Rupee falls 18 paise to 88.66 against US dollar in early trade
Mumbai (PTI) The rupee depreciated by 18 paise to 88.66 against the US dollar on Thursday, as the US dollar's recovery capped the domestic unit's upside.
Forex traders said the dollar has staged a rally, moving above the 100 level, after the US Federal Reserve minutes indicated that most officials were opposed to a rate cut in December, following the October cut.
At the interbank foreign exchange market, the rupee opened at 88.63, then lost ground and touched a low of 88.66 against the US dollar, registering a decline of 18 paise over its previous close.
On Wednesday, the rupee appreciated 12 paise to close at 88.48 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 100.25.
Brent crude, the global oil benchmark, was trading 0.28 per cent higher at USD 63.69 per barrel in futures trade.
"Rupee is facing resistance around 88.80-89.00 and finding initial support near 88.40. The momentum is gradually shifting in favour of the rupee," CR Forex Advisors MD Amit Pabari said.
Positive cues from US-India trade developments, lower crude costs, and gains in domestic equities are gradually strengthening sentiment. A sustainable break below 88.40 could open the way toward 88.00–87.70, indicating further rupee strength, Pabari added.
"Progress on the first phase of the India-US trade deal now looks a little less like a distant dream and a little more like a near-term possibility," he noted.
Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.
The remarks came days after President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India, and added that he will lower tariffs imposed on Indian goods at "some point".
On the domestic equity market front, the Sensex climbed 284.49 points to 85,470.96 in early trade, while the Nifty was up 83.35 points to 26,136.
Foreign Institutional Investors bought equities worth Rs 1,580.72 crore on a net basis on Wednesday, according to exchange data.
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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.”
