Rupee falls 5 paise to 89.95 against US dollar in early trade
Mumbai (PTI): The rupee fell 5 paise to 89.95 against the US dollar in early trade on Monday amid foreign fund outflows and a muted opening in the domestic equity markets.
Forex traders said foreign portfolio investors continue to offload Indian equities, which has been weighing on the Indian rupee in the last few months. At the interbank foreign exchange, the local unit opened at 89.95 against the dollar, down 5 paise from its previous close.
On Friday, the rupee depreciated 19 paise to close at 89.90 against the US dollar.
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"FPIs flow into Indian equities, a sustained return of foreign buying would be supportive for the rupee in the coming year, which has been the worst-performing currency in the emerging market and Asian markets," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 98.00.
Brent crude, the global oil benchmark, was trading 0.92 per cent higher at USD 61.20 per barrel in futures trade.
Meanwhile, External Affairs Ministry spokesperson Randhir Jaiswal has said that India and the US remain engaged in concluding a fair, balanced and mutually beneficial bilateral trade agreement.
"This ongoing engagement helps anchor market confidence at a time of global uncertainty," CR Forex Advisors MD Amit Pabari said.
Pabari further said, "The RBI’s presence continues to act as a strong backstop. With spot interventions, liquidity tools and forward market management, the central bank has shown clear intent to prevent disorderly moves in the currency."
On the domestic equity market front, the 30-share benchmark index Sensex rose 22.24 points to 85,063.69 in initial trade, while the Nifty was up 18.10 points to 26,060.40.
Foreign institutional investors offloaded equities worth Rs 317.56 crore on Friday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 4.368 billion to USD 693.318 billion during the week ended December 19, the Reserve Bank said on Friday.
The overall kitty had increased by USD 1.689 billion to USD 688.949 billion in the previous week.
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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.”
