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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Man kills woman lecturer, sets car ablaze; dies by suicide in Karnataka
Bengaluru (PTI): A 46-year-old man allegedly killed a woman lecturer by setting fire to the car with her inside, before dying by suicide; his severed body was found by railway police the next day, police said on Tuesday.
The deceased, identified as Ramanjinappa, a resident of Doddaballapura, was a contract worker in the tahsildar’s office, they said.
Police said the man, who was married and had apparently separated from his wife, was in an illicit relationship with a woman identified as Saroja, whose charred body was found inside a gutted car in an isolated area near the Bashetty Industrial Area in Doddaballapura taluk on the outskirts of Bengaluru.
Saroja was also married and had a son, police said.
According to police, on Saturday, the man allegedly borrowed a car from an acquaintance, claiming he had a medical emergency and needed to visit a hospital.
Citing preliminary investigations, a senior police officer said the man picked up the lecturer from a bus stop in Devanahalli. The two spent a couple of hours driving around Nandi Hills and nearby areas.
Later, they reached a secluded spot in Doddaballapura, where it is suspected that an argument ensued inside the car, following which he allegedly hit her on the head with a hammer, the officer said.
He then set the car on fire, reportedly using petrol, and is believed to have died by suicide thereafter, police said.
Locals who saw the burning car alerted the police and fire department, who rushed to the spot, extinguished the fire, and found the woman’s body completely charred inside the vehicle, the officer added.
His severed body was found near railway tracks in Bidadi by the railway police on Sunday, he said.
The motive and whether the crime was premeditated or impulsive are under investigation, he said.
Saroja’s husband filed a complaint accusing Ramanjinappa of killing her, police said, adding that a detailed investigation is underway to establish the exact sequence of events.
