Rupee falls 6 paise to close at an all-time low of 83.40 against US dollar
Mumbai, Nov 24: The rupee declined 6 paise to close at its all-time low of 83.40 against the US dollar on Friday, tracking higher demand for the greenback from importers and a weak tone among Asian peers.
Forex traders said a muted trend in domestic equities also weighed on the local unit.
At the interbank foreign exchange market, the local unit opened at 83.33 against the US dollar and moved in the range of 83.33-83.40 during the session.
It finally settled at its lifetime low of 83.40 against the dollar, registering a fall of 6 paise from its previous close.
On Thursday, the rupee settled at 83.34 against the American currency.
"The Indian Rupee ended weaker to record closing low on Friday, weighed down by weakness in its Asian peers and dollar demand from foreign banks...For the week, the local unit depreciated by 0.10 per cent on the back of bids from foreign banks and importers' dollar demand.
"Meanwhile, most Asian peers were weaker this Friday, while a recovery of the US Treasury Yields also weighed on sentiments," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.
The rupee depreciated on Friday on demand for dollars from importers and weak tone in Asian currencies. However, a softness in the US Dollar and a decline in crude oil prices cushioned the downside, Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 103.73.
"In the overseas markets, the US Dollar Index was trading marginally weaker against the basket of currencies in thin Black Friday trading on bets rates have peaked.
"The Yen was flat even after Japan's core consumer price growth picked up, reinforcing views that the BoJ (Bank of Japan) may soon roll back monetary stimulus," Iyer said.
The Sterling was trading stronger against the greenback on Friday afternoon in Asian trading.
Brent crude futures, the global oil benchmark, rose 0.28 per cent to USD 81.65 per barrel.
On the domestic equity market front, Sensex fell 47.77 points, or 0.07 per cent, to settle at 65,970.04 points. The Nifty advanced 7.30 points, or 0.04 per cent, to 19,794.70 points.
Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,625.21 crore, according to exchange data.
"We expect the rupee to trade with a slight negative bias due to weak global markets and expectations of a recovery in the US Dollar index. However, IPO-driven Dollar inflows and a weak tone in crude oil prices may support the local currency.
"Traders may take cues from PMI data out of the US today evening. USD/INR spot price is expected to trade in a range of 83.10 to 83.70," Choudhary said.
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Another incident of alleged insult to Islamic prayer reported in Belthangady
case lodged against 47 individuals
Belthangady: Another incident involving individuals allegedly dancing indecently, dressed in a denigrating manner, and insulting the Azan (Islamic call to prayer) has come to light under the jurisdiction of the Venoor Police Station. A case has been lodged against 17 accused persons and 20 to 30 others who were allegedly involved in the act.
Based on a complaint filed by Mohammed Rafiq, a resident of Poyyegudde house in Padangady village, a case has been registered at Venoor police station against Savya residents Vasantha, Rajesh, Harish, Peradi residents Dayanand, Ranganath, Mohan, Shamit, Ravi, Ramesh Kulal, Suresh, Ashoka Kulal, Dhanush Haradottu, Harish Banthottu, Ramesh R.K, Suresh Barottu, Pramod, Prakash Peradi and 20 to 30 other individuals.
A case has been registered under Section 353(2) along with Section 3(5) Bharatiya Nyaya Sanhita 2023 for disrespecting Islam, Prophet Muhammad and the Islamic prayer Azhan by wearing Muslim attire during a 'Purusha Kattuna' event on April 14th.
A video of the incident is reportedly circulating on various social media platforms. In the purported video, a group of individuals can be seen wearing traditional Muslim attire and allegedly insulting the Azan by dancing indecently during a 'Purusha Kattuna' (a ritualistic dance performed by men of different castes, typically marking the end of agricultural activities) event held in Peradi near Venoor.
This incident follows a similar episode reported just days ago during a Purushara Puja ceremony, where Islam was allegedly disrespected. A complaint had already been filed with the Venoor police regarding that incident.
Leaders from the Social Democratic Party of India (SDPI) had also approached the Venoor police and submitted an official complaint, and demanded immediate action against those who are responsible for creating unrest in the society by wearing Muslim attire and hurting religious sentiments.
The Venoor police have now registered a case following widespread outrage over the alleged video denigrating Islam.
