Rupee falls 7 paise to all-time low of 80.05 against US dollar in early trade
Mumbai, Jul 19: The rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices.
At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.
In initial trade, the local unit also touched 79.90 against the American currency.
On Monday, the rupee for the first time declined to the low level of 80 against the US dollar in intra-day spot trading before ending the session 16 paise lower at 79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.
The rupee opened on a weaker note on Tuesday morning weighed down by outflows and high oil prices, Sriram Iyer, Senior Research Analyst at Reliance Securities said, adding that lack of intervention from the Reserve Bank of India (RBI) could also weigh on sentiments.
According to Iyer, the range for the USD/INR pair for Tuesday's session is 79.75-80.12.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent higher at 107.49.
Global oil benchmark Brent crude futures fell 0.35 per cent to USD 105.90 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 86.4 points or 0.16 per cent lower at 54,434.75, while the broader NSE Nifty fell 26.75 points or 0.16 per cent to 16,251.75.
Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 156.08 crore, as per stock exchange data.
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India's neighbours wanted to break up Assam but Modi govt shattered their dreams: Fadnavis
Dibrugarh/Jorhat (PTI): Maharashtra Chief Minister Devendra Fadnavis on Tuesday claimed India's neighbours wanted to "break up" Assam by taking advantage of the unrest here earlier, but their "dreams were shattered" as the Narendra Modi government brought peace to the region.
Militancy has come to an end, and 92 per cent of the assurances made in the peace agreements with various groups have already been implemented, he told a poll rally.
Fadnavis maintained that the BJP-led government in Assam has not only ensured the state's development but also protected its identity.
He accused the Congress of having neglected the state and the northeastern region by adopting a "step-motherly attitude" towards them, while Modi has put the region at the centre of development.
Addressing a rally in support of BJP's Dibrugarh candidate Prasanta Phukan, Fadnavis said, "Due to the unrest in the state earlier, neighbouring countries thought they would break Assam someday. But their dreams were shattered by Modi ji, and Assam is progressing fast today."
Crediting the BJP government for bringing the militant groups to the mainstream, the Maharashtra chief minister said not only were peace accords signed with them, but 92 per cent of the assurances made have been implemented.
"Work is on for implementing the remaining eight per cent of promises also," he added.
Highlighting the various welfare measures of the state government, Fadnavis said special emphasis was being given on women's empowerment in line with the Centre's thrust on it.
"Women have benefited the most under Modiji's government. It will be 'Mahila raaj' from 2029 when 33 per cent reservation is implemented in Parliament and state Assemblies," he added.
Speaking at another rally in support of the BJP's Jorhat candidate Hitendra Nath Goswami earlier, the Maharashtra chief minister alleged that infiltration was at its peak in Assam under Congress governments.
"People had to launch a movement against it, and scores were martyred. But the influx did not stop, and the state was burning. It was staring at a full demographic change."
"But the situation changed when Modi came to power. Infiltration has been stopped, and almost all militant groups in the state are returning to the mainstream," he claimed.
Fadnavis claimed that the state's demography would have changed and Assam's history would have been rewritten under the Congress rule.
"But the Modi government works not just for development, but also protects the state's identity, culture, history, and tradition," he said.
He told the gathering that the BJP-led government has ensured massive infrastructure development for the state.
Mentioning the Tata Group's semiconductor unit at Jagiroad, Fadnavis said, "It is a gift of Modi ji to Assam. It will place the state on the global map."
He added that countries with the ability to manufacture semiconductors will be global leaders in the future, and India has joined the elite ranks of a handful of nations.
Taking a dig at the Congress, Fadnavis alleged it had always adopted a "step-motherly attitude" towards the northeast, due to which the region did not see much development, and was embroiled in unrest.
He also criticised the opposition party for its "anti-national stance" during the West Asia crisis, claiming it was trying to create discontentment among the people by raising false doubts over the availability of LPG and fuel.
"We had also been in the opposition, but we had never acted in such a shameful manner," he said.
Taking a dig at state Congress president Gaurav Gogoi, who is also the opposition party's candidate in Jorhat, Fadnavis said, "Those in Lok Sabha should remain there. BJP will return to power, and he will have no work here."
Gogoi is also the opposition party's deputy leader in the Lok Sabha.
