Rupee rises 36 paise to close at 85.72 against US dollar
The rupee extended its gains supported by a rise in risk appetite in global markets after the announcement of a ceasefire between Iran and Israel, forex traders said.
Mumbai, Jun 26 (PTI) The rupee rose 36 paise to close at 85.72 against the US dollar on Thursday on the back of a sharp drop in the greenback and a strong show in the domestic equity markets amid rise in risk appetite.
At the interbank foreign exchange, the rupee opened at 85.91 against the US dollar and traded in the range of 85.63-85.93 before settling at 85.72, up 36 paise from its previous close.
On Wednesday, the rupee settled lower by 3 paise at 86.08 against the US dollar.
'The Indian rupee and equities have seen appreciation, largely due to a weaker US Dollar Index and increased dollar inflows through IPOs. The dollar index has plummeted to a three-year low amidst speculation of earlier than expected US interest rate cuts.
'This speculation is fueled by reports that US President Donald Trump is actively seeking to undermine the Federal Reserve Chair, potentially paving the way for a more dovish monetary policy,' Dilip Parmar, Research Analyst, HDFC Securities said.
In the near-term, the spot USDINR pair is expected to find support at 85.45 and face resistance at 86.27.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.46 per cent down at 97.23 after strengthening in the previous session.
Brent crude, the global oil benchmark, went up by 1.39 per cent to USD 68.62 per barrel in futures trade.
'We expect the rupee to extend its gains amid a rise in risk appetite in global markets after the announcement of a ceasefire between Iran and Israel,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
Choudhary further said that weak US Dollar, falling crude oil prices and rising global markets may also support the rupee at lower levels.
'However, any selling by FIIs and any violation of the ceasefire may pressurise the rupee at lower levels. Traders may take cues from weekly unemployment claims, durable goods orders and pending home sales data from the US. USDINR spot price is expected to trade in a range of 85.30 to 86,' Choudhary said.
Meanwhile, in the domestic equity market, Sensex jumped 1,000.36 points to settle at 83,755.87, while Nifty rose 304.25 points to 25,549.
Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. PTI TRB DRR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
11 minutes ago
- Hindustan Times
PM Modi's historic Ghana visit: Trade doubled, UPI goes global, 4 MoUs signed
Jul 03, 2025 01:19 AM IST Prime Minister Narendra Modi arrived in Ghana's Accra on Wednesday, marking the first visit by an Indian PM to the African country in over 30 years. As he stepped onto Ghanaian soil, PM Modi was greeted with chants of 'Hare Rama Hare Krishna.' Prime Minister Narendra Modi receives a warm welcome from the Indian diaspora on Wednesday at the Kempinski Hotel in Accra.(DPR PMO ) The Indian Prime Minister was personally received by President John Mahama, who presented him with a ceremonial guard of honour. Later, PM Modi held a delegation-level meeting with President Mahama at Jubilee House in Accra. PM Modi's visit was steeped in symbolism, powerful quotes, and warm gestures that underscored the deep-rooted friendship between the two nations. PM Modi's Ghana visit: Top quotes "We were unanimous that terrorism is the enemy of humanity. We thank Ghana for its cooperation in our fight against terrorism. We have decided to strengthen our cooperation in counter-terrorism. Our views regarding the UN reforms are similar," said PM Modi after talks with Ghana's President Mahama. "We believe that this is not the time for a war. Problems must be solved through dialogue and diplomacy," PM Modi said. "In the field of defence and security, we will move forward with the mantra of 'Security through Solidarity' "India is not just a partner but a co-traveller in Ghana's journey of nation-building," PM Modi said. "Our bilateral trade has crossed USD 3 billion. Indian companies have invested 2 billion dollars in around 900 projects. We have decided to double our trade within the next 5 years. In the area of FinTech, Bharat UPI will share the digital payment experience with Ghana," PM Modi said. "It is a matter of pride for India that under our G20 presidency, the African Union got permanent membership of the G20," the Prime Minister said. India signs 4 MoUs with Ghana: Details India and Ghana on Wednesday inked four agreements following talks between PM Narendra Modi and Ghana's President John Dramani Mahama. MoU on Cultural Exchange Programme (CEP): To promote greater cultural understanding and exchanges in art, music, dance, literature, and heritage. To promote greater cultural understanding and exchanges in art, music, dance, literature, and heritage. MoU between Bureau of Indian Standards (BIS) and Ghana Standards Authority (GSA): Aimed at enhancing cooperation in standardisation, certification, and conformity assessment. Aimed at enhancing cooperation in standardisation, certification, and conformity assessment. MoU between the Institute of Traditional & Alternative Medicine (ITAM), Ghana and the Institute of Teaching & Research in Ayurveda (ITRA), India : To collaborate in traditional medicine education, training, and research. : To collaborate in traditional medicine education, training, and research. MoU on Joint Commission Meeting: To institutionalise high-level dialogue and review bilateral cooperation mechanisms on a regular basis.
