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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Comedian Shyam Rangeela files nomination from Varanasi LS seat on last day
Varanasi: Comedian Shyam Rangeela has finally filed his nomination papers as an independent candidate from the Varanasi parliamentary constituency on Tuesday, May 14, the last day of filing papers.
Rangeela, who intended to contest against Prime Minister Narendra Modi had alleged on Monday that he was being denied a nomination from the seat, as he along with several other candidates were reportedly made to wait for filling papers on May 10th and May 13th.
Shyam Rangeela, taking to his official ‘X’ handle, wrote, "With your love and support, I have completed all the requirements as per the rules and submitted the nomination. I also have full faith in the democracy of this country. Now the next two-three days are crucial. Thank you all very much for your cooperation. My electoral future rests in the hands of all election officials who are the custodians of our democracy. With the hope that they all strengthen our faith, Yours Shyam Rangeela.”
Alongside, Shyam, BJP candidate Narendra Modi, Log Party's Vinay Kumar Tripathi, BJP's Surendra Narayan Singh, independent candidates Dinesh Kumar Yadav, Reena Rai, Neha Jaiswal, Ajit Kumar Jaiswal, Ashok Kumar Pandey, Sandeep Tripathi filed their nomination papers on Tuesday.
According to the Election Commision of India, a total of 41 candidates have filed nomination papers from the Varanasi constituency.
आप सभी के प्यार और सहयोग से नियमानुसार सभी आवश्यकताओं की पूर्ति करते हुए मैंने नामांकन दाखिल कर दिया है, मेरा इस देश के लोकतंत्र पर अभी भी पुरा भरोसा है । अब आगे के दो तीन दिन महत्वपूर्ण होंगे।
— Shyam Rangeela (@ShyamRangeela) May 14, 2024
आप सभी का सहयोग के लिए बहुत धन्यवाद ।
हमारे लोकतंत्र के पहरी सभी चुनाव अधिकारीयों के… pic.twitter.com/JyIoFGDNli
