Ronaldo dazzles, Portugal draw 3-3 against impressive Spain
Sochi, June 16: Cristiano Ronaldo scored a hat-trick as Portugal and Spain drew a thrilling World Cup Group B game 3-3 in Sochi.
In the Friday night match, Ronaldo's last goal was a spectacular free kick, just when it looked as if two goals from Diego Costa and a volley from Nacho Fernandez would give Spain a winning start to their World Cup campaign, just two days after Fernando Hierro replaced Julen Lopetegui as coach, Xinhua reported.
Despite Ronaldo's late goal the Spanish can take heart that the change of coach doesn't appear to have had any negative effects on their play and both sides look much stronger than both Iran and Morocco, who played each other in Group B earlier in the day.
New Spain coach Fernando Hierro decided to play Costa in attack, while Koke partnered Sergio Busquets in midfield and Nacho Fernandez was given the task of stopping his Real Madrid clubmate, Cristiano Ronaldo.
Portugal meanwhile fielded an attacking line up with Ronaldo, Goncalo Guedes and Bernardo Silva in the starting 11.
The game was only 4 minutes old when Ronaldo scored from the penalty spot after drawing a foul from Nacho, though TV replays implied it was the Portuguese striker who had looked for the contact.
Spain began to dominate possession but failed to turn that into chances until the 23rd minute when Costa won a high ball, twisted and turned and then beat Rui Patricio with a low shot.
A minute later Isco hit the bar from 25 yards and Spain were clearly on top, with their mobile midfield quintet causing Portugal problems with their pace and mobility as Iniesta shot just wide in the 35th minute.
However, on the stroke of halftime a dreadful error from Spain keeper David de Gea allowed Ronaldo to put Portugal back in front with a left foot shot from outside of the penalty area, which the keeper should have easily saved.
The second half began with a similar pattern to the first with Spain dominating possession and they were level 10 minutes after the break after Sergio Busquets nodded a Silva free kick across goal for Costa to score his second of the night from close range.
Three minutes later Spain were ahead when Nacho's volley from outside the area went in off the post and in the 69th minute Thiago Alcantara replaced Iniesta, moments before Costa fired wide from a low Jordi Alba cross as Spain continued to move the ball fluidly.
Portugal substitute Ricardo Quaresma hit a shot over the Spain bar and a run from Ronaldo had De Gea struggling as he came off his line, but Spain looked as if they were going to hold on until Ronaldo produced a moment of magic with an 87th minute free kick which left De Gea rooted to the spot.
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Rupee falls 5 paise to close at 89.94 against US dollar after RBI cuts repo rate
Mumbai (PTI): The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Forex traders said the Reserve Bank of India's (RBI) rate cut will weigh on the rupee, but RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through open market operations (OMO), combined with a USD 5 billion buy-sell swap, will support the local currency.
At the interbank foreign exchange market, the rupee opened at 89.85 against the US dollar and gained ground, touching 89.69 in morning deals, registering a 20-paise gain from its previous close.
After the RBI's monetary policy announcement, the rupee lost ground and fell to 90.06 against the American currency, a 16-paise decline from its previous close of 89.89. The currency is down almost 5 per cent against the dollar this year, the worst performer in Asia.
The local unit finally settled for the day lower by 5 paise at 89.94 (provisional) against the American currency.
"Beyond the rate cut, RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through OMO, combined with a USD 5 billion buy-sell swap, marks a decisive effort to restore durable liquidity and stabilize currency markets after the rupee's sharp depreciation," said Sachin Bajaj, Executive Vice President & Chief Investment Officer, Axis Max Life Insurance.
The RBI on Friday cut the key benchmark interest rate for the first time in six months and took steps to boost liquidity to support a "goldilocks" economy amid high US tariffs.
Reserve Bank Governor Sanjay Malhotra said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
"We don't target any price levels or any bands. We allow the markets to determine the prices. We believe that markets, especially in the long run, are very efficient. It's a very deep market," he said while replying to a question on rupee depreciation at a post-monetary policy press meet.
Malhotra said fluctuations in the market keep occurring, and the RBI's effort is always to reduce any abnormal or excessive volatility. "And that is what we will continue to endeavour," he added.
In its bi-monthly monetary policy, the RBI announced three-year USD/INR Buy Sell swaps of USD 5 billion this month. When asked if this is aimed at checking rupee depreciation, Malhotra said, "It is a liquidity measure. It is not to support the rupee".
The governor further said the country has sufficient foreign exchange reserves and that the current account is manageable, and that, given the strong fundamentals of the economy, the country should witness strong capital flows going forward.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.96.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 63.27 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 447.05 points to settle at 85,712.37, while the Nifty climbed 152.70 points to 26,186.45.
Foreign institutional investors sold equities worth Rs 1,944.19 crore on a net basis on Thursday, according to exchange data.
