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Rupee rises 21 paise against US dollar in early trade

Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in early trade today on increased selling of the greenback by exporters and banks.

Participants are also keeping an eye on RBI’s second bi-monthly monetary policy meeting of 2018-19, being held from June 4-6.

Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar’s strength against some currencies overseas after the release of an upbeat US jobs report capped the gains.

On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook.

Meanwhile, the benchmark BSE Sensex was trading sharply higher by 328.33 points, or 0.93 per cent, at 35,555.59 in opening trade.

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Will be constrained to revoke ceasefire agreement: Hansraj Ahir

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Union minister Hansraj Ahir today said the government would be “constrained” to revoke the Ramzan ceasefire it had announced last month if Pakistan continued to indulge in cross-border firing and terrorism.

In the latest incident, two BSF personnel were killed after Pakistani troops opened fire in Akhnoor, Kanachak and Khour sectors of Jammu district on Sunday. The sudden firing led to the death of Assistant Sub-inspector Satya Narayan Yadav and Constable Vijay Kumar Pandey. At least 13 people were injured during the cross-border firing.

Ahir, the Union Minister of State for Home, said, “We had decided to suspend operations in view of Ramzan. However, there is no respite in cross-border terrorism and ceasefire violations on the part of Pakistan. We will be constrained to revoke the ceasefire agreement,” the minister said at a press conference at the Government Guest House yesterday.

Meanwhile, BSF’s Jammu frontier IG Ram Awtar said Islamabad says one thing and does another. India and Pakistan DGMOs last week had agreed to implement the ceasefire pact of 2003 in “letter and spirit”. “Suddenly, Pakistan started firing around 1.15 am, injuring two of our personnel who later succumbed,” BSF IG Awtar said. Indian troops stationed at the border returned fire, he informed.

The government had on May 16 directed security forces in Jammu and Kashmir to follow what it called ” non-initiation of combat operations” during the holy month of Ramzan. The security forces, however, reserve the right to retaliate if attacked or if essential to protect the lives of innocent people, the ministry had said.

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