Rupee crashes 46 paise to 92.28 against US dollar in early trade, nears all-time low
Mumbai (PTI): The rupee plummeted 46 paise to near its all-time intra-day low of 92.28 against the US dollar in early trade on Monday as global crude oil prices shot up and the greenback strengthened amid the worsening situation in the Middle East.
Brent crude, the global oil benchmark, was trading higher by a staggering 25.68 per cent at USD 116.5 per barrel in futures trade as the war between US-Israel and Iran intensified.
A big surge in FII outflows and a crash at the domestic equity market in morning trade put further pressure in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 92.22 against the US dollar before declining further to 92.28, down 46 paise from its previous close. The rupee had hit an all-time intra-day low of 92.35 on March 4.
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The rupee depreciated 18 paise against the US dollar on Friday to close at 91.82 against the American currency.
"The rupee will remain vulnerable to the rising oil prices which have risen by more than 28 per cent since the last closure on Friday. Asian currencies were also lower on Monday," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Rupee might touch 93.00 if oil remains above USD 100 in the coming trading sessions, he added.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.66 per cent higher at 99.64.
On the domestic equity market front, the Sensex crashed 2,345.89 points to 76,573.01 in early trade, while Nifty tumbled 708.75 points to 23,741.70.
Foreign institutional investors sold equities worth Rs 6,030.38 crore on a net basis on Friday, according to exchange data.
Meanwhile, India's forex reserves jumped USD 4.885 billion to an all-time high of USD 728.494 billion during the week ended February 27, the Reserve Bank said on Friday.
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Karnataka: Elderly man dies after his car catches fire
Chikkaballapur (Karnataka) (PTI): A 70-year-old man died after his car caught fire, leaving his body charred, police said on Monday.
The deceased was identified as Uday Kumar, a resident of Raghuvanahalli on Kanakapura Road in Bengaluru, they said.
The incident occurred near Achepalli Cross in Bagepalli taluk of Chikkaballapur district on Sunday when he was returning after visiting his mother in his native place, police said.
Local police were alerted by passersby who noticed the car on fire. Fire tenders rushed to the spot and doused the blaze. However, the flames had spread rapidly through the vehicle, resulting in his death. Later, his charred body was recovered from the car, police said.
Citing preliminary investigation, a senior police officer said it appeared to be a case of suicide as investigators did not find any evidence indicating an accident or a mechanical fault in the car that could have triggered the fire.
"However, teams have collected samples and other evidence, and further investigation is underway to ascertain whether there was any technical fault that led to the fire," the officer said.
