Rupee falls 4 paise to 90.24 against US dollar in early trade
Mumbai (PTI): The rupee opened weak and declined 4 paise to 90.24 against the US dollar in early trade on Monday, as geopolitical uncertainties triggered by the US intervention in Venezuela fuelled the demand for the American currency.
According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.
At the interbank foreign exchange market, the rupee opened at 90.21 against the US dollar and lost further to trade at 90.24 against the greenback in early deals.
On Friday, the rupee settled lower by 22 paise at 90.20 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 98.50.
The US on Saturday carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Brent crude, the global oil benchmark, was trading 0.07 per cent lower at USD 60.70 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.
Foreign institutional investors turned net buyers, picking up equities worth Rs 289.80 crore on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves jumped by USD 3.293 billion to USD 696.61 billion in the week to December 26. The overall kitty had increased by USD 4.368 billion to USD 693.318 billion in the previous reporting week.
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Whoever wins heart of Gandhi family in Congress will become CM: Basavaraj Bommai
Gadag: In Congress, whoever wins the hearts of Sonia Gandhi, Rahul Gandhi, and Priyanka Gandhi will become the Chief Minister. This is a shame for the democratic system, said former Chief Minister and MP Basavaraj Bommai.
Speaking to the media in Gadag, he said there is a clash among leaders due to excessive desire for power. Cabinet ministers are trying to retain their positions. Some leaders are demanding ministerial posts saying they have won elections multiple times, while newcomers are also seeking ministerial positions. He added that the Chief Minister is trying to retain his position.
Bommai said Mallikarjun Kharge is a senior leader and feels he should have been given the Chief Minister post fairly.
He further said that Siddaramaiah and DK Shivakumar function as the high command, referring to Rahul Gandhi and Sonia Gandhi, and added that Congress is a family-based party. He reiterated that whoever wins the support of Rahul Gandhi, Sonia Gandhi, and Priyanka Gandhi becomes the Chief Minister, calling it a shame for the democratic system and alleging that the party has weakened internal democracy.
Responding to a question about allegations that officials in the government are not working, he said, “The people who made them are angry. The Congress has cheated the people who elected them. The government is completely at a standstill. No work has been done. About Rs 14,000 crores provided in Siddaramaiah's last budget have not been used. About Rs 10,000 crores were not used in the year before that either. How will the officials work if there is political conflict? If the CM says one thing and the DCM says another, this government has completely come to a standstill in the eyes of the people.”
