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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Air pollution: Car now status symbol, people saving money to buy 4-wheelers, says CJI Surya Kant
New Delhi (PTI): Car has become a status symbol, and people are saving money to buy four-wheelers after stopping using bicycles, Chief Justice of India Surya Kant said on Tuesday.
The CJI's observation came while hearing a plea related to air pollution in Delhi-NCR.
After senior advocate Rakesh Dwivedi suggested that a solution to the problem of air pollution can be achieved by cutting down on people owning multiple cars, CJI Kant said, “Car has become a status symbol… People are saving money to buy cars and have stopped using cycles.”
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During the arguments, Dwivedi said the automobile industry is too powerful.
The CJI said, “The rich people should also sacrifice. Instead of going for high-end vehicles, they should go for good electric vehicles.”
Observing that the Commission for Air Quality Management (CAQM) is failing in its duty, the Supreme Court rapped the central pollution watchdog for seeking a two-month adjournment on the issue of temporary closure or relocation of toll plazas on Delhi borders to ease traffic congestion.
The top court criticised the CAQM for the lack of “seriousness” in its approach, and said that it appears to be in no hurry in either identifying the causes of the worsening air quality index (AQI) or finding long-term solutions.
The bench of CJI Kant and Justice Joymalya Bagchi directed the CAQM to convene a meeting of experts in two weeks and submit a report on the major causes of the worsening pollution levels.
