Rupee falls 4 paise to hit all-time low of 84.11 against US dollar
Mumbai, Nov 4: The rupee on Monday fell 4 paise to a record low of 84.11 against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.
Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.
However, the softening of the US dollar prevented a sharp fall.
At the interbank foreign exchange, the rupee opened at 84.07 against the US dollar. During the session, the local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11, a loss of 4 paise from its previous close.
On Thursday, the rupee edged up 1 paisa to 84.07 against the US dollar.
The forex market remained closed on Friday on account of Diwali.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.52 per cent to 103.73 points.
US dollar declined on disappointing non-farm payrolls report and ISM manufacturing PMI data from the US on Friday. The US added only 12,000 jobs in October 2024 versus forecast of 106,000 jobs while ISM manufacturing PMI fell to 46.5 in October, falling short of expectations of 47.6, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.
Brent crude, the international benchmark, surged 2.63 per cent to USD 75.02 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on weak domestic markets and sustained FII outflows. However, softening of US dollar amid disappointing jobs markets may support the rupee at lower levels. Traders may take cues from factory orders data from the US today and FOMC meeting outcome later this week," Choudhary said.
"USDINR spot price is expected to trade in a range of 83.95-84.30," Choudhary added.
In the domestic equity market, the 30-share BSE Sensex was down 941.88 points, or 1.18 per cent, to close at 78,782.24, while Nifty declined 309 points, or 1.27 per cent, to settle at 23,995.35.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 4,329.79 crore, according to exchange data.
"Foreign portfolio investors (FPIs) resumed selling after the Diwali Muharat trading. Rupee accordingly reacted and fell to 84.11 its lowest to date. RBI which was protecting 84.09 has now taken the levels slightly higher," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Market participants will await cues from the US election results and FOMC on November 6 and November 7, respectively, he added.
Meanwhile, India's forex reserves dropped USD 3.463 billion to USD 684.805 billion in the week ended October 25, the RBI said on Friday.
The overall reserves had dropped USD 2.163 billion to USD 688.267 billion in the previous reporting week. In end-September, the reserves had hit an all-time high of USD 704.885 billion.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
