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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Ashoka University Professor Ali Khan Mahmudabad arrested over remarks on Operation Sindoor
sparks free speech debate
Sonipat/New Delhi: Ali Khan Mahmudabad, Associate Professor and Head of the Department of Political Science at Ashoka University, has been arrested following remarks made on social media regarding media briefings related to Operation Sindoor. The arrest has ignited a fresh debate on academic freedom and political sensitivities in India.
The arrest was initiated based on a complaint filed by Yogesh Jatheri, General Secretary of the BJP Yuva Morcha in Haryana. According to sources, Mahmudabad was taken from his Delhi residence without a transit remand, prompting criticism from several academics and activists. Delhi University professor Apoorvanand stated, "Haryana police has illegally arrested Dr. Ali Khan. Taken to Haryana from Delhi without transit remand. FIR at 8 PM. Police reached his home the next morning at 7 AM!"
Mahmudabad's remarks, referring to the press briefings by Wing Commander Vyomika Singh and Colonel Sofia Qureshi as "optics," sparked controversy. He had stated, “Optics must translate to reality on the ground, otherwise it’s just hypocrisy,” as reported by PTI.
In response, the Haryana State Commission for Women issued a notice to Mahmudabad, citing suo motu cognisance of public statements made around May 7. However, the professor did not appear before the Commission in Panchkula as required.
Reacting to the developments, Mahmudabad defended his remarks in a public statement on social media platform X. He said, “I am surprised that the Women's Commission, while overreaching its jurisdiction, has misread and misunderstood my posts to such an extent that they have inverted their meaning.”
He added that his work has always upheld constitutional values. “My academic record, public writings, and policy work, including collaborations with senior bureaucrats, military officers, and politicians, attest to the fact that I have made it a priority to protect the unity and integrity of India,” he said.
Mahmudabad further asserted that his social media posts were aimed at promoting peace and harmony while appreciating the Indian armed forces for their resolve. “I exercised my fundamental right to freedom of thought and speech in order to promote peace and harmony, and to applaud the Indian armed forces for their resolute action,” he said.
Ashoka University issued a statement distancing itself from Mahmudabad’s personal views. “Comments made by a faculty member on his personal social media pages do not represent the opinion of the university. These statements have been made by him independently in his individual capacity,” the university said.
Reaffirming support for the armed forces, the university added, “Ashoka University and all members of the Ashoka community are proud of India's armed forces and support them unequivocally in their actions towards maintaining national security.”
