Rupee settles 2 paise higher at 83.24 against US dollar
Mumbai (PTI): The rupee stayed range-bound and settled 2 paise higher at 83.24 against the US dollar on Tuesday even as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments.
Crude oil prices hovering below USD 88 a barrel supported the local currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.26 and finally settled at 83.24 against the greenback, registering a gain of 2 paise from its previous close.
During the day, the rupee witnessed range-bound trade reaching the peak of 83.25 and hitting the lowest level of 83.27 against the American currency.
On Monday, the rupee settled 1 paisa lower at 83.26 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.53 per cent at 106.68 on Tuesday.
Brent crude futures, the global oil benchmark, rose 0.22 per cent to USD 87.64 per barrel.
According to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, rupee was in yesterday's range as buyers of dollar "continued with their buying and RBI on its part continued to sell dollar".
"Brent oil was on the downside as economic worries from China and FED rate anxiety as well as Venezuela oil sales kept the commodity down," Bhansali said.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said, "Investors may remain cautious ahead of the FOMC meeting later this week. USD/INR spot price is expected to trade in a range of Rs 83 to Rs 83.60."
On the domestic equity market front, the BSE Sensex closed 237.72 points or 0.47 per cent lower at 63,874.93. The broader NSE Nifty declined 61.30 points or 0.32 per cent to 19,079.60.
According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 696.02 crore.
Meanwhile, the government data showed the growth of eight key infrastructure sectors slowed down to a 4-month low of 8.1 per cent in September 2023 against 8.3 per cent a year ago.
According to another data, the central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period.
Retail inflation for industrial workers eased to 4.72 per cent in September, compared to 6.91 per cent in August this year, according to labour ministry data released on Tuesday.
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Kerala polls: Vijayan, Revanth Reddy trade barbs as campaigning ends
Kannur (Kerala)/Hyderabad (PTI): A war of words between Kerala Chief Minister Pinarayi Vijayan and his Telangana counterpart Revanth Reddy turned acrimonious on Tuesday, the final day of campaigning for the April 9 Assembly polls.
The two leaders sparred on the virtual world as well, exchanging letters on their respective social media handles.
The escalation came after Vijayan, responding to Reddy's earlier remarks, used Malayalam expressions considered nearly derogatory, signalling strong disapproval of the Telangana CM's comments.
Reddy, campaigning for the UDF in Kollam district, hit back swiftly, likening Vijayan to PM Narendra Modi.
He said he would take any personal remarks from the senior leader as a "blessing" considering his age, but objected to what he described as insults directed at the people of Kerala. "But you cannot abuse our Kerala people," he said, hours before campaigning drew to a close.
The controversy began after Reddy had said "nee po mone Vijaya" by invoking a famous dialogue from superstar Mohanlal's blockbuster movie "Narasimham" while referring to Vijayan on April 1 during a UDF campaign roadshow in Nemom constituency.
Earlier in the day, while reacting to Reddy's earlier remarks, Vijayan said a CM must maintain basic standards of conduct and questioned whether such dignity was being followed.
In his response to a query, Vijayan used Malayalam words that were seen as nearly derogatory for Reddy, signalling his strong disapproval of the remarks made against him.
Sharply reacting to the CM's objectionable remarks, Congress leader V D Satheesan said Vijayan appeared to have "completely lost composure" and warned that any further deterioration in his conduct would have brought "greater embarrassment" to the state.
After the critical remarks during the press meet, Vijayan wrote on his 'X' handle that political differences are natural, but expressing strong disagreement through personally insulting remarks is an attitude that he rejects. Reddy's statements lacked factual backing.
In a detailed letter attached with the 'X' post addressing the Telangana CM, Vijayan said the experience of the people of Kerala was "vastly different" from what Reddy had portrayed.
He clarified that he did not intend to engage in a debate over the performance of the Telangana government, stating that it was for the people of Telangana and political parties there to assess their government.
Referring to Reddy's comments, Vijayan said the LDF government has been consistently publishing progress reports over the past 10 years on the implementation of its election promises, underlining its commitment to continuous accountability.
He also rejected the allegation of "selective appropriation" of Kerala's achievements, including its top ranking in the NITI Aayog SDG Index, and said such criticism was misplaced.
Dismissing claims of industrial stagnation, Vijayan said Kerala has made significant strides in the startup ecosystem and ease of doing business, adding that these achievements have been widely acknowledged.
He also alleged that key infrastructure projects in Kerala, including the Kochi Metro and Vizhinjam Port, faced delays under previous Congress-led governments at the Centre, while long-pending promises such as a railway coach factory remained unfulfilled.
Vijayan further accused the BJP-led Union government of discrimination against Kerala and said the state has been actively resisting what he described as "anti-federal and undemocratic" policies through legal and political means, including approaching the Supreme Court.
He also rejected Reddy's criticism that the LDF was not vocal enough against the BJP, asserting that Kerala has been at the forefront of defending constitutional values.
Concluding his letter, Vijayan reiterated the state government's commitment to building a "Nava Keralam" and moving forward as a model for others.
On April 1, while addressing party workers in Nemom, Reddy used the popular Malayalam film dialogue "Nee po mone Vijaya". He adapted it to target Vijayan, saying "Nee po mone Vijaya".
Reddy went further, claiming that Vijayan's "time is over" and that his "expiry date has passed".
Responding to these allegations, Vijayan had said that the Telangana CM was "misinformed" and accused him of "ridiculing" Kerala and its people while trying to hide the weaknesses of his own state.
In a later response, Reddy defended his remarks and said that many of the statistics cited by Vijayan were taken from the NITI Aayog SDG Index 2023 24, arguing that the data was already outdated.
Reddy in his letter questioned the veteran Marxist leader's claim that Kerala would become the first state to completely eradicate extreme poverty by late 2025 had been achieved. Further, he chooses to conduct himself respectfully and gracefully in his criticism of the Kerala government's performance, whereas Vijayan opted to use language of poor taste.
Reddy, in his letter on X, said that while he respects NITI Aayog's corruption rankings, he wants to know why the infamous gold smuggling case, linked to individuals connected to the CMO, remains unresolved, and why 4.5 kg of gold allegedly misappropriated from the Sabarimala Ayyappa Temple has not been accounted for.
