Rupee gains 5 paise to 88.63 against US dollar in early trade
Mumbai (PTI): The rupee pared initial losses and showed a slight recovery of 5 paise trading at 88.63 against the US dollar in early trade on Friday on the back of lower crude oil prices overseas and foreign capital infusion in domestic stocks.
The local currency, however, remained under pressure tracking a firm greenback and negative cues from domestic equity markets, forex traders said.
At the interbank foreign exchange market, the rupee opened at 88.67 and gained some ground to trade at 88.63 against the US dollar in initial deals, up 5 paise from its previous closing level.
On Thursday, the rupee depreciated 20 paise to close at 88.68 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.01 per cent up at 100.09.
Brent crude, the global oil benchmark, was trading 1.29 per cent lower at USD 62.56 per barrel in futures trade.
On the domestic equity market front, the Sensex declined 172.32 points to 85,460.36 in early trade, while the Nifty was down 59.35 points to 26,132.80.
Foreign institutional investors bought equities worth Rs 283.65 crore on a net basis on Thursday, according to exchange data.
The government data released on Thursday showed the pace of growth in the country's eight key infrastructure sectors stayed flat year-on-year in October as expansion in output of petroleum refinery products, fertiliser and steel was offset by a contraction in coal and electricity production.
The eight core industries of coal, crude oil, natural gas, petroleum refinery products, electricity, fertiliser, and steel had expanded by 3.3 per cent in September and by 3.8 per cent in October 2024.
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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
