Rupee settles 2 paise higher at 83.24 against US dollar
Mumbai (PTI): The rupee stayed range-bound and settled 2 paise higher at 83.24 against the US dollar on Tuesday even as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments.
Crude oil prices hovering below USD 88 a barrel supported the local currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.26 and finally settled at 83.24 against the greenback, registering a gain of 2 paise from its previous close.
During the day, the rupee witnessed range-bound trade reaching the peak of 83.25 and hitting the lowest level of 83.27 against the American currency.
On Monday, the rupee settled 1 paisa lower at 83.26 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.53 per cent at 106.68 on Tuesday.
Brent crude futures, the global oil benchmark, rose 0.22 per cent to USD 87.64 per barrel.
According to Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, rupee was in yesterday's range as buyers of dollar "continued with their buying and RBI on its part continued to sell dollar".
"Brent oil was on the downside as economic worries from China and FED rate anxiety as well as Venezuela oil sales kept the commodity down," Bhansali said.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said, "Investors may remain cautious ahead of the FOMC meeting later this week. USD/INR spot price is expected to trade in a range of Rs 83 to Rs 83.60."
On the domestic equity market front, the BSE Sensex closed 237.72 points or 0.47 per cent lower at 63,874.93. The broader NSE Nifty declined 61.30 points or 0.32 per cent to 19,079.60.
According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 696.02 crore.
Meanwhile, the government data showed the growth of eight key infrastructure sectors slowed down to a 4-month low of 8.1 per cent in September 2023 against 8.3 per cent a year ago.
According to another data, the central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period.
Retail inflation for industrial workers eased to 4.72 per cent in September, compared to 6.91 per cent in August this year, according to labour ministry data released on Tuesday.
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Karnataka HC awards compensation to family of woman who died while boarding wrong train
Bengaluru: The Karnataka High Court has overturned a decision by the Railway Claims Tribunal and granted Rs 8 lakh compensation to the family of a woman who tragically lost her life while attempting to board a wrong train in February 2014.
Jayamma and her sister Rathnamma inadvertently boarded the Tuticorin Express instead of the Tirupati passenger train bound for Ashokapuram/Mysore. Realising their mistake as the train started moving, they panicked and attempted to disembark. Sadly, Jayamma fell on the platform and sustained fatal injuries.
Initially, the Railway Claims Tribunal rejected the family's petition, citing Jayamma's failure to utilise available options, such as continuing the journey to the next station or pulling the alarm chain.
The Tribunal deemed Jayamma's death as a "self-inflicted injury" under Section 124-A of the Indian Railways Act, thereby denying compensation.
Justice H P Sandesh of the Karnataka High Court disagreed with the Tribunal's interpretation. He emphasised that Jayamma was a genuine passenger and her death resulted from an 'untoward incident,' as affirmed by the Supreme Court.
The Judge criticised the Tribunal's reliance on Section 124-A, stating that it was erroneously applied in this case.
Consequently, the court recently ordered the Railways to pay Rs 4 lakh compensation with 7% interest, ensuring that the final amount awarded to the family totals no less than Rs 8 lakh, inclusive of interest.
