Rupee falls 4 paise to 83.32 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities.
Persistent foreign fund outflows also weighed on the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.
On Friday, the rupee settled at 83.28 against the American currency.
"We expect the RBI to intervene to bring it within the 83.20-83.30 range. We otherwise expect a range-bound session with volumes being low on account of the festive season," India Forex And Asset Management Pvt Ltd (IFA Global) said in a research note.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.82, lower by 0.04 per cent.
Global oil benchmark Brent crude futures declined 0.93 per cent to USD 80.67 per barrel.
On the domestic equity market front, BSE Sensex was trading 262.56 points or 0.40 per cent lower at 64,996.89 points, while the broader NSE Nifty declined 70.55 points or 0.36 per cent to 19,455.00 points.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 190.06 crore, according to exchange data.
India's forex reserves jumped by USD 4.672 billion to USD 590.783 for the week ended November 3, the Reserve Bank said on Friday.
Foreign currency assets, a crucial part of the reserves, rose by USD 4.392 billion, as per the central bank.
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BJP has history of ‘contradictory alliances’, says BK Hariprasad
Bengaluru: Congress MLC B. K. Hariprasad has launched a sharp attack on the BJP, accusing the party of hypocrisy over its criticism of alliance politics in Tamil Nadu.
In a post on X on Friday, Hariprasad said BJP leader B. L. Santhosh criticising the Congress party’s alliance politics in Tamil Nadu was “not just laughable, but the height of political contradiction.”
He said the Congress has always joined hands with like-minded parties to protect secular and democratic values in the country.
Hariprasad questioned the BJP over several of its past and present alliances across the country. Referring to Jammu and Kashmir, Punjab, Tripura, Bihar and Maharashtra, he accused the BJP of sharing power with parties it had earlier criticised.
He alleged that the BJP had aligned with separatist and corruption-linked political forces in different states for political gains.
“The BJP, which speaks against alliances today, should first look at its own political history,” he said, adding that the party’s record was full of “contradictions and changing stands.”
Hariprasad also accused the BJP of using central agencies such as the Enforcement Directorate, Income Tax Department and CBI as political tools to target opposition leaders, topple governments and influence electoral mandates.
He further claimed that the people of Tamil Nadu had strongly rejected the BJP and its ideology in the recent election.
“Congress forms alliances to protect the Constitution, secularism and national unity, while the BJP enters into alliances only for power,” he said.
