Rupee falls 4 paise to 90.24 against US dollar in early trade
Mumbai (PTI): The rupee opened weak and declined 4 paise to 90.24 against the US dollar in early trade on Monday, as geopolitical uncertainties triggered by the US intervention in Venezuela fuelled the demand for the American currency.
According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.
At the interbank foreign exchange market, the rupee opened at 90.21 against the US dollar and lost further to trade at 90.24 against the greenback in early deals.
On Friday, the rupee settled lower by 22 paise at 90.20 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 98.50.
The US on Saturday carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Brent crude, the global oil benchmark, was trading 0.07 per cent lower at USD 60.70 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.
Foreign institutional investors turned net buyers, picking up equities worth Rs 289.80 crore on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves jumped by USD 3.293 billion to USD 696.61 billion in the week to December 26. The overall kitty had increased by USD 4.368 billion to USD 693.318 billion in the previous reporting week.
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Chair hurled at Union Minister of State V. Somanna during public event in Koppal
Koppal: Tension prevailed for a brief period at Hitnal village in Koppal taluk on Monday after a chair was allegedly hurled at Union Minister of State for Railways and Jal Shakti, V. Somanna, during a public function.
The incident occurred when Somanna was attending the foundation stone–laying ceremony for a railway flyover near Hitnal village.
According to reports, a group of Congress workers expressed anger over the alleged exclusion of Koppal MP K. Rajashekar Basavaraj Hitnal and District In-charge Minister Shivaraj Tangadagi from the invitation list for the program. During the incident, a chair was reportedly thrown, but the Minister was unharmed as his security personnel intervened in time.
Following the incident, chaos ensued at the venue for some time, with protesters allegedly throwing chairs and staging a demonstration in front of Somanna’s vehicle, accusing the organisers of violating protocol.
The railway flyover project, being taken up for Rs 27 crore, connects the Hitnal–Munirabad–Ginigera stretch.
Reacting to the incident, Somanna said the project was fully funded by the Central government and denied any breach of protocol. “There was no violation of etiquette related to the programme. The disturbance was created intentionally,” he said.
