Rupee rises 49 paise to 89.17 against US dollar in early trade
Mumbai (PTI): The rupee rebounded on Monday from record lows, rising 49 paise to 89.17 against the greenback in early trade on US dollar selling by banks and a dip in global crude oil prices.
A positive opening in the domestic equity markets and intervention by the Reserve Bank of India (RBI) lent support to the domestic unit, according to forex traders.
The rupee opened at 89.46 against the greenback before rising to 89.17, up 49 paise from its previous close.
The rupee plunged 98 paise to close at its lifetime low of 89.66 against the US dollar on Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties.
In the steepest fall in over three years, the domestic currency nosedived 98 paise to finally settle at 89.66 against the American currency.
The previous biggest one-day fall was recorded at 99 paise against the dollar on February 24, 2022.
"Most traders believe that rupee may not cross 90 as it may remain protected for a few more weeks and expect a positive (India-US) trade deal outcome by December-end. The market is bracing for more weakness after the rupee slid to a record low on Friday," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
In the absence of a trade deal, the 90-mark doesn't seem quite distant now, he added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was marginally up by 0.01 per cent at 100.18.
Brent crude, the global oil benchmark, was trading 0.10 per cent lower at USD 62.50 per barrel in futures trade.
On the domestic equity market front, the Sensex climbed 218.44 points to 85,450.36 in early trade while Nifty was up 69.4 points to 26,137.55.
Foreign institutional investors sold equities worth Rs 1,766.05 crore on a net basis on Friday, according to exchange data.
India's forex reserves jumped USD 5.543 billion to USD 692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves, the RBI said on Friday.
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BCI urges CJI to take action against Andhra HC judge for sending young lawyer to 24-hour custody
New Delhi (PTI): The Bar Council of India on Wednesday sought the urgent intervention of Chief Justice of India Surya Kant following a "deeply disturbing" incident where a judge of the Andhra Pradesh High Court reportedly sent a young advocate to
24-hour judicial custody over a procedural lapse.
The Bar Council of India (BCI) Chairperson and senior advocate Manan Kumar Mishra, in a formal representation, termed the conduct of Justice Tarlada Rajasekhar Rao "grossly inappropriate" and "damaging to the confidence of the Bar".
“I most respectfully request your Lordship to kindly take immediate institutional cognizance of the matter and call for the video recording of the proceedings, the order passed, and the surrounding circumstances.
“I further request that appropriate administrative action may kindly be considered, including withdrawal of judicial work from the learned Judge pending review, his immediate transfer to some far off High Court, and his nomination for appropriate judicial training/orientation on court management, judicial temperament, Bar-Bench relations, and proportional exercise of contempt/judicial authority,” Mishra wrote.
This representation is made to preserve the “dignity, moral authority and public confidence of the judiciary”, he said, adding, “Judges command the highest respect not by fear, but by fairness, patience, restraint and constitutional humility”.
The communication urged the CJI to intervene at the earliest to ensure that the faith of Bar, particularly young advocates, in the protective and corrective role of the judiciary is restored.
The controversy stems from proceedings on May 5.
According to the BCI, a video circulating online shows Justice Rao rebuking a young advocate who was unable to produce a specific order copy during a hearing.
The letter said that despite the advocate "repeatedly seeking pardon and mercy" and claiming he was in physical pain, the judge remained "unmoved".
The judge allegedly told the lawyer, "now you will learn," and mocked his experience before directing the Registrar and police personnel to take him into custody for 24 hours.
The BCI chairperson said that the judge’s actions lacked proportionality and fairness.
"The dignity of the court is not enhanced when a lawyer is made to beg for grace in open court and is still sent to custody for a procedural lapse," the letter said.
"A young lawyer... is an officer of the Court, still learning, still growing, and entitled to correction without humiliation," it added.
The bar body said that such actions create a "chilling effect" on the legal fraternity, particularly among junior members, and undermine the mutual respect required between the Bench and the Bar.
