Former Karnataka CM Bangarappa's son Madhu Bangarappa joins Congress
Hubballi, Jul 30: Madhu Bangarappa, ex-JD(S) MLA and son of former Karnataka Chief Minister, the late S Bangarappa, on Friday officially joined the Congress party.
He, along with his supporters, joined the grand old party here in the presence of Congress General Secretary in-charge of Karnataka Randeep Singh Surjewala, Leader of the opposition in the assembly Siddaramaiah, state unit President D K Shivakumar and a host of other party leaders.
"I promise to the Congress leadership that I will try my best to live up to the expectations that they have in me as Bangarappa's son and work day and night to bring the party back to power," Madhu Bangarappa said after his induction.
Stating that it is only through the Congress that the poor and weaker sections can get justice, he said "I will take up whatever responsibility I'm given and work for the party.
Bangarappa's followers are today in various parties, I will try to get them back to Congress."
Madhu in March had announced his decision to join the Congress, quitting the JD(S), where he was the partys working president.
"Happy to welcome my political guru S Bangarappa's son Madhu Bangarappa into our Congress Party today.
Our aim is to strengthen the party with focused and like minded individuals and I am sure Madhu Bangarappa will work towards the same," Shivakumar said after inducting him into the party.
Welcoming Madhu, Siddaramaiah asked him to continue to his father- Bangarappa's legacy.
"I see Bangarappa's concern for the people, especially weaker and backward sections in Madhu too. I wish him the best," he said.
Surjewala in a tweet said, "A New Beginning, A New Start...
Yet the same old legacy continues...Our tall leader, late shri S Bangarappa...to our young and dynamic, Madhu Bangarappa ! Karnataka Congress is proud to have you! Welcome to the Family!!!"
Madhu was defeated by his brother Kumara Bangarappa of the BJP in Soraba constituency in the 2018 assembly polls.
He had also contested the 2018 Lok Sabha bypolls on a JD(S) ticket and lost to the BJP.
He was in the past associated with the Kannada film industry as actor and producer and has had his stints with the BJP and Samajwadi Party, when his father Bangarappa joined these parties.
Bangarappa, who had been in and out of the Congress, was the Chief Minister of Karnataka during 1990-92.
A New Beginning, A New Start….
— Randeep Singh Surjewala (@rssurjewala) July 30, 2021
Yet the same old legacy continues…
Our tall leader,
Late Sh. S. Bangarappa……
TO
Our young & dynamic,
Madhu Bangarappa !@INCKarnataka is proud to have you!
Welcome to the Family!!! pic.twitter.com/Jq0uXox3MK
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
