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Rupee ends 6 paise up against US dollar at 79.52

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The Indian rupee ended 6 paise up, at 79.52, against the US dollar on Monday following stronger regional currencies and risk-on sentiments ahead of inflation data.

At the Interbank foreign exchange market, rupee ended at 79.52, as against 79.58 against the US dollar.

“Indian rupee appreciated for the third day in a trot following stronger regional currencies and risk-on sentiments ahead of inflation data. The market is expecting a surge in inflation to 6.9 per cent from the previous 6.7 per cent amid higher commodity prices,” said Dilip Parmar, Research Analyst, HDFC Securities.

The Dollar index, which gauges the the strength of greenback against the basket of six major currencies, was at 107.942.

“Inflation will take centre stage this week as major economies unveil CPI updates. DXY has sharply cooled off from 110.78 to below 109.00 levels with hawkish ECB lifting the euro. But DXY may find support at 108.20 levels,” said Kunal Sodhani, Vice President, Global Trading Center, Shinhan Bank.

“Prices have been taking support near 79.90-80.00 mark strongly and faced resistance near 79.50, which is the 50 dma mark, if prices starts trading higher above 79.50 on rupee then further rise in rupee can be seen which can take price of rupee towards 79.00 levels,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

Brent crude oil prices were at $93.78 a barrel by the closing of Indian market hours.

Meanwhile, Benchmark indices ended sharply up on Monday following firm global cues.

Sensex ends up 321.99 points, or 0.54 per cent, at 60,115.13, and Nifty closed 103.00 points, or 0.58 per cent, up at 17,936.35. As many as 2,189 shares advanced, 1,394 shares declined, and 176 shares remained unchanged.

Titan, Axis Bank, Tech Mahindra, Tata Steel, Infosys were major gainers on the Sensex. BSE LargeCap was 0.64 per cent up, and BSE SmallCap and MidCap closed 1 per cent and 0.89 per cent up.

International

Trump says it’s hard to ask Israel to stop Iran strikes

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New York, June 21: US President Donald Trump said that it will be difficult to request Israel stop its airstrikes in Iran, even as he pursues a diplomatic solution to end the conflict.

Trump made the remarks to reporters in New Jersey, where he attended a fundraiser at his golf course, This information was given quoting local media.

Trump also dismissed European efforts to engage diplomatically with Iran. “They didn’t help… Iran doesn’t want to speak to Europe. They want to speak to us. Europe is not going to be able to help on this one.”

Earlier, US State Department spokesperson Tammy Bruce said she “can’t speculate” on whether the Trump administration will press for a ceasefire between Iran and Israel to allow US-Iran nuclear talks to move forward.

“I’m not going to characterize what’s happening now, or the reaction by the president or the secretary of state to what those negotiations might be,” Bruce said at a news briefing Friday.

Meanwhile, The Israel Defence Force (IDF) has announced that over 35 missile storage and launch facilities in the Tiberias and Kermanshah areas of Iran have been destroyed in attacks conducted by more than 25 Israeli Air Force fighter jets on Friday morning.

“This morning, the Air Force completed a wave of attacks against military targets of the Iranian regime in areas such as Kermanshah and Tiberias in Iran, with precise intelligence guidance from the Intelligence Branch. As part of the wave of attacks, more than 25 fighter jets attacked more than 35 missile storage and launch facilities in the Tiberias and Kermanshah areas of Iran,” the IDF said in a post on X.

The IDF also mentioned that the Israeli Air Force attacked several Iranian missile systems and radar installations in the areas of Isfahan and Tehran, which intended to target its aircraft and disrupt their operations.

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International

Russia shot down over 61 Ukrainian drones overnight

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Moscow, June 20: The Russian Defence Ministry on Friday stated that its air defences shot down 61 Ukrainian Unmanned Aerial Vehicles (UAVs) over several Russian regions overnight.

“On-duty air defences intercepted and destroyed 61 Ukrainian fixed-wing unmanned aerial vehicles between 8 pm and 7 am. Moscow time, 22 over the Oryol Region, 14 over the Kursk Region, seven over the Belgorod Region, five over the Voronezh Region, three over the Volgograd Region, three over the Rostov Region, three over the Tula Region, three over the Bryansk Region and one over the Moscow Region,” read the statement.

The Voronezh Region Governor, Alexander Gusev mentioned on Telegram that the drones had been destroyed over the city of Voronezh and on the region’s border, adding that there were no casualties or damage as per the preliminary reports.

Bryansk Region Governor Alexander Bogomaz stated that there were no casualties or damage in the region. “Response teams are working on the ground,” Bogomaz wrote on Telegram.

