Rupee dives 59 paise against US dollar on spike in crude oil prices
At the interbank foreign exchange, the rupee opened at 86.25 against the greenback and traded in the range of 85.92-86.25 before closing at 86.11, up 59 paise from its previous close.
Brent crude, the global oil benchmark, rose sharply by 7.27 per cent to USD 74.40 per barrel in futures trade.
Mumbai, Jun 13 (PTI) The rupee plummeted 59 paise to 86.11 against the US dollar on Friday due to a spike in global oil prices and a firm dollar amid rising tensions in the Middle East following Israel's attack on Iran's nuclear sites.
The local unit had settled at 85.52 on Thursday.
Weak domestic equity markets and FII outflows further contributed to the fall in the local unit, forex traders said.
'The rupee fell to a low of 86.25 before recovering to 85.92 before ultimately closing at 86.07. It has taken one country's military strike on another to bring home the fragility of markets,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
'The RBI did support the rupee… oil prices were a concern as an increase of USD 10 increases trade deficit by USD 12 billion and CPI inflation by 50 bps,' he said.
In the domestic equity market, the 30-share BSE Sensex tanked 573.38 points to settle at 81,118.60, while Nifty dropped 169.60 points to 24,718.60.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.33 per cent to 98.24.
Foreign institutional investors (FIIs) offloaded equities worth Rs 1,263.52 crore on a net basis on Friday, according to exchange data.
'FPIs continued to remain sellers of equity and buyers of the US dollar, while oil companies bought dollar on rising oil prices. Iran has closed its airspace, affecting our airline routes already hit by the closure of the route by Pakistan.
'For Monday, we expect the rupee to trade in a similar range of 85.75-86.50 as we await India's trade deficit data to be released,' he added. PTI BAL BAL
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
News18
11 minutes ago
- News18
BCCI Cuts Allowances, Streamlines Travel Policy; Will Release Pending Allowances
BCCI will release pending daily allowances for staff after revising policy. BCCI The daily allowances for the Board of Control for Cricket in India (BCCI) staff across departments, pending since January, will be released following the board's senior management streamlining the domestic 'tournament allowance policy'. Under the existing BCCI travel policy, employees receive a per diem of Rs 15,000 for short-term travel (up to four days) and Rs 10,000 for long-term travel, typically for the Indian Premier League (IPL), Women's Premier League (WPL), and ICC events hosted by India. A one-time incidental allowance of Rs 7,500 is also provided during travel. The revised policy removes the incidental allowance. Employees will now receive a flat rate of Rs 10,000 per day while travelling. The IPL window lasts slightly over two months, and ICC events last at least a month. A BCCI source told PTI that after tax deductions at source, the per-day allowance amounts to Rs 6,500. Due to the impending policy revision, BCCI staff, including finance, operations, and media departments, have not received their daily allowances for the IPL and WPL. With the policy now finalised, their dues should be settled soon. 'A clear cut policy was needed in terms of allowances as some employees were claiming allowances even when they were operating out of the Mumbai headquarters during tournaments. Now that it has been devised, the dues will be cleared soon," added the source. For example, an employee travelling for the entire 70-day IPL would receive a daily allowance of Rs 10,000, totalling Rs 7 lakh. Those with limited travel during the IPL can claim only 60 per cent of the 70-day allowance, while those not travelling at all can claim 40 per cent of the amount accrued for 70 days. For foreign travel, most BCCI employees receive USD 300 per day. Honorary office-bearers, including the president, secretary, treasurer, vice-president, and joint secretary, receive a daily allowance of USD 1,000 on foreign tours. They also receive Rs 40,000 for a one-day meeting within India and Rs 30,000 per day for multi-day domestic work trips. First Published:
India.com
14 minutes ago
- India.com
If Pakistan attacks again, India can now defend with..., India's S-400 air defence system is now...
S-400 Called Sudarshan Chakra S-400 air defence system upgrade: After the Pahalgam terror attack, which killed twenty-two people in India and was linked to Pakistan, India responded with Operation Sindoor, killing more than a hundred terrorists across nine terror camps in Pakistan and Pakistan Occupied Kashmir. India also destroyed several of Pakistan's airbases including the famous Nur Khan airbase during the recent tensions between the two countries, highlighting the inefficiency of the Pakistani Chinese-supplied HQ-9 air defence systems. However, Pakistan tried to attack India again but failed to do any harm due to India's S-400 air defense system. In the recent update, India is now reportedly upgrading the famous Russian supplied S-400 air defense system. India plans to upgrade S-400 air defence system As told earlier, India's S-400 air defense system protected India against the missile attack by Pakistan in which it reportedly used Chinese CM-400AKG missile but in order to upgrade it, the Indian Air Force is now planning to deploy indigenous quick-reaction systems like VL-SRSAM and QRSAM, developed by DRDO, to enhance close-range protection. These systems, with ranges of up to 80 km and 30 km respectively, feature advanced radar and integration capabilities India to get remaining S-400 missile systems by 2026 In a significant development for India, Russia has announced that it is committed to delivering the remaining units of the S-400 air defence system to India by 2025-2026. The country's Deputy Chief of Mission in India, Roman Babushkin, recently said that the system performed 'very efficiently' during the recent India-Pakistan tensions. Babushkin also hinted at expanding bilateral cooperation with India in air defence and anti-drone systems, as per a report by PTI. Babushkin confirmed that the contract for the remaining two S-400 units is on track, with deliveries expected to be completed by 2025-26, in line with publicly announced timelines. India signed a USD 5.43 billion deal with Russia in 2018 for five squadrons of the S-400 Triumf missile system, a state-of-the-art air defence platform capable of engaging multiple aerial threats at long ranges. Three squadrons have already been delivered. On the potential expansion of defence collaboration, Babushkin expressed openness to further dialogue. (With inputs from agencies)
Time of India
16 minutes ago
- Time of India
Kolkata port records strong cargo growth in April-May amidst geopolitical tensions
Syama Prasad Mookerjee Port (SMP), Kolkata, on Sunday said it began FY26 on a strong note, recording a 27.56 per cent year-on-year growth in cargo handling during April-May 2025, despite global geopolitical tensions. The port handled 11.252 million metric tonnes (MMT) of cargo in the two-month period, up from 8.821 MMT during the same time last year, officials said. Of the total cargo handled, Haldia Dock Complex (HDC) accounted for 8.139 MMT, while Kolkata Dock System (KDS) handled 3.113 MMT. This represents a 27.45 per cent increase at HDC and 27.84 per cent at KDS over April-May 2024, the port said in a statement. The Kolkata-based riverine port had a robust growth across multiple cargo segments, officials added. HDC saw higher volumes of petroleum products, other liquids, vegetable oil, various categories of coal, fly ash, and containers. Live Events KDS also posted increased handling of finished fertilizers, pulses, foodgrains, timber, and container cargo, it added. Notably, HDC handled thermal coal, raw petroleum coke, and 29,000 tonnes of iron and steel for the first time during this period. Meanwhile, KDS registered fresh volumes in coking coal, timber, and foodgrains - commodities not handled in the same months last year. In container traffic, the port handled 1,53,037 TEUs during April-May 2025, up 31.23 per cent from 1,16,620 TEUs handled a year ago period. TEU stands for Twenty-foot Equivalent Unit. It's a standard unit of measurement used to quantify the cargo capacity of container ships and terminals. Container movement at HDC surged over 76 per cent year-on-year, while KDS grew around 24 per cent. PTI
