Rupee falls 15 paise to close at 88.31 against US dollar
Mumbai, Sep 22 (PTI): The rupee depreciated 15 paise to close at 88.31 (provisional) against the US dollar on Monday, as investors weighed Trump's H-1B visa fee hike impact on Indian remittances amid heightened risk-averse sentiment.
Forex traders said the recent hike in H-1B visa fees could contribute to equity outflows from the Indian IT sector in the near term, and could also exert pressure on the Indian rupee.
At the interbank foreign exchange, the rupee opened at 88.20, then touched an intra-day low of 88.34 and a high of 88.12 against the greenback. The domestic unit finally settled at 88.31 (provisional), lower by 15 paise over its previous close.
On Friday, the rupee appreciated four paise to close at 88.16 against the US dollar.
"We expect the rupee to remain weak as the US visa fee hike may dent market sentiments, which may weigh on the domestic currency.
"Risk aversion in domestic markets may also pressure the rupee. However, overall weakness in crude oil prices may support the rupee at lower levels. USDINR spot price is expected to trade in a range of 88.05 to 88.60," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 97.52.
Brent crude, the global oil benchmark, was trading 0.21 per cent lower at USD 66.54 per barrel in futures trade.
On the domestic equity market front, Sensex tanked 466.26 points to settle at 82,159.97, while Nifty dropped 124.70 points to 25,202.35.
Foreign institutional investors bought equities worth Rs 390.74 crore on a net basis on Friday, according to exchange data.
India's forex reserves jumped USD 4.698 billion to USD 702.966 billion for the week ended September 12, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the overall reserves had increased USD 4.038 billion to USD 698.268 billion.
Meanwhile, Commerce and Industry Minister Piyush Goyal is leading an official delegation to the US for trade talks.
The delegation plans to hold talks with the US team to take forward discussions with a view to achieving an early conclusion of a mutually beneficial trade agreement.
The minister will visit New York, accompanied by the special secretary in the ministry, Rajesh Agrawal, and other officials.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
