Karnataka crisis: Congress steps up efforts to persuade Ramalinga Reddy
Bengaluru, Jul 13: The Congress on Sunday intensified efforts to persuade another rebel MLA Ramalinga Reddy to return to the party fold, in a desperate bid to save the Congress-JD(S) coalition government in Karnataka teetering in the wake of resignation of its legislators.
Sources in the Congress told PTI that the party's state working president Eshwar Khandre and H K Patil have headed to Ramalinga Reddy's residence.
Reddy, BTM Layout Assembly MLA, is said to be maintaining a silence and has not been responding to the party's attempts to appease him. He is also among the MLAs who have resigned.
On Saturday, a team of BJP leaders led by Yelahanka MLA S R Vishwanath and Padmanabha Reddy had called on him at his residence.
"Ramalinga Reddy has neither gone to Mumbai, nor he has given any statement that can be considered as anti-party activity. It is incumbent upon us to persuade him. We are sure he won't leave the party," said party spokesperson Subhash Agarwal.
The coalition government is on a sticky wicket with 16 MLAs 13 of the Congress and three of the JD(S) resigning from the Assembly. Besides, two independent legislators, who were made ministers recently to provide stability, have quit the cabinet.
The independents H Nagesh and R Shankar have also withdrawn support to the coalition government and are now supporting the BJP.
The ruling coalition's strength in the House is 116 (Congress 78, JD(S) 37 and BSP one), besides the speaker.
With the support of the two independents, the opposition BJP has 107 MLAs in the 224-member House.
If the resignations of the 16 MLAs are accepted, the ruling coalition's tally will be reduced to 100. The speaker has a vote too.
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Rupee falls 11 paise to 94.27 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 11 paise to 94.27 against US dollar in early trade on Monday driven by persistent dollar demand and a broader shift toward safe-haven assets.
Forex traders said the Indian rupee has hit a rough patch, falling for five consecutive sessions, weighed down by a combination of factors such as the RBI loosening its grip on currency rules and rising oil prices caused by global tensions.
Moreover, investors are becoming cautious again, with foreign institutions pulling money out of the market after a brief period of buying amid rising geopolitical uncertainty.
At the interbank foreign exchange market the rupee opened at 94.25 against the US dollar, then lost some ground and touched 94.27 against the US dollar in initial trade, registering a fall of 11 paise over its previous close. On Friday, the rupee had settled at 94.16 against the American currency.
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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.09 per cent at 98.44.
Brent crude, the global oil benchmark, was trading higher by 1.16 per cent at USD 106.55 per barrel in futures trade.
A mix of softer economic signals and renewed, even if fragile, hopes of diplomacy pulled the dollar lower again, CR Forex Advisors MD Amit Pabari said, adding that for Rupee, on one hand, a softer dollar offers relief. On the other, uncertainty remains the dominant force.
Meanwhile, India’s forex reserves have crossed USD 703 billion as of April 17, reflecting a consistent build-up of buffers.
"For now, the rupee continues to lean toward gradual weakness. Uncertainty remains the dominant force, shaping both global flows and local reactions," Pabari said.
He further noted that any dips are likely to be bought into, with the 92.80–93.20 zone acting as a strong support. On the upside, 93.50 to 94.50 is expected to define the near-term range.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 518.96 points or 0.68 per cent higher at 77,183.17, while the broader Nifty was trading up 131.30 points or 0.55 per cent at 24,029.25.
Foreign Institutional Investors offloaded equities worth Rs 8,827.87 crore on Friday, according to exchange data.