The Hindu
14 minutes ago
- The Hindu
India now sole govt. with vote in emoji, text standards body Unicode Consortium
The Ministry of Electronics and Information Technology (MeitY) rejoined the Unicode Consortium as a Supporting Member this year, becoming one of just two government members with a vote on the body. The consortium and its technical body are in charge of determining the text and emojis that are standard across the internet, and have played a major role in ensuring that languages around the world, including Indian languages, are recognised by computer systems globally. The IT Ministry was previously a member from 2000 to 2019, and then for one year in 2021. The IT Ministry has not issued any statement announcing its membership, which has been listed on the consortium's website as the 'Government of India', with a link to MeitY's website. The membership, which allows the Indian government a half vote in the technical committee's decision making — and a seat at the table at its meetings, mostly held in the U.S. and online — represents an annual $20,000 commitment, or about ₹17 lakh. The IT Ministry has been a member of the consortium as a part of the decades-old Technology Development for Indian Languages (TDIL) initiative, which sought to promote, at first, an Indian alternative to ASCII, the pre-Unicode limited character set, and later on cooperated with efforts to internationalise Indian scripts by including them in Unicode. In 2023, The Hindu reported on how the Tamil Virtual Academy, an e-learning institute that operates autonomously under Tamil Nadu's Information Technology and Digital Services Department, had run up over $200,000 in membership fees over more than a decade, but did not attend a single meeting, or engage meaningfully with the body beyond 2016, while proprietary non-Unicode typefaces continued to be used across the State government's arms. The Tamil Virtual Academy remains a member, the only other Supporting Member globally apart from the IT Ministry. Other State governments, like Maharashtra and Andhra Pradesh, have briefly held memberships, but discontinued them. The IT Ministry was not present at the latest series of meetings of the Unicode Technical Committee, held from April 22–24.
Time of India
31 minutes ago
- Time of India
RBI's Trust concerns stall wealth transfer plans of India's rich families
Mumbai: A 'trust deficit' between the regulator and several rich Indian families is stalling plans to ring-fence wealth and put in place a succession strategy for the nextgen. Many promoter families hold shares of the companies they own as well as portfolio investments in other securities and listed non-group entities through closely-held non-banking finance companies (NBFCs). Family patriarchs have often preferred transferring their-and other family members'-ownerships in such NBFCs to a trust which holds the investments and distributes the earnings to the trust beneficiaries. This family blueprint to preserve wealth now faces a challenge. The Reserve Bank of India ( RBI ), which regulates NBFCs, is questioning the transfer of ownership of at least four families to discretionary trusts due to the opaque structure of trusts, persons familiar with the subject told ET. If an NBFC holds a substantial stake in any listed entity, an ownership transfer of the finance company also requires the approval of the Securities & Exchange Board of India, under the takeover code. "Perhaps, RBI could take a cue from the approach adopted by Sebi vide its 2017 circular, to consider prescribing conditions for addressing policy concerns over future changes or control structure in a trust," said Moin Ladha, partner at the law firm Khaitan & Co. "In any event, most families would retain the control and only a contractual obligation in the nature of trust is created for achieving continuity and succession planning. So, the eligibility and fit and proper status isn't impacted by the settlement to trust," said Ladha. Live Events Some believe that RBI's reservations may also stem from the fact a promoter giving guarantee to a group company to enable it borrow at a lower interest rate or carry out certain other transaction, may isolate the shares by setting them aside in a trust if the guarantee is invoked. RBI, however, does stall the shift in ownership as long as the NBFC in question is a 'core investment company' holding and managing investments in group companies. Also, core companies which have not raised money from public investors or through bank borrowings, may not need a go-ahead from the regulator. While RBI did not respond to ET's queries, the regulator, sources said, is likely to harbour the view that unlike long-term, strategic holdings in group companies, an NBFC's investments in shares of non-group companies are in the nature of short-term, portfolio investments. Since the latter kind of NBFCs is considered to be dealing in financial securities, RBI does not want them to be controlled by trusts. A discretionary trust is formed by the settlor (who is often the head of the family who transfers the assets), immediate family members are named as beneficiaries, and independent professionals or a trusteeship company serve as the trustees responsible for distributing the earnings of the trust from cash inflows like interest, rent, and capital gains to the beneficiaries in proportions that are not prefixed. "It's sometimes perceived that the RBI is trying to reduce the number of NBFC licence holders. Any transfer of ownership or management application ends in denial. It seems the regulator wants to focus on a few players who do proper compliance. We have seen cancellation of licences for failing to file annual returns or not maintaining adequate capital," said Rajesh Shah, partner at the CA firm Jayantilal Thakkar & Co. Any change in NBFC shareholding resulting in acquisition or transfer of 26% or more of its paid-up capital requires prior RBI approval. "The process is stringent, with RBI empowered to seek additional information during its due diligence. When the acquirer is a trust, KYC compliance extends to both trustees and beneficiaries, posing greater complexity in discretionary trusts where ownership is undefined. Notably, RBI regulations do not prescribe a specific timeline within which such approvals must be granted, making the overall process both document-intensive and time-sensitive for investors and promoters alike," said Isha Sekhri, partner at Isha Sekhri Advisory LLP, a CA firm. Economic Times WhatsApp channel )
