Rupee falls 10 paise to close at 88.29 against US dollar
Mumbai (PTI): The rupee depreciated by 10 paise to close at 88.29 against the US dollar on Tuesday on weak domestic stock markets and foreign fund outflows.
Forex traders said a weak US dollar and softening of crude oil prices cushioned the downside.
Investors are also keeping a watch on the Federal Reserve’s policy decision on Wednesday for further cues.
At the interbank foreign exchange market, the rupee opened at 88.34, and later traded in a range of 88.23 to 88.40 during the day. The local unit finally settled at 88.29 against the greenback, registering a fall of 10 paise from its previous close.
On Monday, the rupee plunged 36 paise to close at 88.19 against the US dollar.
"We expect the rupee to trade with a slight negative bias on weak domestic equities and month-end dollar demand from importers. However, optimism over the trade deal between India and the US may support the rupee at lower levels," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
Choudhary further noted that investors may remain cautious ahead of the US FOMC meeting decision. USDINR spot price is expected to trade in a range of 87.90 to 88.60, he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 98.69.
Brent crude, the global oil benchmark, fell 1.74 per cent to USD 64.48 per barrel in futures trading.
On the domestic equity markets front, Sensex declined 150.68 points to settle at 84,628.16, while the Nifty dipped 29.85 points to 25,936.20.
Foreign Institutional Investors purchased equities worth Rs 10,339.80 crore on Tuesday, according to exchange data.
Meanwhile, India's crude oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi's effort to diversify supplies away from Russia and ease trade tensions with the Trump administration.
India's crude imports from the US reached 540,000 barrels per day as of October 27 - the highest since 2022, according to data from Kpler.
October is likely to close with near 575,000 bpd, and November looks to book around 400,000-450,000 bpd, per US export data - a sharp jump from the year-to-date average of around 300,000 bpd.
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Siddaramaiah in 'helpless situation', under some 'compulsion', claims Cong MLA Rajanna
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Bengaluru (PTI): Amid claims that Siddaramaiah's confidants are being targeted within the ruling Congress in Karnataka, following recent actions against some party leaders, senior MLA K N Rajanna on Friday alleged that the chief minister is "helpless" and under some "compulsion" as he is not standing up to defend his people.
The comments from the former minister, who is considered close to Siddaramaiah, came after Congress took action against some of its minority community leaders--considered close to the CM--following allegations of an internal conspiracy against the party candidate in the Davanagere South bypoll held on April 9.
Rajanna himself was sacked from the Ministry last August on the instructions of the party high command, following his alleged comments criticising top party leader Rahul Gandhi's "vote theft" charge.
"There will be vested interests in the party who will try to conspire against those who have been loyal to the party and want the party to grow for the welfare of the people. Nothing can be done about it. What we expect from our chief minister is that when such a situation arises, he should stand strong, but he is not standing and that is a sad thing," Rajanna said in response to a question whether Siddaramaiah's followers were being targeted in Congress.
Speaking to reporters here, he said, "... I don't know what his thinking is. But we did not expect such a helpless situation from Siddaramaiah."
When asked who had made Siddaramaiah helpless, the former minister said, "I won't say who, you understand it yourself."
"People are saying that those close to Siddaramaiah are being targeted...I don't know what compulsions Siddaramaiah has. If he tells, we can know, but he won't say. I don't know under what compulsion he is following this neutrality," he said, adding that the CM is helpless and a person becomes "helpless" when his/her voice shrinks.
The Congress recently suspended MLC K Abdul Jabbar from the party's primary membership and relieved another MLC Naseer Ahmed from the post of chief minister's political secretary. This action came after a group of Muslim leaders accused members of their own party of "conspiracy" to defeat the official candidate in Davanagere South.
Following the action against Jabbar and Naseer Ahmed, speculation is that Housing Minister B Z Zameer Ahmed Khan may also face action during the next cabinet rejig, as these three wanted a Muslim to get the bypoll ticket in Davanagere South, which the party gave to the late MLA Shamanur Shivashankarappa's grandson Samarth Mallikarjun. They also did not actively participate in campaigning.
Citing a Kannada saying that there is no punishment for the mistakes committed by the King, Rajanna, in what seemed to be a veiled dig at Deputy Chief Minister D K Shivakumar, asked, "Does sharing a stage with a person (referring to Sadhguru Jaggi Vasudev) who said, 'Who is Rahul Gandhi? I don't know,' not amount to indiscipline?"
Referring to AICC chief Mallikarjun Kharge's statement on whether poverty could be ended by taking a dip in the Ganga at Prayagraj, he said, "...but this person (again referring to Shivakumar) goes there and compliments UP CM Yogi Adityanath for arrangements made for the Kumbh Mela. He also goes to Ambani family marriage, while Rahul Gandhi did not even accept the invitation."
"I'm not saying that action should be taken against this person too, but the party will have to observe these things also," he added.
Rajanna further pointed out that no action was taken when veteran Congress leader and late MLA from Davanagere South Shamanur Shivashankarappa made a speech seeking votes for BJP candidate B Y Raghavandra during Shivamogga Lok Sabha polls, and asked if this did not amount to indiscipline.
"The same people were at the helm then (referring to Shivakumar as KPCC chief), even a verbal warning was not given to him (Shivashankarappa)," he said, adding that, similarly no action was taken when Samarth Shamanur filed his nomination in Davanagere South before the party announced its candidate for Davanagere South-- that was also an act of indiscipline.
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