Rupee falls 9 paise to close at all-time low of 83.33 against US dollar
Mumbai, Nov 1: The rupee depreciated 9 paise to close at an all-time low of 83.33 (provisional) against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows.
Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders.
At the interbank foreign exchange, the rupee opened at 83.26 against the dollar. During the trading session, it touched an intra-day low of 83.35 and a high of 83.26 against the American currency.
The local unit finally settled at its lifetime low of 83.33 (provisional), lower by 9 paise against its previous close.
On Tuesday, the rupee settled at 83.24 against the American currency.
"We expect the rupee to trade with a slight negative bias on the strong Dollar amid geopolitical uncertainty in the Middle East. Weak tone in domestic markets may also weigh on the rupee.
"Traders may take cues from manufacturing PMI from India and ADP non-farm employment, JOLTS job opening and ISM manufacturing PMI data from the US. Investors may remain cautious ahead of the FOMC meeting tonight. USD/INR spot price is expected to trade in a range of Rs 83-83.60," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20 per cent higher at 106.87.
Global oil benchmark Brent crude futures advanced 1.34 per cent to USD 86.16 per barrel.
On the domestic equity market front, BSE Sensex was trading 283.60 points or 0.44 per cent lower at 63,591.33, while the broader NSE Nifty declined 90.45 points or 0.47 per cent to 18,989.15.
Forex traders said disappointing macroeconomic data from India and FII outflows further pressurised the rupee.
On the domestic macroeconomic data, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) slipped from 57.5 in September to 55.5 in October, the slowest rate of expansion since February.
Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 696.02 crore, according to exchange data.
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Ex-BJP MLA Raghupati Bhat turns rebel, to contest council election independently in Karnataka
Udupi (PTI): Striking a rebellious note, former BJP MLA from Udupi Raghupati Bhat has announced his decision to contest the upcoming MLC elections on June 3 as an independent candidate, representing the South-West Graduates' constituency.
Bhat has expressed his intent to stand as "a representative of party workers in the region".
He had been sulking ever since the BJP denied him a ticket in the 2023 Assembly election and fielded Yashpal Suvarna who won the election.
Bhat had turned emotional in public in 2023 when the BJP did not field him but announced supporting Suvarna.
The rebel BJP leader was expecting an MLC ticket for the Karantaka South West Graduates' constituency and had lobbied hard for it but the party decided to field Dr Dhananjaya Sarji.
Reflecting on his journey, Bhat on Monday highlighted his role in supporting the party candidate during the Assembly elections and securing a significant lead in votes.
The rebel leader expressed disappointment with the party's decision to award the MLC ticket to Dhananjay Sarji, a recent entrant to the party, over deserving senior candidates, including himself.
He was expecting support of 38,000 new voters who he claimed he had previously enrolled.
While reaffirming his allegiance to the BJP, Bhat clarified that his decision to contest independently stemmed from his commitment to the welfare of teachers and graduates.
He acknowledged assurances from senior BJP leaders regarding his candidature but remained resolute in his stance.
With nominations set to be filed on May 16, Bhat asserted that he would not retract his decision despite potential consequences.
Emphasising his respect for the BJP flag and expressing confidence in his victory, he reiterated his dedication to supporting the party even if successful as an independent candidate.
Bhat concluded by expressing hope for reconciliation with the BJP in future elections, affirming his identity as a BJP leader and commitment to serving the interests of his constituents.
