Rupee falls 4 paise to 83.32 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities.
Persistent foreign fund outflows also weighed on the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.
On Friday, the rupee settled at 83.28 against the American currency.
"We expect the RBI to intervene to bring it within the 83.20-83.30 range. We otherwise expect a range-bound session with volumes being low on account of the festive season," India Forex And Asset Management Pvt Ltd (IFA Global) said in a research note.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.82, lower by 0.04 per cent.
Global oil benchmark Brent crude futures declined 0.93 per cent to USD 80.67 per barrel.
On the domestic equity market front, BSE Sensex was trading 262.56 points or 0.40 per cent lower at 64,996.89 points, while the broader NSE Nifty declined 70.55 points or 0.36 per cent to 19,455.00 points.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 190.06 crore, according to exchange data.
India's forex reserves jumped by USD 4.672 billion to USD 590.783 for the week ended November 3, the Reserve Bank said on Friday.
Foreign currency assets, a crucial part of the reserves, rose by USD 4.392 billion, as per the central bank.
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Veteran politician, BJP MP & ex-Union minister Srinivasa Prasad passes away
Bengaluru (PTI): Veteran politician, BJP MP and former Union Minister V Srinivasa Prasad died on Monday, family sources said.
The 76-year-old Lok Sabha member from Chamarajnagar was ailing for some time and being treated at a private hospital, where he passed away early today.
Prasad is survived by wife and three daughters.
He was a six-time MP from Chamarajanagar and also served as MLA from Nanjangud in Mysuru district for two terms.
On March 18 this year, Prasad announced his retirement from electoral politics, marking his 50 years in public life.
He first contested Assembly elections as an independent in 1974.
Prasad joined the erstwhile Janata Party in 1976 and switched over to the Congress in 1979. He also had a stint with the JD(S), JD (U), and the Samata Party before crossing over to the BJP.
Prasad served as the Union Minister of State for Consumer Affairs Food and Public Distribution in the Atal Bihari Vajpayee government from 1999 to 2004.
He returned to the Congress fold later, got elected as an MLA in 2013 and became Revenue Minister in the Siddaramaiah government.
In 2016, Prasad resigned from the Assembly and rejoined the BJP. He contested the 2017 Nanjangud bypolls on a BJP ticket but lost. He then successfully fought the Lok Sabha election from Chamarajanagar in 2019.
Condoling his death, Karnataka Chief Minister Siddaramaiah described Prasad as a strong voice for the oppressed Dalits.
"The departure of the leader who lived the struggle against injustice and inequality is a big setback for the political struggle for social justice in the state," he added.
"He was a progressive-thinking political leader. Although we worked in different parties for a long time in old Mysuru region, we maintained a respectful relationship with each other. When I met him recently, we reminisced. I never thought Prasad would leave us so soon," the CM said.
BJP stalwart and former Chief Minister B S Yediyurappa said: 'I met him only a few days ago and I can't believe that he is not with us now. He was recognised as an influential Dalit leader who had made his mark in the politics of the state and the country."
