Rupee ends almost flat at 88.70 against US dollar
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Mumbai (PTI): The rupee slipped just one paisa to settle almost flat at 88.70 against the US dollar on Friday, as weak domestic equities and a firm American currency in overseas markets offset the gains from lower crude oil prices.
At the interbank foreign exchange market, the rupee opened at 88.60 and touched a high of 88.59 and a low of 88.78 against the greenback during the session. The local unit finally settled at 88.70, one paisa lower than its previous closing level.
On Thursday, the rupee crashed 47 paise to settle at 88.69 against the US dollar after US Federal Reserve Chair Jerome Powell flagged concerns about inflation staying above the target level and uncertainties in the labour market, trimming hope for a further rate cut in the December policy.
The US Fed, however, reduced interest rates by 25 basis points, in line with expectations.
The rupee saw limited movement as FIIs continued their selling streak over the past few sessions, keeping capital markets under pressure, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
He further said that the positive dollar index weakened the rupee while crude prices stayed range-bound, offering little relief on the external front.
"The absence of any concrete progress in the US-India trade deal discussions further weighed on sentiment, maintaining a cautious tone for the currency. The rupee is expected to trade within a range of 88.40-89.10 in the near term," Trivedi added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 99.39.
Brent crude, the global oil benchmark, fell 0.68 per cent to USD 64.56 per barrel in futures trading.
On the domestic equity markets front, the Sensex declined 465.75 points or 0.55 per cent to settle at 83,938.71, while the Nifty fell 155.75 points or 0.60 per cent to 25,722.10.
Foreign institutional investors sold equities worth Rs 6,769.34 crore on Friday, according to exchange data.
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Women's reservation must be implemented without being made contingent on delimitation: CM
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Wednesday said that the Women's Reservation Bill is a long-overdue reform that must be implemented immediately within the existing framework, without being made contingent on delimitation.
Terming the delimitation as the political re-engineering at the cost of southern states, Deputy Chief Minister D K Shivakumar said that these states will stand united, speak in one voice, and defend the true spirit of federalism.
The leaders' statements came a day before the Constitutional Amendment Bill with provisions on women's reservation implementation and delimitation was tabled in the Lok Sabha.
"You are right in highlighting the larger implications of the proposed delimitation approach and the concerns it raises for southern states. We wholeheartedly support the Women's Reservation Bill - it is a long-overdue reform that must be implemented immediately within the existing framework, without being made contingent on delimitation," Siddaramaiah said in a post on 'X'.
He was replying to his Telangana counterpart A Revanth Reddy's post on 'X' with a letter, urging the former to unitedly resist moves to push a pro rata model to increase Lok Sabha seats, which would be highly detrimental and inimical to the interests of southern states.
"Any exercise that reshapes political representation must be undertaken with utmost care. The Union Government must engage all states in a transparent and consultative process, and ensure that fairness, federal balance, and consensus guide this critical decision," Siddaramaiah added.
Shivakumar said that this is not a delimitation, but political re-engineering "at the cost of southern states".
"The proposal to increase Lok Sabha seats from 543 to 850 will systematically reduce the voice of the South, while rewarding unchecked population growth elsewhere. This is nothing but punishing progress and good governance," he posted on 'X'.
Clarifying that Congress fully supports women's reservation and in fact, it was party's top leader Sonia Gandhi's vision and commitment that brought this dream to the national agenda, the Deputy CM said, "We demand that it be implemented without linking it to delimitation or seat expansion."
"I urge the Union Govt to not hide behind women's empowerment to push a deely unfair political agenda. Rushing such a massive restructuring of India's democracy during elections, without transparency or consultation, is deeply suspicious and unacceptable," he said.
Asserting that India's strength lies in balance not domination, and in fairness, not manipulation, Shivakumar said, "The Southern states will stand united, speak in one voice, and defend the true spirit of federalism."
"We will not allow the South to be politically marginalised."
