Rupee falls 4 paise to close at fresh record low of 85.15 against US dollar
Mumbai, Dec 24: The rupee extended the slide for the second straight session and depreciated 4 paise to settle at a fresh all-time low of 85.15 against the US dollar on Tuesday, dragged by a strong greenback against major crosses overseas and subdued domestic equities.
According to analysts, increased demand of dollar due to month-end payment obligation and the fear of an aggressive import tariff by the Donald Trump administration in the US strengthened the greenback.
Besides, surging crude oil prices pushed the rupee down further, they added.
At the interbank foreign exchange, the rupee opened at 85.10 and touched the lowest ever level of 85.21 against the greenback during intra-day. The unit finally ended the session at a fresh all-time low of 85.15 against the dollar, registering a loss of 4 paise from its previous close.
On Monday, the rupee settled 7 paise lower at 85.11 against the US dollar.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee fell to a fresh all-time low on weak domestic markets and a strong US dollar due to increased demand from importers and surging crude oil prices.
He said a hawkish tone of the US Federal Reserve and an improved US economy may further support the dollar.
"FII outflows may also weigh on the rupee. However, any intervention by the RBI may support the rupee at lower levels. USD-INR spot price is expected to trade in a range of Rs 85 to Rs 85.40," Choudhary said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.11 per cent at 107.93, amid soaring US Treasury yields and the fear of delayed interest rate cuts by the US Federal Reserve.
Brent crude, the global oil benchmark, rose 0.69 per cent to USD 73.13 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed lower by 67.30 points, or 0.09 per cent, at 78,472.87 points, while Nifty fell 25.80 points, or 0.11 per cent to close at 23,727.65 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore, according to exchange data.
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Two arrested for allegedly sexually assaulting woman at knifepoint in Kochi
Kochi (PTI): Two persons have been arrested after a three-member gang allegedly sexually assaulted a woman at knifepoint near Ernakulam Junction Railway station, officials said on Friday.
The arrested accused were identified as Danish (26), a native of Varkala in Thiruvananthapuram district, and Rahul (39), a native of Paravoor in Kollam district.
Police officials said they were searching for the prime accused, Sanjay, a native of Aroor in Alappuzha district.
According to police, the incident occurred on the night of May 5 when the victim was chatting with her friend near a closed hotel near Ernakulam Junction Railway station.
Officials said the accused approached them, attacked the victim’s friend and then allegedly threatened the woman with a knife before sexually assaulting her.
Police said the accused also allegedly disrobed the victim during the attack.
However, the woman managed to escape from the spot and approached a nearby shop for help.
Police were informed immediately and shifted the victim to the police station.
Officials said the accused were heavily drunk at the time of the incident and went into hiding soon after the attack.
Police registered a case on May 6 under charges including rape, disrobing a woman, criminal intimidation and robbery.
The two accused were later arrested in the city, while efforts are continuing to trace Sanjay, police said.
The accused were produced before a court and remanded to judicial custody.
