Rupee hits new low, falls 24 paise against US dollar
Mumbai, Oct 11: The rupee Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American currency weakened overseas.
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows. Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per cent, to hit 33,730.49 in opening trade.
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Karnataka approves AI Centre of Excellence in Bengaluru's Electronics City
Bengaluru (PTI): The Karnataka government has approved the establishment of a CoE for AI in Biotechnology at IBAB in Electronics City (Phase 1), here.
The decision, taken by the state Cabinet on Thursday night, marks a significant step towards strengthening Karnataka’s leadership in emerging technologies, IT and biotechnology, Karnataka Minister Priyank Kharge said on Friday.
The centre will be established over four years with a total outlay of Rs 20 crore, in partnership with the Institute of Bioinformatics and Applied Biotechnology and the Centre for Cellular and Molecular Platforms (C-CAMP), according to a statement from the minister’s office.
"Karnataka has consistently been at the forefront of technological innovation. As we enter the decade of deep tech, our focus is on building future-ready capabilities at the intersection of artificial intelligence and biotechnology," Minister for IT and Biotechnology said.
"This Centre of Excellence will strengthen our research ecosystem, accelerate innovation and enable Karnataka to lead in high-impact next-generation technologies," he added.
Priyank added that the state government, through the Departments of Electronics, IT, Biotechnology, and Science & Technology, is actively investing in emerging technologies and taking steps to strengthen Karnataka’s AI and deep-tech ecosystem.
The minister said the Cabinet has also approved the transfer of a 51 per cent stake in the Karnataka Technology & Innovation Museum Foundation (KTIMF) to the Unboxing BLR Foundation.
KTIMF was established by the Government of Karnataka as a not-for-profit organisation to promote innovation, technological awareness, startup culture and public engagement in science and technology, aligned with the state’s vision of building a robust innovation ecosystem, he said.
The Technology & Innovation Museum will be developed at the NGEF campus in Baiyappanahalli, Bengaluru, under a Public-Private Partnership (PPP) model, with a total project cost of Rs 100 crore. Of this, Rs 49 crore will be contributed by the state government and Rs 51 crore by the private partner, he said.
