Rupee hits 3-month low on worries over US role in Middle East conflict
The
Indian rupee
fell to its weakest level since mid-March on Thursday as risk aversion gripped financial markets, with investors focused on the possibility of
U.S. involvement
in the Israel-Iran conflict.
The rupee touched a low of 86.8925 on the day before slightly paring losses to close at 86.7225 against the U.S. dollar, down 0.3% on the day.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Play War Thunder now for free
War Thunder
Play Now
Undo
Brent crude oil prices
rose to near $77 per barrel after Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital.
Risk assets remained under pressure, reflecting investor worries about a broader conflict in the Middle East after U.S. President Donald Trump kept the world guessing about whether the country would join Israel's bombardment of Iranian nuclear sites.
ANZ believes the most likely scenario is an extended conflict between Iran and Israel, which would see oil supplies come under direct threat, the firm said in a Thursday note.
Live Events
"The price outcome for this scenario would be the USD75-85/bbl range," while an escalation of the conflict, pegged at 20% probability, could push prices to $90-95 per barrel.
Oil is a major component of India's import bill. A $10 barrel increase in crude can widen the
current account deficit
by up to 0.4% of GDP, economists estimate.
Indian government bond yields rose on Thursday as traders squared off positions, fearing further escalation of
geopolitical tensions
. The country's benchmark equity index,
Nifty 50
, dipped 0.1%.
Meanwhile, mild dollar sales from state-run banks helped the rupee limit its losses, three traders said. The currency has declined little under 1% this week so far.
The rupee could find some support near the psychologically important 87 level and is likely to trade with a weakening bias in the near term, a trader at a foreign bank said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
18 minutes ago
- Mint
United Spirits to buy out Greater Than gin maker Nao Spirits in a ₹110 cr deal
United Spirits Ltd (USL), the Indian arm of global liquor major Diageo Plc, is acquiring homegrown craft spirits maker Nao Spirits & Beverages Pvt. Ltd in a deal valued at about ₹ 110 crore, it said in a stock exchange filing late Thursday evening. The USL board approved the acquisition of an additional stake in Nao Spirits, which owns gin brands like Greater Than and Hapusa, on Wednesday. The company, which already holds 30% in the business, will buy 37,683 equity shares from existing shareholders in two tranches for around ₹ 53.8 crore. It will simultaneously invest approximately ₹ 56 crore via a fresh subscription of 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS), it said in the filing. Following the completion of the first tranche and the new issuance, USL will own around 97.07% of Nao Spirits' paid-up capital on a fully diluted basis. The second tranche of the share purchase, to be completed later, will raise its ownership to 100%, making the craft spirits maker a wholly owned subsidiary of the Diageo arm. The USL board has also authorized a further investment of up to ₹ 20 crore in the alco-bev startup through equity or CCPS to support its working capital and business requirements. USL first acquired a stake in the company in March 2022 and has since completed a gradual buyout. Nao Spirits entered the premium gin market in 2016. 'Ventures, our investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition represents a pivotal step in exploring future growth opportunities in Indian craft spirits…,' said Praveen Someshwar, managing director and chief executive, Diageo India (USL). In September 2024, Mint reported that Diageo, the world's largest spirits company, planned to pour $100 million ( ₹ 840 crore then) into the country over the next three years to grow its premium portfolio and develop new products tailored to local tastes. Its chief executive Debra Crew, speaking to Mint, said India was now emerging as a key innovation hub for the company, where products like the homegrown single malt Godawan are first tested and refined before being launched in global markets. Crew added that Diageo was also open to investing in Indian craft spirit brands, citing the country's growing pool of young, affluent consumers. In addition to its investment in Nao Spirits, Diageo has set up a ₹ 45 crore innovation centre in Goa to support research and development of premium beverages. Data from international drinks consultancy IWSR showed that gin had a rapid ascent in the country before levelling off in 2024. The category grew a modest 1% in volume, signalling that the enthusiasm around homegrown craft gins may be cooling. According to industry estimates, at its peak two years ago, the craft gin segment sold roughly 350,000 cases annually. Insiders told Mint that those numbers have now plateaued, an indication that consumer interest may be shifting toward other white spirits. For the year ending 31 March 2025, Diageo India posted gross revenues of ₹ 26,780 crore, marking a 5.4% year-on-year increase. In the March quarter alone, net sales rose 10.5% to ₹ 2,946 crore, driven by a strong portfolio performance and the reopening of trade in Andhra Pradesh. Quarterly profit after tax stood at ₹ 451 crore, up 17.4%, while gross profit climbed 13.4%, pushing the gross margin to 44.5%.
