Rupee declines 4 paise to close at 86.72 against US dollar
Mumbai: The rupee dropped 4 paise to 86.72 (provisional) against the US dollar on Monday amid a steep fall in the domestic equity markets and a rise in Brent crude prices.
However, a flat greenback against major currencies prevented further decline in the domestic unit, according to forex traders.
At the interbank foreign exchange, the local unit opened at 86.58, went up 10 paise from Friday's close of 86.68, but gave way through the session. It eventually settled at 86.72 (provisional), 4 paise lower than the previous day's close.
"The RBI is all set to do a 3-year buy/sell swap of USD 10 billion on February 28 to ease the tightening liquidity position, thus bringing premiums further down. Exporters may sell the cash dollars requirement on all upticks while importers may buy good dips," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading flat at 106.61.
"The dollar has slid more than 3 per cent from its January peak on tariff issues leaving little appetite for traders to load up on fresh dollar holdings. Data on Friday showed business activity nearly stalled in February... as surveys showed business and consumers were increasingly rattled by the Trump administration policies," Bhansali said.
Brent crude, the global oil benchmark, rose 0.03 per cent to USD 74.45 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex tumbled 856.65 points to settle at 74,454.41, while Nifty slumped 242.55 points to 22,553.35.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,449.15 crore on a net basis on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves dropped USD 2.54 billion to USD 635.721 billion in the week ended February 14, snapping the three-week streak of increase.
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Speaker Khader dismisses BJP's charges of 'delay' in swearing-in of Jeevaraj as MLA
Bengaluru (PTI): Karnataka Assembly Speaker U T Khader on Wednesday rejected opposition BJP's allegations of delaying the swearing-in of D N Jeevaraj as MLA, asserting that the process was being handled strictly in accordance with constitutional provisions and rules.
BJP candidate Jeevaraj, who had lost the 2023 Sringeri Assembly election to Congress leader T D Raje Gowda, was declared elected late Sunday night after reverification and recounting of postal ballots in compliance with a High Court order.
The recount reduced 255 votes from Gowda's tally, overturning his earlier victory margin of 201 votes and reversing the result.
The recount followed an election petition filed by Jeevaraj.
Addressing reporters, Khader maintained that there was no delay in administering the oath to Jeevaraj, who was declared elected from the Sringeri Assembly constituency after a High Court-ordered recount of postal ballots.
“Where have we delayed? The application was submitted at 11 am. If an application is given in the morning and by evening someone says it’s delayed — how is that a delay?” he said, dismissing the allegations.
The Speaker said the matter involved 'technical issues' that required examination before fixing a date for oath-taking.
“When such a matter comes, we also need to examine it and take a decision as per rules. If an application is given in the morning, at least 24 hours must be given,” he said.
Khader stressed that his role was bound by the Constitution and not influenced by political considerations.
“When an elected MLA asks for time, we must give it under the Constitution and law. Can we refuse? No, we have to give it,” he said, rejecting suggestions that he was acting under party pressure.
He also underlined the need for trust in democratic institutions amid the controversy.
“A democracy and parliamentary system must function on trust. Without that, how can democracy be strengthened? Trust is essential,” he said, cautioning against creating suspicion around constitutional positions.
On claims that the delay was linked to the ongoing political and legal dispute over the recount, Khader said the issue did not fall within his purview.
“My responsibility is to act as per the Constitution and rules. I will ensure that whatever is due to them is done as soon as possible,” the Speaker explained.
He said he had already communicated his position when contacted and would formally inform the concerned parties. “There is no delay, nor any intention to delay. I will discharge my duties as per the Constitution,” he said.
Khader also pointed to possible legal complications in hastily administering the oath.
“If I give the oath to one person and tomorrow the court declares someone else the winner, what happens then? Will it automatically cancel? Will confusion arise?” he asked, indicating the need for due diligence.
On concerns that Jeevaraj had lost over two years of tenure, the Speaker said representation was linked to that constituency rather than an individual.
“Whoever becomes the MLA represents the constituency. Benefits are not given to an individual,” he said, adding that issues of alleged irregularities should be examined by the Election Commission.
The remarks come after the Leader of Opposition BJP in the Karnataka Assembly, R Ashoka on Wednesday accused the Speaker of 'deliberately' delaying the oath and approached Governor Thaawarchand Gehlot seeking intervention, even suggesting that the Governor administer the oath if required.
Chief Minister Siddaramaiah termed the process 'Vote Dacoity' by Jeevaraj and said an FIR has been registered against the newly elected Sringeri MLA.
Defending the recount process, Jeevaraj denied allegations of tampering, while the High Court has stayed an FIR filed against him in connection with the postal ballot issue.
