Rupee rises 49 paise to 89.17 against US dollar in early trade
Mumbai (PTI): The rupee rebounded on Monday from record lows, rising 49 paise to 89.17 against the greenback in early trade on US dollar selling by banks and a dip in global crude oil prices.
A positive opening in the domestic equity markets and intervention by the Reserve Bank of India (RBI) lent support to the domestic unit, according to forex traders.
The rupee opened at 89.46 against the greenback before rising to 89.17, up 49 paise from its previous close.
The rupee plunged 98 paise to close at its lifetime low of 89.66 against the US dollar on Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties.
In the steepest fall in over three years, the domestic currency nosedived 98 paise to finally settle at 89.66 against the American currency.
The previous biggest one-day fall was recorded at 99 paise against the dollar on February 24, 2022.
"Most traders believe that rupee may not cross 90 as it may remain protected for a few more weeks and expect a positive (India-US) trade deal outcome by December-end. The market is bracing for more weakness after the rupee slid to a record low on Friday," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
In the absence of a trade deal, the 90-mark doesn't seem quite distant now, he added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was marginally up by 0.01 per cent at 100.18.
Brent crude, the global oil benchmark, was trading 0.10 per cent lower at USD 62.50 per barrel in futures trade.
On the domestic equity market front, the Sensex climbed 218.44 points to 85,450.36 in early trade while Nifty was up 69.4 points to 26,137.55.
Foreign institutional investors sold equities worth Rs 1,766.05 crore on a net basis on Friday, according to exchange data.
India's forex reserves jumped USD 5.543 billion to USD 692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves, the RBI said on Friday.
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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.”
