Karnataka CM Siddaramaiah will quit soon, claims state BJP President BY Vijayendra
Bengaluru, Nov 8: Karnataka BJP President B Y Vijayendra on Friday claimed that Chief Minister Siddaramaiah, facing probe in the MUDA site allotment case, will resign soon.
Both Deputy Chief Minister D K Shivakumar and Congress national President M Mallikarjun Kharge are also aware as to when the CM will quit, he said.
He termed Siddaramaiah's reported recent statement that he will continue as CM for the full term, as an attempt aimed at garnering votes from certain communities for the November 13 by-polls for three Assembly segments.
"The Chief Minister, who is an accused, is patting himself on his back. He is trying to instill confidence among legislators (Congress) that he will continue as CM, but Siddaramaiah knows what is the truth. D K Shivakumar and Mallikarjun Kharge know when he will resign," Vijayendra said.
Speaking to reporters here, he said at the time of election, to get the support of certain communities, such statements are made.
ALSO READ: New kind of ''Jihad'' in Karnataka through Waqf Board, alleges Union Minister Pralhad Joshi
"I don't know whether it is right or not to say this repeatedly, but the Chief Minister's resignation has already been decided," he added.
The opposition has been demanding Siddaramaiah's resignation, following charges against him in the MUDA (Mysuru Urban Development Authority) site allotment case.
There were also behind-the-scenes political activities within the ruling Congress last month, with a few Ministers in the Siddaramaiah Cabinet holding closed door meetings, fueling speculation about leadership change. But such activities came to a halt following instructions from the party high command.
Stating that the stand of the Congress government and the Chief Minister on the Waqf issue and their conduct are being questioned by people and farmers of the state, Vijayendra said they should have responded to trouble faced by farmers.
"But, under the CM's insistence, Zameer Ahmed Khan (Waqf Minister) has taken the lead in robbing land from farmers, its implications will be felt in by-polls," he said.
People of the state are questioning the CM's "anti-farmer attitude", the conspiracy to loot the lands and properties of Mutts, and the "anti-Hindu behaviour" of this government, he further said. "All of this will become a curse for the Congress government and people will turn against them. Let there be no doubts."
Vijayendra expressed confidence about BJP winning in Sandur and Shiggaon Assembly segments, and its alliance partner JD(S) emerging victorious in Channapatna. The three segments will go for by-polls on November 13.
"The Chief Minister and Ministers are somewhat aware that Congress will lose all the three segments..." he claimed.
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.
Rupee falls 5 paise to hit new all-time low of 84.37 against US dollar
Mumbai, Nov 8: Declining for the third straight session, the rupee dropped 5 paise to hit a new lifetime low of 84.37 against the US dollar on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
Forex traders said the US Federal Reserve's recent decision to cut interest rates signals a shift in the global financial landscape. Moreover, with Donald Trump's tax and trade policies influencing global markets, volatility could re-enter the rupee's trajectory.
At the interbank foreign exchange, the rupee opened at 84.32 against the US dollar. During the session, the local currency touched a high of 84.31 and a low of 84.38. It finally settled at 84.37, a loss of 5 paise against its previous close.
On Thursday, the rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar.
In the last three sessions, the local unit has lost 28 paise against the greenback.
The rupee hit a record low on account of extending sell-off in the domestic markets and continuous foreign fund outflows. Overnight gains in crude oil prices also weighed on the rupee, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
However, the softening of the US Dollar index cushioned the downside. The dollar softened as the US Federal Reserve cut interest rates by 25 bps in line with street estimates. The Fed Chair Jerome Powell said in his presser that the US economy was strong and some downside risks seemed to have diminished.
In its latest monetary policy announcement, the US Fed reduced its benchmark rate by 0.25 basis points to a target range of 4.5 per cent-4.75 per cent.
In its accompanying statement, the Fed adopted a neutral-to-dovish tone, acknowledging balanced risks in inflation and employment.
"We expect the rupee to trade with a negative bias on overall strength in the US dollar and weak domestic markets. FII outflows may also weigh on the rupee. However, any intervention by the Reserve Bank may support the rupee at lower levels," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 104.50.
Brent crude, the global oil benchmark, fell 1.10 per cent to USD 74.80 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex fell 55.47 points, or 0.07 per cent, to close at 79,486.32 points, while Nifty declined 51.15 points, or 0.21 per cent, to settle at 24,148.20 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 3,404.04 crore, according to exchange data.
"Rupee has been on a low in the last few days though it is the second best-performing currency amongst its peers after the election of Trump as president.
"However, foreign funds and oil companies are constant buyers of the currency pair, and therefore, we are not finding rupee to gain from here except if RBI sells in a big way and brings it down," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
For now, it is better to buy on dips and keep exports on hold until the rupee finds its level. There also seems to be a cash dollar shortage in the markets as the RBI is not supplying sufficient dollars, which FPIs are buying, Bhansali added.
