Rupee opens 4 paise lower at 71.11 against US dollar
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The rupee on Wednesday opened 4 paise lower at 71.11 against the US dollar. On Tuesday, the domestic unit snapped its gains of previous two sessions and closed 10 paise lower at 71.07 amid fears of escalation in geopolitical tensions, following Indian fighter jets' air strikes on Pakistan-based terror camps.
Besides this, rising global crude oil prices also impacted the rupee movement.
On the domestic front, data showed India’s fiscal deficit stood at 121.5 per cent of the budgeted estimate of Rs 6.24 lakh crore for 2018-19. The gap was 112.4 per cent in December and 113.7 per cent in January 2018. "Today, USD/INR pair is expected to quote in the range of 71.05 and 71.70," said Gaurang Somaiya Research Analyst, (Currency) at Motilal Oswal Financial Services.
On the global front, Asian shares edged higher on Wednesday and the US dollar fell to a three-week low after Federal Reserve Chairman Jerome Powell reinforced the US central bank’s recent shift toward a more “patient” approach on policy in the face of a slowing economy, Reuters reported.
In the commodity market, oil prices rose on OPEC-led supply cuts and a report of declining US crude inventories.
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Congress president Mallikarjun Kharge on Monday said the protest against 'vote chori' and SIR is a fight to protect people's right to vote and a struggle to save democracy, and asserted the INDIA alliance will expose BJP's "conspiracy".
His remarks came as top opposition leaders were stopped from taking out a march to the Election Commission office to protest against the Special Intensive Revision (SIR) exercise in Bihar.
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Zydus Lifesciences on Monday said it has received approval from the US health regulator to market a drug used to treat angina and high blood pressure.
The company has received final approval from the US Food and Drug Administration (USFDA) for Diltiazem Hydrochloride tablets in strengths of 30 mg, 60 mg, 90 mg, and 120 mg, the drug maker said in a statement.
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Congress MP Shashi Tharoor said on Monday that the Election Commisisons credibility can be "regained" as long as those "doubts" about the fairness of the elections are removed as the INDIA bloc leaders march to Election Commisison to protest the Special Intensive Revision of electoral rolls and allegations of vote theft.
Tharoor, who joined the march, told ANI, "As long as there are doubts in the minds of people about the fairness of the elections, that is harming the credibility of the Election Commission.
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Samajwadi Party Member of Parliament (MP) Ramgopal Yadav stated that the Members of Parliament donot need the permission to walk on the streets of Delh as the INDIA bloc MP'started their march from Parliament to Election Commisison to protest against the Special Intensive Revision (SIR) of electoral rolls in poll-bound Bihar and allegations of "voter fraud" in the 2024 Lok Sabha elections.
Yadav told ANI on Monday, "MPs dont need permission to walk on the streets of Delhi... If there is any kind of threat from the MPs coming out on the roads, then the system is useless..."
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Leader of Opposition in the Lok Sabha Rahul Gandhi was among several senior opposition figures detained on Monday after police stopped a march to the Election Commission (EC) headquarters protesting against the Special Intensive Revision (SIR) of voter rolls in Bihar.
Congress MP Priyanka Gandhi Vadra, Trinamool Congress MPs Mahua Moitra and Derek O’Brien, and others were also among those detained.
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