Rupee jumps 29 paise against US dollar to 73.32
New Delhi, Oct 19: The rupee recovered early losses and finally settled 29 paise higher at 73.32 against the US dollar Friday, amid a weakening greenback.
Traders said the selling of the US currency by exporters and foreign fund inflows were the other factors that provided support to the home unit.
At the Interbank Foreign Exchange (Forex), the rupee opened lower at 73.62, but soon recovered the lost ground and jumped 31 paise to touch a high of 73.31 on increased selling of the American currency by exporters and banks.
The domestic unit settled the day up by 29 paise at 73.32 against the US dollar.
The rupee had settled 13 paise lower at 73.61 against the US dollar Wednesday. Forex market remained shut on Thursday on account of "Dussehra".
Meanwhile, market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in index major Reliance Industries, HDFC and Infosys.
"Despite the fall (in equity benchmark), rupee gained some weight supported by stability in oil prices," Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Foreign fund inflows also supported the domestic currency. On a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.4354 and for rupee/euro at 84.1741. The reference rate for rupee/British pound was fixed at 95.6525 and for rupee/100 Japanese yen was 65.27.
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Bihar minister Nitin Nabin appointed BJP's national working president
New Delhi (PTI): Bihar Minister Nitin Nabin was on Sunday appointed as the BJP national working president and is likely to eventually succeed JP Nadda as its national president, signalling a generational shift in the ruling party.
Nabin, 45, son of late Nabin Kishore Prasad Sinha -- a veteran BJP leader and former MLA -- is considered dynamic and ideologically rooted, and deeply committed to the organisation, party leaders said.
A five-time MLA, he represents Bankipur assembly constituency in Bihar and has served twice as a minister in the Bihar Government.
His tenures as a minister in Bihar and his role as the party incharge of Chhattisgarh have been truly outstanding and marked by his effective organisational leadership, they said.
The BJP parliamentary board picked Nabin for the post.
"Bharatiya Janata Party's parliamentary board has appointed Nitin Nabin, a minister in the Bihar government, the Bharatiya Janata Party’s national working president with immediate effect," BJP national general secretary Arun Singh said in a notification.
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Nabin, who belongs to the Kayastha community, is likely to succeed incumbent BJP chief Nadda and is one of the youngest leaders to occupy the post, the leaders said.
Nadda, 65, was appointed the BJP President in January 2020 and has already completed his full term. He was granted extensions to lead the party through the 2024 Lok Sabha elections.
Congratulating Nabin on his appointment, Prime Minister Narendra Modi said he has distinguished himself as a "hardworking Karyakarta" and expressed confidence that his energy and dedication will strengthen the party.
"He is a young and industrious leader with rich organisational experience and has an impressive record as MLA as well as Minister in Bihar for multiple terms. He has diligently worked to fulfil people's aspirations.
"He is known for his humble nature and grounded style of working. I am confident that his energy and dedication will strengthen our Party in the times to come. Congratulations to him on becoming the BJP National Working President," PM Modi said on X.
Nabin has also worked extensively for Yuva Morcha. His appointment reflects the BJP’s focus on capable leadership and signals a generational shift, the leaders said.
BJP chief Nadda also greeted Nabin and said he was confident that the party would attain new heights under his leadership.
"I extend my heartfelt congratulations to the dynamic BJP leader from the sacred land of knowledge and culture, Bihar, and Minister in the Bihar Government, Shri Nitin Nabin ji on his appointment as the National Working President of the Bharatiya Janata Party.
"I am fully confident that under the guidance of the esteemed Prime Minister Shri Narendra Modi ji and your leadership, the organisation will reach new heights with the sentiments of nation-building and public service. Heartfelt best wishes for your illustrious and successful tenure," he said on X.
