Rupee falls 4 paise to 90.24 against US dollar in early trade
Mumbai (PTI): The rupee opened weak and declined 4 paise to 90.24 against the US dollar in early trade on Monday, as geopolitical uncertainties triggered by the US intervention in Venezuela fuelled the demand for the American currency.
According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.
At the interbank foreign exchange market, the rupee opened at 90.21 against the US dollar and lost further to trade at 90.24 against the greenback in early deals.
On Friday, the rupee settled lower by 22 paise at 90.20 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 98.50.
The US on Saturday carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Brent crude, the global oil benchmark, was trading 0.07 per cent lower at USD 60.70 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.
Foreign institutional investors turned net buyers, picking up equities worth Rs 289.80 crore on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves jumped by USD 3.293 billion to USD 696.61 billion in the week to December 26. The overall kitty had increased by USD 4.368 billion to USD 693.318 billion in the previous reporting week.
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Kerala: ED files money laundering case in Sabarimala gold loss case
Thiruvananthapuram/New Delhi (PTI): The Enforcement Directorate on Friday filed a money laundering case in the Sabarimala gold loss case in Kerala, official sources said.
The federal probe agency's Kochi zonal office has registered an Enforcement Case Information Report (ECIR), an ED equivalent of a police FIR, under various sections of the Prevention of Money Laundering Act (PMLA), they said.
The politically sensitive case is already being investigated by a state special investigation team (SIT) under the supervision of the Kerala High Court.
In December, the high court had allowed the ED to undertake an independent investigation into the case after it dismissed objections raised by the SIT against sharing the case information with the central agency.
The SIT is probing two cases related to the gold loss incident and has arrested 11 people so far. The latest to be arrested by the SIT was Kandararu Rajeevaru, the chief priest of the Lord Ayyappa temple.
The other prominent persons arrested in the case by the SIT are Bengaluru-based businessman and prime accused Unnikrishnan Potty and former Travancore Devaswom Board president A Padmakumar.
The ED is expected to soon look for more evidence, question the accused, and it may also go on to attach certain assets of those involved if it finds that they generated "proceeds of crime", according to the officials.
The probe is related to a series of irregularities, including official misconduct, administrative lapses and a criminal conspiracy to misappropriate the gold from the various artefacts of the Lord Ayyappa shrine.
The investigation by the SIT, and now by the ED, is related to the loss of gold from the gold-cladded copper plates of the Dwarapalaka (guardian deity) idols and the door frames of the Sreekovil (sanctum sanctorum) of the temple.
The SIT has informed the High Court that its probe found "a series of serious official misconduct and administrative lapses on the part of the Devaswom officials right from the initial correspondence till the handing over of the door frame plates, connected plates, Dwarapalaka plates and pillar plates to Unnikrishnan Potty without proper authorisation".
It further said in its statement that Govardhan, Pankaj Bhandari, the CEO of Chennai-based Smart Creations, which carried out the electroplating of the artefacts from the temple, Potty and the other accused hatched a criminal conspiracy with malicious intention to misappropriate the gold cladded on the copper plates in and around the shrine.
"It is found during the investigation that all these criminal activities were part of a large conspiracy and an organised crime committed by the accused persons.
"They had a larger plan to dismantle other gold-clad items on the Sabarimala Sreekovil and to extract the gold from them for misappropriation," it said.
