Rupee ends almost flat at 88.70 against US dollar
_vb_84.jpeg)
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.
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.
Youngsters should be made aware of UP's condition before 2017: Adityanath
Gorakhpur (UP) (PTI): Uttar Pradesh Chief Minister Yogi Adityanath on Friday urged intellectuals and opinion makers to educate the younger generation about the condition of the state before 2017 and the transformation witnessed in recent years.
Addressing the "Prabuddh Samvad" programme organised by the BJP's Rapti Nagar Mandal at a marriage hall in Gorakhpur, Adityanath said youngsters must be made aware of the "era of riots, curfews, lawlessness and appeasement politics", so that such a situation does not return.
He said many youngsters today were too young to understand the condition of Uttar Pradesh 10 years ago. "If we do not tell the present generation what the state faced earlier, they will forget the consequences of misgovernance and appeasement politics," he said.
The chief minister alleged that before 2017, the state suffered from "goondaism, corruption, anarchy and exploitation by regional parties". He claimed that traders were forced to pay the "goonda tax", women felt unsafe and employment opportunities were limited, forcing many to migrate.
Highlighting the changes under the present government, Adityanath said Uttar Pradesh now offers development, security and employment opportunities.
Referring to Gorakhpur, he said the fertiliser plant has resumed operations, the All India Institute of Medical Sciences (AIIMS) is functioning smoothly and the Baba Raghav Das (BRD) Medical College has improved healthcare services.
The chief minister added that industrial projects worth Rs 15,000 crore have generated jobs for nearly 50,000 youngsters in eastern Uttar Pradesh.
Praising Prime Minister Narendra Modi, Adityanath said India has emerged as a global inspiration under his leadership.
Referring to global tensions and rising fuel prices, he appealed to people to conserve fuel and adopt alternatives, such as solar energy, public transport, electric vehicles and carpooling.
Calling intellectuals the "opinion makers of the society", he said teachers, doctors, lawyers and entrepreneurs have a responsibility to guide people in the right direction. He also urged citizens to remain balanced during both favourable and challenging times.
Local MP Ravi Kishan and Bharatiya Janata Party (BJP) MLC Dharmendra Singh also addressed the programme. Mayor Manglesh Srivastava and several BJP leaders, professionals and social workers were present.
