Institutional Investors offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.
