Rupee hits new low of 74.27, plunges 21 paise against USD
Mumbai, Oct 9 : The rupee erased all its morning gains to hit a new record low of 74.27 against the US dollar in afternoon trade Tuesday after Brent crude breached the USD 84 a barrel-mark again and the American currency strengthened overseas.
Moreover, unabated foreign fund outflows weighed on the rupee, traders said.
At the forex market, the domestic unit opened higher at 73.93 and advanced to 73.88 on fresh selling by exporters amid weakness in dollar against some currencies overseas.
However, it turned weak and slipped to trade at a fresh lifetime low of 74.27, showing a fall of 21 paise over its Monday's close of 74.06.
It broke previous record low (intra-day) of 74.23 reached on October 5. Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,805 crore Monday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows and rise in crude oil price to 84.48.
Forex dealers said besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency.
Meanwhile, the BSE benchmark Sensex dropped by 87.79 points, or 0.25 per cent, to 34,386.59 during mid-session.
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FIR against 2 women corporators of Congress in Indore over refusal to sing 'Vande Mataram'
Indore (PTI): Police registered a case against two women corporators of the Congress in Madhya Pradesh's Indore on Wednesday on the charge of disturbing communal harmony for their refusal to sing the national song 'Vande Mataram', an official said.
During the Indore Municipal Corporation's budget session on April 8, Congress corporator Fauzia Sheikh Alim refused to sing 'Vande Mataram' citing Islamic beliefs.
Another corporator, Rubina Iqbal Khan, who joined the Congress after winning the civic election as an independent candidate, also supported Fauzia's stance and refused to sing the national song.
Talking to PTI, Additional Deputy Commissioner of Police Amarendra Singh said following a probe into a complaint, a case has been registered against Fauzia and Rubina at the M G Road police station under section 196 of the Bharatiya Nyaya Sanhita (BNS) (acts prejudicial to maintenance of harmony between different communities).
The police summoned both the corporators for questioning over the past two days and recorded their statements, he said.
"Finally, finding the case prima facie cognisable, we have registered an FIR and initiated a detailed investigation," Singh said.
