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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Sonia Gandhi, Rahul eyed Rs 2000 cr properties without investing a penny: BJP
New Delhi (PTI): The BJP on Friday dared Congress leaders facing corruption charges to seek a quick and time-bound disposal of cases, as it slammed the party for citing politics as the reason for the ED's action against Sonia Gandhi and Rahul Gandhi in the National Herald case.
The ruling BJP kept the heat on the opposition party following the ED's chargesheet against the Gandhis and accused chief ministers from the Congress-ruled states of ploughing public money as advertisement into the weekly newspaper which few read.
Former Union minister Anurag Thakur alleged that the Congress used the newspaper as its ATM, claiming that Gandhis sought to acquire properties worth Rs 2,000 crores of the National Herald without investing a penny from their pocket.
Both Gandhis together owned 76 per cent of the Young Indian company which was, he said, given Rs 50 lakh loan by the Congress.
The company then took over the Associated Journals Limited, which owns the newspaper affiliated to the Congress, in lieu of Rs 90 crore it owed to the opposition party, he said.
Thakur asked if a political party can give a loan.
To a question about the allegation that the ED action was politically motivated, the BJP leader dared Congress leaders facing corruption charges to move courts to seek quick and time-bound trial in the cases against them.
"If they have guts, they should do it," he said, adding that in the "Congress model of corruption" the thieves make a lot of noises.
The National Herald case, he said, has stunned the Congress ecosystem into silence.
Thakur noted Gandhis have moved courts for quashing action against them for many times since a lower court took cognizance of the matter before the Modi government came to power.
The courts gave them no relief except that they are on bail, he said, adding that the judiciary did not intervene in the Enforcement Directorate's probe.
Turning to his home state Himachal Pradesh where the Congress is in power, Thakur accused the party of not fulfilling any of its 10 main promises but spending crores of rupees in advertisement in the National Herald.
"Does any Congress leader or member read it in Himachal," he asked, demanding that people should be given details of money spent by different Congress governments in advertisements in the newspaper, which is available digitally.
The Congress has been organising protests in different parts of the country against the ED action.
