Rupee plunges 47 paise to close at 88.69 against US dollar
Mumbai (PTI): The rupee depreciated 47 paise to close at 88.69 against the American currency on Thursday on a strong US dollar, weak domestic markets, and a hawkish US Fed.
Forex traders said the US Federal Reserve slashed interest rates by 25 bps in its Federal Open Market Committee (FOMC) meeting. However, Fed Chair Jerome Powell's commentary was hawkish, trimming rate-cut expectations for December.
Moreover, month-end dollar demand from Oil Marketing Companies (OMCs) and foreign fund outflows may also weigh on the rupee.
At the interbank foreign exchange market, the rupee opened at 88.37, and later fell to an intra-day low of 88.74. The local unit finally settled at 88.69 against the greenback, registering a loss of 47 paise from its previous close.
On Wednesday, the rupee appreciated seven paise to close at 88.22 against the US dollar.
"We expect the rupee to trade with a slight negative bias on a strong US Dollar, weak domestic markets and a hawkish Fed. Month-end dollar demand from OMCs may also weigh on the rupee," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
The US Fed cut rates by 25 bps, as expected. However, Fed Chair Jerome Powell said the December cut was not a foregone conclusion, given inflation remains above target and labour-market uncertainties persist.
Following Powell's remarks, market expectations of a December rate cut fell sharply, prompting a rise in US Treasury yields and a stronger dollar, traders said.
Choudhary further noted that the weakness in crude oil prices may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of 88.45 to 89," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 99.12.
Brent crude, the global oil benchmark, fell 0.65 per cent to USD 64.50 per barrel in futures trading.
On the domestic equity markets front, the Sensex tanked 592.67 points to settle at 84,404.46, while the Nifty dropped 176.05 points to 25,877.85.
Foreign institutional investors sold equities worth Rs 3,077.59 crore on Thursday, according to exchange data.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Congress leader Harish Rawat files FIR against BJP over 'misinformation' campaign against him
Dehradun (PTI) Senior Congress leader and former Uttarakhand chief minister Harish Rawat on Tuesday filed a police complaint here against the alleged misinformation campaign being carried out against him by BJP on social media.
Rawat, who reached the Nehru Colony police station with his supporters, handed over a written complaint along with a pen drive and other evidence to the police.
Based on this, an FIR was registered under relevant sections of the Information Technology (Amendment) Act, 2008 and relevant sections of law.
After filing the FIR, Rawat alleged that the police took four hours to register his complaint. He added that if it takes so long for a former CM to file an FIR, one can easily imagine the plight of a common man.
"Finally, after four hours, the police registered the FIR with trembling hands. Their hands were trembling because we have accused the BJP president and his associates, with factual evidence, of misusing AI to tarnish our and our party's image and trying to disrupt social harmony by targeting a particular community," Rawat said.
He expressed hope that after the registration of the FIR, the police would bring the culprits to justice.
Rawat also said, "Just imagine, if the police take so much time to register an FIR of a former CM, what will be the condition of a common man in this state?"
Later, he also handed over a copy of the FIR to the Senior Superintendent of Police (SSP) of Dehradun and the SSP of the Special Task Force. Rawat also said that he would meet the District Magistrate of Dehradun and the State Election Officer with his complaint on Wednesday.
Recently, an AI-generated reel was uploaded on the official social media page of the BJP, which portrayed Rawat as a supporter of appeasement.
In the reel, a Congress leader is heard saying, "I take refuge in Muslims, I take refuge in dargahs (shrines), I take refuge in love jihad." The subsequent images show the construction of a dargah and some people smiling and talking about turning Devbhoomi (the land of gods) into a land of dargahs.
At the end of the reel, Chief Minister Pushkar Singh Dhami is seen walking with police forces and bulldozers.
Rawat also claimed that another AI-generated video was uploaded from a 'fake' BJP platform, depicting him as a 'traitorous Pakistani agent' engaged in espionage. However, the BJP has denied any connection to this video.
