Rupee gains 12 paise to 90.66 against US dollar in early trade
Mumbai (PTI): The rupee recovered from a low level and traded with a gain of 12 paise at 90.66 against the US dollar in early deals on Monday, tracking a retreating greenback against major overseas rivals.
However, persistent outflow of foreign funds from domestic equity markets and higher crude oil prices overseas amid a volatile geopolitical situation kept investors cautious, forex analysts said.
At the interbank foreign exchange, the rupee opened at 90.68 and gained further to trade at 90.66 against the greenback, registering a gain of 12 paise from its previous closing level.
The rupee crashed 44 paise to settle near its lowest level at 90.78 against the US dollar on Friday, after losing 17 paise in the preceding two sessions.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 98.99.
Analysts said that the domestic currency found support amid a sell-off in dollar after US President Donald Trump announced imposing tariffs on European countries if they resist his plan to buy Greenland.
Brent crude, the global oil benchmark, was trading 0.17 per cent higher at USD 64.24 per barrel in futures trade.
On the domestic equity market front, the Sensex declined 482.80 points or 0.58 per cent to 83,087.55, while the Nifty fell 129.30 points or 0.50 per cent to 25,565.05.
Foreign institutional investors offloaded equities worth Rs 4,346.13 crore on Friday, according to exchange data.
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BJP has history of ‘contradictory alliances’, says BK Hariprasad
Bengaluru: Congress MLC B. K. Hariprasad has launched a sharp attack on the BJP, accusing the party of hypocrisy over its criticism of alliance politics in Tamil Nadu.
In a post on X on Friday, Hariprasad said BJP leader B. L. Santhosh criticising the Congress party’s alliance politics in Tamil Nadu was “not just laughable, but the height of political contradiction.”
He said the Congress has always joined hands with like-minded parties to protect secular and democratic values in the country.
Hariprasad questioned the BJP over several of its past and present alliances across the country. Referring to Jammu and Kashmir, Punjab, Tripura, Bihar and Maharashtra, he accused the BJP of sharing power with parties it had earlier criticised.
He alleged that the BJP had aligned with separatist and corruption-linked political forces in different states for political gains.
“The BJP, which speaks against alliances today, should first look at its own political history,” he said, adding that the party’s record was full of “contradictions and changing stands.”
Hariprasad also accused the BJP of using central agencies such as the Enforcement Directorate, Income Tax Department and CBI as political tools to target opposition leaders, topple governments and influence electoral mandates.
He further claimed that the people of Tamil Nadu had strongly rejected the BJP and its ideology in the recent election.
“Congress forms alliances to protect the Constitution, secularism and national unity, while the BJP enters into alliances only for power,” he said.
