Rupee rebounds from all-time low, up 7 paise to 92.14 against US dollar in early trade
Mumbai (PTI): The rupee rebounded from its all-time low in early trade on Tuesday, rising 7 paise to 92.14 as global oil prices fell after US President Donald Trump said the war with Iran may end soon.
A weaker greenback and a strong opening at the domestic equity markets further supported the local unit while heavy FII outflows capped sharp gains, forex traders said.
At the interbank foreign exchange, the rupee opened at 91.92 but fell to 92.14, up 7 paise from its previous close.
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The rupee crashed to its all-time closing low of 92.21 against the US dollar on Monday, losing 39 paise during the session, as global crude oil prices saw a sharp spike, and the greenback strengthened.
"The rupee fell to its lowest (on Monday). But oil prices have since fallen after G-seven countries decided to utilise their strategic reserves to sell oil and bring prices down," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
"Later, Trump said the war could be over as soon as his goals have been accomplished. Later he also weighed on easing Russia sanctions and other measures to cool off oil prices. The Brent prices cooled off this morning in the Asian trade," he said, adding that the rupee is expected to move within a range of 91.50 to 92.10.
Meanwhile, Brent crude, the global oil benchmark, was trading lower by 4.69 per cent at USD 94.32 per barrel in futures trade as the war between US-Israel and Iran intensified.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.26 per cent lower at 98.92.
On the domestic equity market front, the Sensex rose 809.57 points to 78,375.73 in opening trade while Nifty climbed 252.75 points to 24,280.80.
Foreign institutional investors sold equities worth Rs 6,345.57 crore on a net basis on Monday, according to exchange data.
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Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
