Rupee falls 15 paise to close at 88.31 against US dollar
Mumbai, Sep 22 (PTI): The rupee depreciated 15 paise to close at 88.31 (provisional) against the US dollar on Monday, as investors weighed Trump's H-1B visa fee hike impact on Indian remittances amid heightened risk-averse sentiment.
Forex traders said the recent hike in H-1B visa fees could contribute to equity outflows from the Indian IT sector in the near term, and could also exert pressure on the Indian rupee.
At the interbank foreign exchange, the rupee opened at 88.20, then touched an intra-day low of 88.34 and a high of 88.12 against the greenback. The domestic unit finally settled at 88.31 (provisional), lower by 15 paise over its previous close.
On Friday, the rupee appreciated four paise to close at 88.16 against the US dollar.
"We expect the rupee to remain weak as the US visa fee hike may dent market sentiments, which may weigh on the domestic currency.
"Risk aversion in domestic markets may also pressure the rupee. However, overall weakness in crude oil prices may support the rupee at lower levels. USDINR spot price is expected to trade in a range of 88.05 to 88.60," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 97.52.
Brent crude, the global oil benchmark, was trading 0.21 per cent lower at USD 66.54 per barrel in futures trade.
On the domestic equity market front, Sensex tanked 466.26 points to settle at 82,159.97, while Nifty dropped 124.70 points to 25,202.35.
Foreign institutional investors bought equities worth Rs 390.74 crore on a net basis on Friday, according to exchange data.
India's forex reserves jumped USD 4.698 billion to USD 702.966 billion for the week ended September 12, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the overall reserves had increased USD 4.038 billion to USD 698.268 billion.
Meanwhile, Commerce and Industry Minister Piyush Goyal is leading an official delegation to the US for trade talks.
The delegation plans to hold talks with the US team to take forward discussions with a view to achieving an early conclusion of a mutually beneficial trade agreement.
The minister will visit New York, accompanied by the special secretary in the ministry, Rajesh Agrawal, and other officials.
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Former minister C M Ibrahim announces to launch new regional party for Karnataka
Kalaburagi: Two years after being expelled from the Janata Dal (Secular), former minister C.M. Ibrahim has announced that he will launch a new regional political party in Karnataka on January 24, reported Deccan Herald.
Speaking at a meeting organised by the Nava Karnataka Nirmana Andolana in Kalaburagi on Sunday, Ibrahim confirmed the birth of the new party.
The 77-year-old politician stated he would soon be meeting with other like-minded individuals to choose a symbol for the party.
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Ibrahim emphasised that the organisation would be guided by the principles of 12th-century social reformer Basavanna and the architect of the Indian Constitution, Dr. B. R. Ambedkar.
A veteran politician, Ibrahim served as Union Civil Aviation Minister during the tenure of H.D. Deve Gowda as Prime Minister and later headed the Karnataka unit of the Janata Dal (Secular). He was expelled from the JD(S) in 2023 on charges of anti-party activities.
His exit from the party followed sharp differences over the JD(S) decision to ally with the Bharatiya Janata Party (BJP). As the then state president of the JD(S), Ibrahim had publicly criticised the alliance, claiming it was finalised without his knowledge. He had also reportedly convened meetings of his supporters and expressed support for the INDIA bloc.
