Rupee falls 28 paise against US dollar The rupee fell 28 paise to close at 81.70 against the US dollar on Tuesday amid stronger American currency and unabated foreign fund outflow. However, lower crude prices capped the losses in the local unit, forex traders said. Also read: Markets Wrap – Tue, 24 Jan ‘23: Stocks rise, rupee falls; Asia, Europe markets, Gold, Crude, Crypto updates The domestic currency lost ground during the day and hit a low of 81.76 a dollar but moved up to the level of 81.43 before closing at 81.70 a dollar. “Rupee traded weak at 81.65 down from 81.42 on the back of a rise in FII selling and forex outflows… Lower dollar price and some early gains in the capital market, however, kept losses in rupee limited…,” said Jateen Trivedi, VP Research Analyst at LKP Securities. On Monday, the rupee had declined by 25 paise to close at 81.42 against the US dollar. Meanwhile, the US dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 102.22. The Brent crude was trading 0.42 per cent lower at USD 87.82 per barrel. Also read: Indigo Paints, Thyrocare, Gland Pharma among 38 NSE stocks to hit 52-week low, 32 rises to 52-week high On the domestic equity market front, the 30-share BSE Sensex ended almost flat at 60,978.75, up 37.08 points or 0.06 per cent. The broader NSE Nifty inched up 0.25 points to close the session at 18,118.30. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 760.51 crore, according to exchange data.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)