Rupee falls 6 paise to close at an all-time low of 83.40 against US dollar
Mumbai, Nov 24: The rupee declined 6 paise to close at its all-time low of 83.40 against the US dollar on Friday, tracking higher demand for the greenback from importers and a weak tone among Asian peers.
Forex traders said a muted trend in domestic equities also weighed on the local unit.
At the interbank foreign exchange market, the local unit opened at 83.33 against the US dollar and moved in the range of 83.33-83.40 during the session.
It finally settled at its lifetime low of 83.40 against the dollar, registering a fall of 6 paise from its previous close.
On Thursday, the rupee settled at 83.34 against the American currency.
"The Indian Rupee ended weaker to record closing low on Friday, weighed down by weakness in its Asian peers and dollar demand from foreign banks...For the week, the local unit depreciated by 0.10 per cent on the back of bids from foreign banks and importers' dollar demand.
"Meanwhile, most Asian peers were weaker this Friday, while a recovery of the US Treasury Yields also weighed on sentiments," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.
The rupee depreciated on Friday on demand for dollars from importers and weak tone in Asian currencies. However, a softness in the US Dollar and a decline in crude oil prices cushioned the downside, Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 103.73.
"In the overseas markets, the US Dollar Index was trading marginally weaker against the basket of currencies in thin Black Friday trading on bets rates have peaked.
"The Yen was flat even after Japan's core consumer price growth picked up, reinforcing views that the BoJ (Bank of Japan) may soon roll back monetary stimulus," Iyer said.
The Sterling was trading stronger against the greenback on Friday afternoon in Asian trading.
Brent crude futures, the global oil benchmark, rose 0.28 per cent to USD 81.65 per barrel.
On the domestic equity market front, Sensex fell 47.77 points, or 0.07 per cent, to settle at 65,970.04 points. The Nifty advanced 7.30 points, or 0.04 per cent, to 19,794.70 points.
Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,625.21 crore, according to exchange data.
"We expect the rupee to trade with a slight negative bias due to weak global markets and expectations of a recovery in the US Dollar index. However, IPO-driven Dollar inflows and a weak tone in crude oil prices may support the local currency.
"Traders may take cues from PMI data out of the US today evening. USD/INR spot price is expected to trade in a range of 83.10 to 83.70," Choudhary said.
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Junior Hockey World Cup: IndiGo crisis disrupts travel plans of players' families, fans
Chennai (PTI): For Kate, the dream was simple -- to watch her son Fahy Noah play for the Australian team in the Junior Hockey World Cup here and visit the Taj Mahal.
But her plans, like those of many others, have been upended by the operational crisis that has hit IndiGo, India's largest domestic airline.
"I am here for the first time and India is so kind and welcoming. We were hoping to see the Taj Mahal, but with the IndiGo problems, we are a bit scared now," Kate, who has come from Brisbane, told PTI outside the Mayor Radhakrishnan Hockey Stadium here.
"One family went on a rest day and got stuck overnight. I think we will have to cancel all our travel plans now, though seeing the Taj Mahal was on my bucket list for long," she said.
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This is the first time that 24 teams are participating in the Junior Hockey World Cup, being held in Chennai and Madurai from November 28 to December 10. For most players and their families, it is their maiden trip to India. Many NRIs have also flown in to support the Indian team.
However, the widespread flight delays and cancellations have thrown schedules into chaos. IndiGo cancelled thousands of flights last week, citing regulatory changes in the pilots' flight duty and regulations norms. This resulted in lakhs of passengers getting stuck at airports across the country.
Laura, who has come from Belgium with her entire family to support her son, said they are now travelling by road.
"We are happy to be here in this beautiful country. We went to Munnar and Madurai, and now we are planning to go to Puducherry and Mahabalipuram by road," she said.
"We had taken IndiGo flights earlier, but some other families who travelled on different days got stuck and somehow managed to come back by train. So we are not flying anywhere in India now. Road travel only and then back to Brussels next week," she said.
For 87-year-old Kenyan hockey legend Avtar Singh Sohal, a four-time Olympian and a lifelong supporter of Indian hockey, the crisis was particularly distressing. He spent 12 gruelling hours at the Chandigarh airport on December 4 before finally reaching Chennai just in time for the quarterfinals.
"Our IndiGo flight was delayed by 12 hours. We were at the airport from 7 am to 7 pm. They kept giving excuses -- the aircraft has not arrived, the pilot is not available. We had no idea what was actually happening," he said.
Accompanying Sohal was 85-year-old Tarlok Singh Mandair, a former treasurer of the English Hockey Association, who had flown in from London.
"It was a horrible experience. They kept changing the timings from 12 noon to 4 pm and we finally took off at 7:20 pm. They gave us sandwiches which were not even good," Mandair recalled.
"Our return flight is also on IndiGo, but now we are exploring other options," he said.
Jujhar Singh Plaha, 86, from London, who was on the same flight, said his excitement has turned into anxiety.
"We were so excited about this trip; hockey is our first love. But this (IndiGo crisis) spoiled our mood. Now we are worried about returning because at our age, we cannot travel long distances by train or road," he said.
Jason, the father of Australian player Roger Lachlan, has had an eventful trip to India so far -- beginning with the rain in Chennai triggered by Cyclone Ditwah.
"We are from Hobart -- home of Ricky Ponting and David Boon. We arrived after a cyclone, which caused heavy rain. Now the sun is out and we are enjoying ourselves," he said with a smile.
Jason, too, has shelved all further travel plans.
"No sightseeing now. We will just eat, swim and head back. I am loving masala dosa, masala tea and curries," he said.
Some fans from Bengaluru, who had booked their flight tickets months in advance, decided not to take a risk. They opted for refunds and drove down to Chennai on Sunday to catch the semifinal.
"With flight uncertainty and trains full, we drove down. We did not want to miss India in the semis," said Vinod Chinnappa, who drove for six hours to come here.
Even officials have not been spared by the flight disruptions.
Digvijay Singh, an official of the Hockey India League franchise, waited eight hours at the Patna airport to catch a flight to Chennai.
"I did not want to miss the India-Belgium quarterfinal, so I waited. I finished all episodes of (web series) Family Man at the lounge," he said.
"I had gone to Patna from Delhi for a meeting earlier in the day and then needed to connect to Chennai," Singh said.
With the World Cup set to wrap up in two days, uncertainty about people's plans to return home looms large.
With prices of alternative flights rising and train seats nearly impossible to find, fans, officials, families and journalists are monitoring travel apps as closely as match updates.
If the situation does not improve soon, returning home could be as challenging as winning matches on the field.
