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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Marxism will remain relevant despite Left electoral's losses, says general secretary M A Baby
New Delhi (PTI): CPI(M) General Secretary M A Baby on Thursday asserted that the Left movement would remain relevant despite not being in power in any state, saying the ideology would continue to endure as long as social and economic inequalities persist.
Hitting back at BJP leader Rajeev Chandrasekhar over his reported remarks that Marxism had become irrelevant, Baby, in an interview with PTI Videos, said, "So long as there is division in society, so long as there is exploitation of the majority of workers, peasants and ordinary masses by a handful of billionaires, Marxism will remain relevant."
"That perhaps Mr Rajeev Chandrasekhar may not be able to understand, but this is the fact of the matter," he said.
Baby acknowledged that the CPI(M)-led Left was currently without an elected government in any state, but maintained that electoral setbacks would not diminish the movement's role.
"We may not have an elected government in any state. There were occasions when we didn't have a government. But the red flag and the commitment to organise and struggle for the rights of the dispossessed, marginalised and exploited will always be upheld by CPI(M) and the Left movement," he said.
He said the Left continued to enjoy support among workers, peasants, agricultural labourers, youth, students and women, and argued that the movement remained necessary because "oppression and assault" continued in society.
"So long as such problems exist in society, the red flag and the working class movement will continue to work among the masses," the Left leader said.
Exuding confidence on the Left's revival, Baby said the party would reflect on the reasons behind its electoral loss.
"We may be rejected in one election, but we will stage our comeback by understanding what went wrong with us," he said, adding, "We will listen to people and we will come back with higher strength."
Baby also criticised the Congress over reported factional tensions in Kerala after the Congress-led United Democratic Front's victory in the state.
"The way they are behaving is being watched by the people of Kerala," he said, referring to infighting within the Congress.
"Those who have given a massive majority to Congress and UDF would be watching all this," he added, while urging party leaders to "settle the problem in an amicable, democratic manner".
Referring to West Bengal, Baby alleged that violence had escalated following the BJP's victory in the state assembly polls.
"It is quite unfortunate that the moment BJP snatched a massive victory in West Bengal, violence has also started on a big scale," he said.
He also accused the Trinamool Congress of being "notorious for violent activities" and alleged that the "RSS-controlled BJP" had "unleashed violence in many places" after the election results.
"This is not good for Bengal, not good for the country. We wish and hope that normalcy would be restored as soon as possible," he said.
Baby said the CPI(M) and the Left in West Bengal would continue efforts to "pacify people" and avoid violence and confrontation.
Asked about former Kerala chief minister Pinarayi Vijayan not reacting publicly to the election results, Baby said Vijayan would respond "at an appropriate time".
