Rupee crashes 27 paise to hit record low of 86.31 against US dollar in early trade
Mumbai (PTI): The rupee's slide show went on for the second straight session on Monday as it crashed 27 paise to hit a new lifetime low of 86.31 against the US dollar, dragged down by a robust American currency amid volatile global cues.
A record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure, forex traders said.
The dollar, they said, strengthened on better-than-expected job growth in the US market, which also fuelled the benchmark treasury yields amid expectations of slower interest rate cut by the Federal Reserve.
At the interbank foreign exchange, the rupee opened at 86.12 and fell to the historic low level of 86.31 against the greenback in initial deals, registering a steep loss of 27 paise from its previous close.
On Friday, the rupee declined 18 paise to settle at 86.04 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.22 per cent to its over two-year-high level of 109.72. The 10-year US bond yields remained elevated touching its October 2023 level at 4.76 per cent.
Brent crude, the global oil benchmark, surged 1.44 per cent to USD 80.91 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex was trading 550.49 points, or 0.71 per cent, lower at 76,828.42 points, while the Nifty was down 182.45 points, or 0.78 per cent, at 23,249.05 points.
Foreign institutional investors (FIIs) offloaded Rs 2,254.68 crore in the capital markets on a net basis on Friday, according to exchange data.
The Reserve Bank of India on Friday said the country's forex reserves dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3.
The latest government data released on Friday, however, showed the industrial production (IIP) growth accelerated to a six-month high of 5.2 per cent year-on-year in November 2024, riding on the increased festive demand and pick-up in the manufacturing sector.
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BJP's poll campaign video targeting AAP shows roads from BJP-ruled Haryana: Alt News
New Delhi: With the announcement of Delhi Assembly elections, political campaigns are gaining momentum. The Bharatiya Janata Party (BJP) recently shared a video on social media showing poorly maintained roads, claiming they were from Delhi under Aam Aadmi Party (AAP) governance. However, a fact-check by Alt News revealed that the footage was filmed in Faridabad, Haryana, a state governed by the BJP.
The video, shared on BJP’s official social media accounts, featured a caption mocking AAP's infrastructure development, stating, “It is hard to tell whether there are potholes in the road or the road is in the potholes.” Prominent BJP supporters, including Raushan Sinha, also amplified the video, criticising Delhi’s infrastructure under AAP.
Alt News identified a key detail in the video – a signboard reading "Thakur Udaypal Dharamshala." Using Google Maps, they traced the location to Faridabad. A close comparison of the video footage and Google Street View images confirmed the location, with visible matching landmarks such as houses and specific road details.
While the BJP claimed the video depicted Delhi’s roads, Alt News established that it actually highlighted road conditions in Faridabad. This revelation questions the authenticity of the BJP’s claims against AAP’s governance.
https://x.com/zoo_bear/status/1878687470348329453