Meanwhile, in an interview with British media outlet Sky News, Kremlin Spokesman Dmitry Peskov said that Russia has no plans to lose its strategic advantage over Ukraine by agreeing to a ceasefire.

“Now we have a strategic advantage. Why should we lose it? We are not going to lose it. We are going further. We’re advancing and we’ll continue to advance,” he stated.

Russia has repeatedly stated that it will only agree to a ceasefire if Kyiv stops receiving foreign military aid, as any pause in hostilities would allow Ukraine to rearm and regroup its forces.

Stressing that Russia would not take advantage of a potential ceasefire, Peskov said, “A ceasefire is a ceasefire, and you stop.”

Russian President Vladimir Putin said on Thursday that he was ready to meet with Ukrainian President Volodymyr Zelensky in a “final phase” of negotiations, but again questioned his Ukrainian counterpart’s legitimacy.

“I am even ready to meet him (Zelensky) but only if it is some kind of final phase,” he said at a press conference with foreign media in St. Petersburg.

Russia wants to end the war in Ukraine “as soon as possible,” preferably through peaceful means, and is ready to continue negotiations, provided that Kyiv and its Western allies are willing to engage, Putin added.

He also added that he is ready to meet with Zelensky and “Russia does not care who represents Ukraine in negotiations, but insists that any final agreement must bear the signature of legitimate authorities”.

Russian and Ukrainian negotiators are prepared to resume direct talks after June 22, Putin said.

“I am ready to meet with anyone, including Zelensky,” the Russian leader said. “That is not the issue. If Ukraine entrusts him to negotiate, let it be Zelensky. The real question is: who will sign any resulting documents? We are not dealing with propaganda here; when it comes to serious matters, what matters is not political messaging but legal legitimacy,” he added.

Putin also said that if no peaceful resolution is reached, Russia will pursue its objectives in Ukraine by military means.

“Undoubtedly, if we fail to reach an agreement through peaceful negotiations, we will achieve our goals by military means,” he added.

He reiterated that the aim of Russia’s special military operation is the demilitarisation of Ukraine, depriving it of the capacity to maintain military forces that could endanger Russia.

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International

UN chief calls for investment in development to prevent conflict

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United Nations, June 20: UN Secretary-General Antonio Guterres called for investment in development to prevent conflict.

Prevention is the best cure for instability and conflict. And there is no better preventive measure than investing in development, he told a Security Council open debate on poverty, underdevelopment and conflict.

“Peace is not built in conference rooms. Peace is built in classrooms, in clinics, in communities. Peace is built when people have hope, opportunity and a stake in their future,” he said on Thursday. “Investing in development today means investing in a more peaceful tomorrow.”

He warned that the world is losing ground in this respect, Xinhua news agency reported.

“After decades of steady progress, we’re facing a development emergency. Ten years after the adoption of the Sustainable Development Goals, two-thirds of the targets are lagging,” said Guterres. “And developing countries are being battered and bruised by limited fiscal space, crushing debt burdens and skyrocketing prices.”

The engine of development is sputtering, he said. “We must renew domestic and global commitments to get public and private finance flowing to the areas of greatest need. We need to provide urgent debt relief for countries drowning in unsustainable debt service. And we must reform the global financial architecture to reflect today’s realities and the urgent needs of developing countries.”

The UN chief voiced concern over the vicious cycle of conflict and poverty.

The flames of conflict are too often lit and fed by persistent poverty and growing inequalities, he said. “Time and again, we’ve seen conflict engulfing lives and institutions, wiping out development gains, and uprooting millions of people. At the same time, we’ve seen how poverty, underdevelopment, inequality, injustice, hunger and exclusion can light the fuse of instability and conflict.”

It is no coincidence that nine of the 10 countries with the lowest Human Development Indicators are currently in a state of conflict. Forty per cent of the 700 million people living in extreme poverty live in conflict-affected or fragile settings. And the situation is only getting worse, he said.

Solutions are in short supply because of rampant geopolitical mistrust and divisions. The global economy is slowing, trade tensions are rising and aid budgets are being slashed while military spending soars. If current trends continue, two-thirds of the world’s poor will live in conflict-affected or fragile countries by 2030, warned Guterres.

The message is clear. The farther a country is from sustainable and inclusive development, the closer it is to instability, and even conflict, he said. “Let’s re-commit to the solidarity and multilateral spirit that has defined our organization across eight decades. And let’s ensure that the dividends of peace, prosperity and security are shared by all.”

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