Rupee falls 10 paise to 90.15 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 10 paise to 90.15 against the US dollar in early trade on Tuesday, as dollar demand from corporates, importers and foreign portfolio investors dented investors' sentiments.
Forex traders said investors are in a wait and watch mode and market participants are waiting for clarity from the US FED before taking decisive positions.
At the interbank foreign exchange, the rupee opened at 90.15 against the US dollar, down 10 paise from its previous close.
On Monday, the rupee settled at 90.05 against the US dollar. Market is focussed on the stance the US Federal Reserve Chief chairman Jerome Powell will deliver in the US FED meeting this week.
"Any shift in tone could quickly change the direction for global currencies," CR Forex Advisors MD Amit Pabari said.
"With the dollar turning softer—driven by rising expectations of a Fed rate cut—and the RBI actively managing liquidity and hope of a trade deal, the rupee now looks set to settle into a period of consolidation within a broad 89.20–90.30 range," Pabari added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 99.04 Brent crude, the global oil benchmark, was trading lower by 0.19 per cent at USD 62.37 per barrel in futures trade.
"A combination of softer local equities, tepid Asia FX and pre-FED caution, higher US yields are weighing over rupee even as the dollar index holds itself near 99 levels.
"FPI equity outflows continue while uncertainty around US-India trade talks beginning on Wednesday are keeping the US dollar well bid while RBIs presence keep rupee well entrenched into a small range," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
India and the United States will commence three-day talks on the first phase of their proposed bilateral trade agreement here from December 10.
On the domestic equity market front, the benchmark sensitive index Sensex was trading lower by 381.91 points at 84,720.78, while the Nifty was down 139.55 points at 25,821.00.
Foreign Institutional Investors sold equities worth Rs 655.59 crore on Monday, according to exchange data.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Beauty of democracy: Tharoor congratulates BJP on civic body poll win in his constituency
New Delhi (PTI): Congress leader Shashi Tharoor on Saturday, while lauding the win of the UDF in Kerala local bodies elections, also congratulated the BJP for its historic performance in his Thiruvananthapuram constituency, calling it the "beauty of democracy".
In a post on X, he said the people's verdict must be respected, whether for the UDF overall or for the BJP in his constituency.
"What a day of amazing results in the Kerala local self-government elections! The mandate is clear, and the democratic spirit of the state shines through.
"A huge congratulations to @UDFKerala for a truly impressive win across various local bodies! This is a massive endorsement and a powerful signal ahead of the state legislative elections. Hard work, a strong message and anti-incumbency have all clearly paid off to achieve a much better result than in 2020," Tharoor said.
He said he also acknowledges the historic performance of the BJP in Thiruvananthapuram, and "offer humble congratulations on their significant victory in the city corporation - a strong showing that marks a notable shift in the capital's political landscape."
Tharoor said he campaigned for a change from 45 years of the LDF "misrule", but the voters have ultimately rewarded another party that also sought a clear change in governance.
"That is the beauty of democracy. The people's verdict must be respected, whether for the UDF overall or for the BJP in my constituency.
"We will continue to work for the betterment of Kerala, advocating for the people's needs and upholding the principles of good governance. Onwards and upwards!" Tharoor, who is the MP from Thiruvananthapuram, said.
The lotus bloomed in the state capital as the BJP-led NDA achieved a resounding win in the polls for the Thiruvananthapuram Corporation, snatching it from the CPI(M)-led LDF and marking an end to 45 years of continuous Left rule in the local body.
The win in the Thiruvananthapuram Corporation will act as a boost for the BJP in the 2026 Assembly polls, especially in the state capital.
Of the 101 wards in the Thiruvananthapuram Corporation, the BJP won 50, LDF 29, UDF 19 and two wards were won by independent candidates.
The BJP is one seat short of a decisive majority in the corporation.
Besides this, the NDA retained the Palakkad municipality after a close battle with the Congress-led UDF and wrested the Thrippunithura Municipality from the grand old party.
In Thrissur, from where Suresh Gopi won in the Lok Sabha polls last year, the BJP won 18 out of the 46 wards in Kodungallur Municipality, eight in Thrissur Corporation, two each in Guruvayoor and Vadakkancherry municipalities, seven in Kunnamkulam Municipality, six in Irinjalakuda Municipality and one in Chalakudy Municipality.
