Rupee Slips 28 Paise to 71.88 against USD in Early Trade amid Rising Demand for Dollar after Saudi Oil Attacks

Agencies
September 17, 2019

Mumbai, Sept 17: The rupee opened on a cautious note and fell 28 paise to 71.88 against the US dollar in early trade on Tuesday amid rising demand for the US dollar vis-a-vis other currencies overseas.

Forex traders said the drone attacks on Saudi Arabia's oil facilities have enthused demand for safe heaven assets like the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 98.61.

The Indian rupee on Monday had plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities.

At the Interbank Foreign Exchange, the rupee opened at 71.83 then fell to 71.88 against the US dollar, showing a decline of 28 paise over its previous closing.

The Indian rupee on Monday had closed at 71.60 against the US dollar.

Forex traders said weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency.

Domestic bourses opened on a negative note on Tuesday with benchmark indices Sensex trading 137.87 points down at 36,985.44 and Nifty lower by 38.85 points at 10,964.65.

Foreign institutional investors (FIIs), who were net buyers for the past few sessions, offloaded shares worth Rs 751.26 crore on Monday, according to provisional exchange data.

"The recent attack on Saudi Arabia's largest oil processing plant has sent oil prices shooting up. If production is not resumed soon, such a rise could hurt the global economy as consumer costs will also go up. This will definitely affect India, where the economy is already stressed," said Pushkar Mukewar, Co-Founder and Co-CEO of Drip Capital, a US & India based trade finance firm.

Mukewar further said that the rupee is likely to remain volatile.

Crude oil benchmark, Brent Futures, surged by almost 20 per cent to USD 71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply.

However, Brent Futures on Tuesday saw some moderation and was trading at USD 68.35 per barrel, down 0.97 per cent over the previous close.

The 10-year government bond yield was at 6.71 per cent in morning trade.

Meanwhile on the global front, a Chinese vice finance minister will visit the United States on Wednesday to lay the groundwork for trade talks next month.

The official Xinhua news agency said vice finance minister Liao Min will lead a delegation visiting the United States on Wednesday to "pave the way" for the higher level talks.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 17,2024

putiniran.jpg

Russian President Vladimir Putin says Iran’s “tactful and wise” response to Israeli aggression on its consulate in Syria was the best way to punish the aggressor.

Putin made the remarks in a phone conversation with President Ebrahim Raeisi on Tuesday.

“What the Islamic Republic of Iran did in response to what happened criminally and in the light of the inaction of the [UN] Security Council, was the best way to punish the aggressor and represented the tactfulness and rationality of Iran's politicians,” Putin said.

The Russian president said the Israeli regime’s “terrorist act” against the Iranian consulate in Damascus was against all international standards and rules.

He also strongly criticized the United States and certain Western countries for creating tension in the region. “We believe that the Islamic Republic of Iran is one of the main pillars of stability and security in the region.”

“We firmly declare that we will respond to any action against Iran's interests with greater force and broader and more painful than the previous [response],” President Raeisi said in the phone call.

The Iranian president also said Tehran's response to the Israeli regime was within the framework of international law, saying Israel’s terrorist act was a clear violation of international law and a serious threat to global peace.

“The destructive role of the US and some western countries and the inaction and inefficiency of international institutions, including the United Nations and the Security Council, in dealing with the aggressive action of the Zionist regime in attacking the Iranian consulate in Syria caused the Islamic Republic of Iran to exercise its right to self-defense.”

Raeisi further thanked Moscow for its “principled and constructive” stance against the Israeli aggression in Damascus. 

He appreciated the diplomatic efforts of the Russian government to thwart the conspiracies of the United States and certain Western countries in the UN Security Council.

“To those countries that have adopted double standards in the face of the crimes of the Zionist regime and express concerns about escalating tensions in the region, we advise them to rather stop supporting the Zionists genocide and crimes against the oppressed Palestinian people to preserve peace and stability in the region,” Raeisi said.

Iran’s Islamic Revolution Guards Corps (IRGC) launched extensive missile and drone strikes against the occupied territories late on April 13 in response to Israel’s missile attack on the consular section of the Iranian embassy in Damascus.

Operation True Promise has inflicted damage on Israeli military bases across the occupied territories. The extent of damage is yet to be specified. 

Brigadier General Mohammad Reza Zahedi, a commander of the IRGC Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers were assassinated in the Israeli attack on Iran’s diplomatic mission.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 26,2024

indiangirl.jpg

An Indian-origin woman studying at the prestigious Princeton University in the US is among two students arrested over pro-Palestine protests on the campus, reports student and alumni newspapers.

Tamil Nadu-born Achinthya Sivalingan and Hassan Sayed were arrested after the protesters set up tents for an encampment in a university courtyard early Thursday morning, according to the Princeton Alumni Weekly (PAW).

The two graduate students were arrested on charge of trespassing and have been "immediately barred from the campus", said Jennifer Morrill, a university spokesperson, adding that setting up tents on the campus violated university policy.

However, they have not been evicted and will be allowed into their housing, another varsity spokesperson Michael Hotchkiss confirmed to the Daily Princetonian.

Ms Sivalingam is a student of Masters in Public Affairs in International Development at Princeton while Mr Sayed is a PhD candidate there.

In a statement, Morill said the students were given "repeated warnings from the Department of Public Safety to cease the activity and leave the area" and they now face disciplinary action. After their arrest, the other protesters "voluntarily" packed away their camping gear, she added.

Hotchkiss said the university did not evict anyone on Thursday and that the university allows students barred from campus to stay in their university-owned housing.

The undergraduate students were warned against occupation and encampment exercises in an email Wednesday, according to the Daily Princetonian.

Princeton students, faculty and community members, and even outsiders were part of the demonstration, the PAW cited organizers of the protest as saying. Large, white tents were set up nearby for upcoming reunions and other events.

A student who chose to be identified only as Urvi termed the arrests as "violent", which included the students being zip-tied around their wrists. The university, however, contested this and said the officers did not use any force and the arrests were made without any resistance.

Pro-Palestine protests have rocked the top US universities as thousands of students have hit their campuses to demonstrate against the Gaza deaths due to Israel’s inhuman military operation. 

The protests, which began at Columbia University in New York, have to colleges across the country and saw hundreds of students confronting cops and raising pro-Palestine slogans. The protesters have been calling on their universities to divest from companies that profit from the Gaza war and advocate an immediate ceasefire.

Who is Achinthya Sivalingan?

1. Achinthya Sivalingan was born in Coimbatore, Tamil Nadu and was raised in Columbus, Ohio.

2. She is pursuing a Master of Public Affairs (MPA) degree in International Development at Princeton University. Before that, Ms Sivalingan studied world politics and economics at Ohio State University and was also an Intern at Harvard Law School. 

3. Ms Sivalingan has significant experience in policy issues, having worked with civil society organisations, the legal system, politics, movement building, and private philanthropy. Her previous roles include supporting policy and advocacy work for climate adaptation, agricultural development, and nutrition portfolios at the Bill and Melinda Gates Foundation. 

4. Ms Sivalingan has worked on a congressional campaign in Ohio's third district and also contributed to land rights and policy initiatives in India at the Centre for Policy Research. 

5. She has been banned from Princeton over pro-Palestine protests and is now facing disciplinary action. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 25,2024

modirahul.jpg

The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.