Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade
Mumbai (PTI): The rupee plummeted to a new low of 90.25 against the greenback in the intra-day session on Wednesday, falling 29 paise from its previous close, amid FII outflows and sustained buying of dollars by banks.
A decline in the domestic equity markets and the absence of an India-US trade deal put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 89.96 against the greenback and slipped to an all-time intra-day low of 90.25, down 29 paise from its previous close.
On Tuesday, the rupee settled 43 paise down at an all-time closing low of 89.96 against the US dollar, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, "The rupee slipped below the 90-mark for the first time, pressured by the absence of a confirmed India-US trade deal and repeated delays in timelines. Markets now want concrete numbers rather than broad assurances, leading to accelerated selling in the rupee over the past few weeks."
"Record-high metal and bullion prices have further worsened India's import bill, while steep US tariffs continue to strain export competitiveness," he said.
"The rupee has been weakening with the Government of India and the Reserve Bank of India (RBI) wanting to help exporters and may have kept the dollar well bid in the past few days," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Nationalised banks purchased dollars at higher levels consistently on Tuesday, he said.
The MPC meeting starts on Wednesday and the interest rate decision will be declared on December 5 ahead of the Fed interest rate outcome on December 10.
"A rate cut by the RBI could invite further selling of the rupee," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 99.17.
Brent crude, the global oil benchmark, was trading 0.03 per cent lower at USD 62.43 per barrel in futures trade.
On the domestic equity market front, Sensex was down intra-day by 277.23 points, or 0.33 per cent, to 84,861.04 points. Nifty, too, was trading lower by 111.70 points, or 0.43 per cent to 25,920.50.
Foreign Institutional Investors sold equities worth Rs 3,642.30 crore on Tuesday, according to exchange data.
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RSS man's defamation case against Rahul: Key witness unavailable, hearing adjourned to Dec 20
Thane (PTI): A court in Bhiwandi in Thane district on Saturday adjourned the hearing in the criminal defamation case filed against Congress leader Rahul Gandhi by a Rashtriya Swayamsevak Sangh (RSS) worker to December 20 due to non-availability of a crucial prosecution witness.
Advocate Narayan Iyer, counsel for Rahul Gandhi, confirmed the adjournment, stating that the witness, Ashok Saykar, currently Deputy Superintendent of Police in Barshi in Solapur, could not remain present due to personal reasons.
Saykar's evidence is now likely to be recorded on December 29.
His testimony is considered key because he, as police sub inspector in 2014, conducted the preliminary inquiry into the private defamation matter under Section 202 of the Code of Criminal Procedure (CrPC).
It was on the basis of Saykar's submitted report that the court subsequently issued process (summons) against Rahul Gandhi under Section 500 of the Indian Penal Code (IPC).
The criminal defamation case was filed by local RSS worker Rajesh Kunte following a speech given by Rahul Gandhi at an election rally near Bhiwandi on March 6, 2014.
The case stems from the Congress leader's alleged statement that "the RSS people killed (Mahatma) Gandhi."
The matter is being heard by Bhiwandi Joint Civil Judge, Junior Division, P M Kolse.
The hearing had previously been adjourned on November 15 after the complainant's counsel, Advocate Prabodh Jaywant, moved an application seeking permission to examine Saykar, who had submitted the probe report to the court.
The matter was originally scheduled for November 29 but was deferred to December 6 after Rahul Gandhi's legal team sought an adjournment citing their non-availability. The proceedings will now resume on December 20.
