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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Karnataka govt cancels allotment of 48 MUDA sites in Mysuru
Mysuru (Karnataka), Dec 3: The Karnataka government has cancelled the allotment of 48 MUDA sites, which were allotted by a resolution on March 23, 2023.
According to sources in the Mysuru Urban Development Authority ((MUDA), the sites were located in Dattagalli in Mysuru city.
The MUDA cancelled the allotment following an order by the Urban Development Department on November 30, 2024, they added.
The reason behind the cancellation was its allotment allegedly against the rules, sources said without elaborating the violations that took place in the allotment.
However, this was not allotted under the controversial 50:50 scheme, which is being probed by the Lokayukta as well as the Enforcement Directorate after it came out that Chief Minister Siddaramaiah's wife Parvathi B M too benefited with 14 MUDA sites in the Mysuru upmarket.
While the Lokayukta police registered an FIR against Siddaramaiah, Parvathi, his brother-in-law Mallikarjuna Swamy and others, Parvathi wrote to MUDA to cancel the allotment of sites.
