Rupee falls 32 paise to all-time low of 95.20 against US dollar
Mumbai, Apr 30 (PTI): The rupee depreciated 32 paise to an all-time low of 95.20 against the US dollar in early trade on Thursday, weighed down by elevated Brent crude oil prices, hovering around USD 122 per barrel, and strong American currency.
Forex traders said the USD/INR pair may see further downside, as rising crude oil prices are likely to sharply impact India's import costs, while concerns over potential wider conflict in West Asia are fuelling investor anxiety.
Meanwhile, the US dollar added to gains after the US FED Reserve kept rates unchanged. Safe-haven demand was also boosted by another diplomatic setback between Washington and Tehran.
At the interbank foreign exchange market, the rupee opened at 95.01 against the US dollar, then lost some ground and touched an all-time low of 95.20 against the US dollar in initial trade, registering a fall of 32 paise over its previous close.
On Wednesday, the rupee depreciated 20 paise to close at an all-time low of 94.88 against the US dollar.
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"The main effect on the rupee has been from the rising oil prices, which touched USD 120 per barrel and looked headed for further upside as the US continues with its blockade of Iranian ports, while Iran does not allow any ship/tanker to pass through the Strait of Hormuz," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 98.96.
Brent crude, the global oil benchmark, was trading higher by 3.16 per cent at USD 121.76 per barrel in futures trade.
On the domestic equity market front, Sensex tumbled 821.79 points to 76,674.57 in early trade, while the Nifty dived 287.3 points to 23,890.35.
Foreign Institutional Investors offloaded equities worth Rs 2,468.42 crore on Wednesday, according to exchange data.
"FPIs continue with their sale of Indian Equities and debt (the yield touched 7 per cent on Wednesday) and are also dollar buyers consistently," Bhansali added.
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Women BJP MLAs protest against opposition in UP assembly premises
Lucknow (PTI): Women BJP MLAs held a protest in the Vidhan Bhawan complex before the one-day special session of Uttar Pradesh assembly, slamming the opposition for defeating the passage of a bill, which would have led to implementation of the Women's Reservation Law, in the Lok Sabha.
This followed another demonstration by Samajwadi Party MLAs, who alleged that the BJP was misleading public in the name of women's reservation.
The women BJP legislators assembled in front of Chaudhary Charan Singh's statue in the assembly premises, holding banners inscribed with the slogan "Insult to Matrushakti (women's power), India will not tolerate it". The protesting members entered the main hall of Vidhan Bhawan carrying the banners.
Participating in the protest, the state Minister for Women Welfare and Child Development, Baby Rani Maurya, told reporters that all opposition parties, including the Samajwadi Party and the Congress, had opposed the women's reservation, a stance for which they would have to pay a heavy political price.
"On this issue, all of us women stand united. We will ensure that we secure our reservation," she said.
BJP MLA Ketki Singh remarked that their protest represents the collective outrage of millions of women across the state.
Singh asserted that the opposition has betrayed women by creating hurdles in the path of women's reservation. The current demonstration is merely the beginning, and very soon, women from every street, intersection and household will join the protest movement, she said.
Minister Vijaylakshmi Gautam said, "We strongly condemn the despicable act committed by the Samajwadi Party and the Congress in an attempt to hold back 'half the population' (women). Their action was directed against the very bill that Prime Minister Narendra Modi had introduced to empower and strengthen Nari Shakti (women's power), and which he strived to pass expeditiously."
Uttar Pradesh assembly is holding a one-day special session on Thursday. During the session, the government is set to move a censure motion against the opposition parties over their failure to pass the Constitution Amendment Bill, which would have led to implementation of the Women's Reservation Act, in the Lok Sabha.