Time of India
27 minutes ago
- Time of India
PM set to shower state with ₹9k-crore projects, address rally in Siwan today
1 2 Patna/Chhapra: Amid elaborate preparations and tight security, Prime Minister (PM) Narendra Modi is set to address a mega public meeting at Jasoli village in Siwan district on Friday, marking yet another high-profile visit to Bihar in the run-up to the state assembly elections scheduled for Oct-Nov this year. At the rally, Modi will launch and lay the foundation for 22 development projects worth Rs 9,519 crore, covering housing, railways, infrastructure and industrial growth. He will also flag off two major rail initiatives, the new Patliputra-Gorakhpur Vande Bharat Express and India's first export-bound locomotive to the Republic of Guinea from the Marhaura rail factory. "This event reflects the PM's deep trust in CM Nitish Kumar's development model," said deputy chief minister Samrat Choudhary, adding that several high-value schemes are coming to the state due to this faith. "The PM will inaugurate 11 Amrit Bharat and four Namami Gange projects and the Vaishali-Deoria rail line," he added. The PM will also transfer the first instalment of PM Awas Yojana benefits to 53,666 beneficiaries and hand over keys to 6,684 urban poor families, securing their dream of a pucca house under the flagship housing scheme. To combat heat and monsoon showers, five massive German tents, each with a capacity of 60,000 people, have been erected at the rally site. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo BJP leader and health minister Mangal Pandey said the venue is expected to host nearly three lakh people. Among the standout projects the PM will launch is the inauguration of the Patliputra-Gorakhpur Vande Bharat Express, which will drastically cut travel time between Bihar and eastern Uttar Pradesh. The eight-coach semi-high-speed train, equipped with modern amenities and a capacity of 1,130 passengers, will operate six days a week, reducing travel time between the two cities by nearly two hours. Commercial stops include Hajipur, Muzaffarpur, Motihari, Bettiah and Narkatiaganj, providing faster options for thousands of daily commuters. "This new service will enhance regional connectivity and boost economic activity," said Danapur DRM Jayant Kumar Choudhary, calling it a milestone under the Vande Bharat mission. Also in the spotlight is the first export consignment of locomotives from the Marhaura plant to Guinea. These state-of-the-art 4,500 HP engines, featuring high fuel efficiency and modern air-conditioned cabs, are manufactured by Wabtec Locomotive Pvt Ltd, a joint venture with Indian Railways. Officials noted that the plant, built on 70 acres, has already delivered 683 locomotives to Indian Railways and employs over 600 people. The new export order will see 150 more units produced, reinforcing Marhaura's revival as an industrial hub. Meanwhile, Siwan is under a virtual lockdown ahead of the PM's visit. Traffic restrictions are in place on NH-531 and NH-27, and all schools and Anganwadi centres have been ordered shut for the day due to expected congestion and extreme heat. "Safety and traffic management are paramount," said a senior district official. Seventeen parking zones have been set up in Jasoli Kharg and three more in Pachrukhi, while three helipads each have been prepared for the PM and CM. While NDA leaders hailed the visit, opposition voices struck a critical note. RJD MP Manoj Kumar Jha took to social media to question the blanket closure of educational institutions. "Is this an election tour or a governance initiative?" he asked, adding that banning educational activities for a political rally sets the wrong precedent. Choudhary dismissed such comments, calling them "cheap and frustrated reactions from the opposition" in the face of mounting public support for the BJP.
NDTV
31 minutes ago
- NDTV
Delhi Man's Post Comparing Indian Middle Class In 1970 To That In 2025 Sparks Discussion
A Delhi-based entrepreneur's LinkedIn post comparing the life of a middle-class Indian man in 1970 to that in 2025 has sparked a debate online, raising questions about whether India's economic boom has come at the cost of personal stability and peace of mind. In his post, Himanshu Kalra, the founder of Binoloop, wrote that in 1970, a middle-class life followed a relatively secure path. "You go to college, get a degree, learn one skill, get a job, good salary, nice house, get married, have three kids, raise a family of five. "You're set for life," he wrote, summarising the journey of a middle-class man in the 1970s. But in 2025, Mr Kalra highlighted a far more chaotic life, where you compete with millions to go to college, only to start adult life with education loans. You then get a degree and learn skills, but they all become obsolete within two years. Even the job competition is fiercer than ever. To top it all, there is high inflation, low appraisal, combined with continuous upskilling. You get married, have one kid, and both partners work to just stay afloat. "Mental health? Figure it out yourself," Mr Kalra wrote. "Sure, the economy's booming," he concluded. Take a look below: Mr Kalra's post has triggered mixed reactions. "You are a absolutely right, but there is another factor which has contributed to this situation that is rising population, I guess everything is linked with the high population. Its the reason now a days there is an entrence exam for almost every thing, let it be jobs or getting admission into college," wrote one user. "I see both sides of this every day. Yes, there's more opportunity today but there's also more overwhelm. More choice, but less clarity. More access, but also more anxiety. What strikes me most is how resilience has replaced stability as the modern currency. In the 1970s, success was linear. In 2025, it's iterative. We're not building one life we're rebuilding it, skill by skill, every 2-3 years. It's why I believe career guidance today isn't just about jobs it's about capacity-building for a world that never stops changing," explained another. "The never-ending cycle of upskilling, inflation, and mental health struggles? That's the reality for many today," expressed a third user. "Dude, if you learn how to invest your money well right from your first salary, you will have an easy life during any era... Mental health is easy, no need to take any stress. Just relax and chill. Life is not a competition. It is for us to enjoy our limited time on the planet," one user commented. "And still boomers will say, oh you have it so much easier than us. We used to do X after so much difficulty. Empathy is only when both sides can understand each other's struggles. You forgot the unhealthy lifestyle, the stress, the constant dopamine boosters all around, adulterated food, contaminated air and water. I can go on and on," wrote another.
