Rupee falls 15 paise to 83.34 against US dollar
Mumbai (PTI): The rupee declined 15 paise to settle at 83.34 against the US dollar on Wednesday due to sustained outflow of foreign funds and increased demand for American currency from importers and banks.
According to forex traders, a robust buying trend in the domestic equity market failed to boost sentiment as investors remained concerned over volatile crude oil prices, fearing disruption in global trade through the Red Sea route.
At the interbank foreign exchange, the domestic currency opened at 83.21 and traded between the peak of 83.20 and the lowest level of 83.35 against the dollar during intra-day deals. The local unit finally settled at 83.34 against the greenback, registering a fall of 15 paise from its previous close.
On Tuesday, the domestic currency settled at 83.19 against the dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the Indian rupee depreciated on dollar demand from foreign banks and importers.
"FII outflows also weighed on the rupee. However, positive domestic markets and the weak tone in the US dollar cushioned the downside," he said but added that the rupee is likely to trade with a slight negative bias on month-end dollar demand from oil marketing companies and importers.
"USD-INR spot price is expected to trade in a range of Rs 83 to Rs 83.70," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower at 101.07 on Wednesday.
Global oil price benchmark Brent crude slipped 0.16 per cent to USD 80.94 per barrel.
In the domestic equity market, the 30-share BSE Sensex jumped 701.63 points or 0.98 per cent to settle at a fresh peak of 72,038.43 points. The broader NSE Nifty soared 213.40 points or 1 per cent to 21,654.75 points.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,926.05 crore on Wednesday, according to exchange data.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, the dollar index's weakness has generally kept the rupee stable within this range.
"However, the broader trend is a gradual decline over the past few months, with the RBI providing support around the 83.40-83.50 zones. The global holiday week shall keep range bound volatility continued with range break possible on lower side likely in coming sessions," Trivedi said.
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Will go out of way for protection of environment, ecology: SC on tree felling in Hyderabad
New Delhi (PTI): The Supreme Court on Wednesday expressed concern over the environmental damage due to the felling of a large number of trees on a land parcel next to the University of Hyderabad, and said it would go out of the way for the protection of environment and ecology.
A bench of Justices B R Gavai and Augustine George Masih questioned the Telangana government over the "tearing hurry" to fell the trees there.
"You have to come up with a plan as to how you will restore those 100 acres (of land)," the bench told senior advocate Abhishek Singhvi, who appeared for Telangana.
Justice Gavai said the top court was surprised to see videos where animals were running for shelter.
The bench directed the wildlife warden of Telangana to take immediate steps to protect the wildlife.
"For the protection of the environment and ecology, we will go out of the way," Justice Gavai said.
While posting the matter for the next hearing on May 15, the bench orally said, "In the meantime, not a single tree will be felled there."
On April 3, the top court took suo motu cognisance of the state's tree felling drive in the Kancha Gachibowli forest and called it a "very serious" matter.
It asked the Telangana government to explain the "compelling urgency" for clearing the large tree cover and stayed any future activity till further orders
Students of the University of Hyderabad were protesting against the state government's plans to develop the 400-acre land parcel bordering the university.
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