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Rupee strengthens 29 paise to 71.38 against US dollar

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Mumbai |  Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows. Besides, the dollar’s weakness against some currencies overseas also supported the rupee.

The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4.

Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. The domestic currency had gained 26 paise to end at a 10-week high of 71.67 against the dollar Tuesday supported by steady forex inflows amid a crucial RBI board meeting.

Foreign Institutional Investors (Fiis) bought shares worth Rs 1,103.36 crore Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex slipped by 104.41 points, or 0.29 per cent, to 35,670.47 in opening trade.

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Banks’ consortium considering Rs 500 cr interim funding to Jet Airways, says PNB chief

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New Delhi | A consortium of banks is considering an interim funding of Rs 500 crore for debt-laden Jet Airways but a final decision is yet to be taken, Punjab National Bank Managing Director Sunil Mehta said on Friday.

PNB is part of the lenders’ consortium, led by State Bank of India (SBI), that has extended loans to the airline.

The full service carrier is looking to raise funds and restructure its debt.

Regarding Jet Airways, Mehta said the consortium is looking at the entire process and something is being worked out.

“Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline’s) value,” he said.

About interim funding for the carrier, Mehta said, “it is too premature to tell you about that plan” and the bankers are already working on it.

The SBI has taken a lead on it, and let the entire plan be worked out, he said, adding that it would be too early to announce the timings.

“Rs 500 crore that you are talking about is the interim funding but banks are looking at the long term resolution of the issues for which the plan is already in place for discussions,” he noted.

He was responding to a query about the banks’ extending interim funding to Jet Airways.

On February 14, the board of Jet Airways approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline.

Lenders are to convert part of the airline’s debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.

Later, appropriate interim credit facilities by domestic lenders would be sanctioned to the airline, as per a regulatory filing made on February 14.

The extraordinary meeting of Jet Airways shareholders was held on February 21 where various proposals were discussed. The results of the voting on the proposals would be released on Saturday.

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Rupee gains 2 paise to 71.22 vs US Dollar

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Mumbai | The rupee inched up 2 paise to 71.22 against the US dollar in early trade Friday amid a dip in crude oil prices and fresh foreign fund inflows.

At the Interbank Foreign Exchange (forex) market, the local unit opened almost flat at 71.23 and stayed in a narrow range. The rupee had skidded by 13 paise to close at 71.24 against the US dollar Thursday.

Foreign institutional investors (FIIs) net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed.

Brent crude futures, the global oil benchmark, was trading 0.25 percent lower at USD 66.90 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, traded flat at 96.60.

Meanwhile, the benchmark BSE Sensex fell 56.40 points, or 0.16 percent, to 35,841.95 in opening trade Friday.

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Rupee rises 9 paise to 71.02 vs US dollar

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Mumbai | The rupee darted up 9 paise to 71.02 against the US dollar in early trade on Thursday amid a reversal in foreign fund outflows even as oil prices hardened.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly higher at 71.06 and built on the gains to reach 71.02.  Snapping a four-session downturn, the rupee had appreciated by 23 paise to end at 71.11 against the US dollar Wednesday.

Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 713.47 crore on Wednesday, provisional data showed.  Brent crude futures, the global oil benchmark, was trading 0.24 percent higher at USD 67.24 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 percent to 96.52. Meanwhile, the benchmark BSE Sensex climbed 19.16 points, or 0.05 percent, to trade at 35,775.42 in early trade Thursday.

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