Rupee falls 11 paise to 90.77 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 11 paise to 90.77 against the US dollar in early trade on Tuesday as the currency market continues to price in caution rather than celebration, following the India-US interim trade framework.
At the interbank foreign exchange market, the rupee opened at 90.63 against the US dollar, then lost some ground to touch 90.77, registering a loss of 11 paise over its previous close.
On Monday, the rupee witnessed a volatile trading session and settled for the day on a slightly lower note, down 1 paisa at 90.66 against the US dollar.
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Forex traders said at first glance, the India-US framework looked constructive. It avoided immediate disruptions, set a roadmap for negotiations, and reassured exporters that nothing would break overnight. But as the market dug deeper, the optimism began to fade.
"The agreement places India under ongoing US oversight, particularly around energy imports from Russia — a sensitive issue that leaves room for penalties to be reimposed at any time," CR Forex Advisors MD Amit Pabari said.
In the near term, the 90.00–90.20 zone stands out as a very strong support area. As long as this region holds, USD/INR may gradually drift higher toward 91.00–91.20 in the coming days, Pabari said.
According to Pabari, a key anchor remains the Reserve Bank of India. "On rupee dips, the RBI is expected to step in with dollar purchases, absorbing inflows rather than allowing sharp appreciation," he said.
Meanwhile, foreign investors have shown some improvement. So far this month, FII inflows stand at nearly USD 2 billion in the Indian market.
"While this has helped stabilise sentiment, the market remains unconvinced about the durability of these flows. With global policy signals shifting almost daily, the currency market continues to price in caution rather than celebration," Pabari said.
On Monday, foreign institutional Investors purchased equities worth Rs 2,254.64 crore, according to exchange data.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 97.79.
Brent crude, the global oil benchmark, was trading 0.28 per cent lower at USD 68.85 per barrel in futures trade.
On the domestic equity market front, Sensex rose 149 points to 84,214.75 in early trade, while the Nifty was up 44.45 points to 25,911.75.
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Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
