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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Expelled BJP leader Usman Ghani briefly detained in Bikaner
Jaipur (PTI): Usman Ghani, who was recently expelled from the BJP, was briefly taken into preventive custody in Bikaner for not allowing police to check his vehicle, officials said on Sunday.
The Bikaner police took Ghani into custody under section 151 of Code of Criminal Procedure (arrest to prevent the commission of cognisable offence) on Saturday and later produced before Additional District Magistrate (ADM) for release, they said.
The incident took place in front of Mukta Prasad Nagar police station of Bikaner.
According to SP Tejaswani Gautam, the police stopped a vehicle, driven by Ghani, at a checkpoint during routine checking.
He, however, did not allow the police to check his vehicle and created a nuisance following which he was taken into preventive custody, SP Gautam said.
Ghani, who was Bikaner BJP Minority Morcha district president, was on Wednesday expelled from the party for "tarnishing" its image.
While talking to a news channel, Ghani had said that the BJP will lose three-four Lok Sabha seats out of 25 seats in Rajasthan.
He had also condemned Prime Minister Narendra Modi's remarks made regarding Muslims during election rallies in the state.
"The party took cognizance of the act of Usman Ghani to tarnish the image of the BJP and expelled him from the primary membership of the party for six years, considering it a breach of discipline," BJP state disciplinary committee chairman Onkar Singh Lakhawat said on Wednesday.
