Rupee rises 9 paise to close at 87.93 against US dollar
Mumbai (PTI): The rupee rose 9 paise to close at 87.93 against the US dollar on Monday, supported by foreign fund inflows and lower crude oil prices.
Positive sentiments in the domestic equity markets lent further support to the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 87.94 against the US dollar and traded in the range of 87.74-87.94 during the day before settling at 87.93, higher by 9 paise against its previous close.
On Friday, the rupee closed at 88.02 against the US dollar.
"The Reserve Bank of India ensured that the rupee opened below 88... There was no specific development on the India-US trade front, while on the US-China front, the talks by government officials gave hope that US-China trade developments could be solved amicably," Anil Kumar Bhansali, Executive Director, Finrex, said.
Stock exchanges will hold a special Muhurat trading session on Tuesday from 1.45 pm to 2.45 pm for Laxmi Pujan, according to notices by the BSE and the NSE.
The forex markets, however, will be closed on Tuesday and Wednesday.
"After two days' holidays from Tuesday, the rupee is expected to be in the range of 87.70-88.30 on Thursday," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, edged up 0.1 per cent to 98.53.
Brent crude, the global oil benchmark, fell 0.36 per cent to USD 61.07 per barrel in futures trade.
On the domestic equity market front, Sensex soared 411.18 points to settle at 84,363.37, while Nifty climbed 133.30 points to 25,843.15.
Foreign Institutional Investors (FIIs) purchased equities worth Rs 790.45 crore on Monday, according to exchange data.
India's forex reserves dropped by USD 2.176 billion to USD 697.784 billion during the week ended October 10, the RBI data released on Friday showed.
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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
