Rupee falls 1 paisa to 85.92 against US dollar in early trade
Mumbai (PTI): The rupee slipped 1 paisa to its record low of 85.92 against the US dollar in early trade on Thursday, the third straight session of downfall, weighed down by a stronger American currency and higher crude oil prices.
Forex traders said the relentless outflow of foreign funds amid soaring US bond yields boosted the American currency, while subdued domestic equity markets pushed the rupee down further.
At the interbank foreign exchange, the rupee opened at its historic low level of 85.94 and inched up to 85.92 against the greenback in initial deals, trading with a loss of 1 paisa from its previous close.
On Wednesday, the rupee plunged 17 paise to settle at its all-time low closing level of 85.91 against the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.11 per cent lower but stayed elevated at 108.80.
The 10-year US bond yields also remained elevated at 4.66 per cent amid expectations of delayed interest rate cuts by the Federal Reserve on better growth prospects of the world's largest economy.
Brent crude, the global oil benchmark, fell 0.10 per cent to USD 76.08 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex was trading 243.43 points, or 0.31 per cent, lower at 77,905.06 points, while the Nifty was down 72.40 points, or 0.31 per cent, at 23,616.55 points.
Foreign institutional investors (FIIs) offloaded Rs 3,362.18 crore in the capital markets on a net basis on Wednesday, according to exchange data.
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Minister Parameshwara says remarks on properties linked to drug peddlers 'misunderstood'
Tumakuru (PTI): Karnataka Home Minister G Parameshwara on Saturday said his recent remarks on the demolition of properties linked to those involved in narcotics trade were "misunderstood and misinterpreted".
His clarification follows remarks made two days ago on the government's uncompromising crackdown on the drug menace, including action against properties linked to foreign nationals allegedly involved in drug trafficking.
"It is unfortunate. It is taken in the wrong sense. I didn't mean that tomorrow itself I am going to send bulldozers and demolish the houses. That was not my intention. It was wrongly taken," he told reporters here.
Responding to Congress MLC K Abdul Jabbar's question in the legislative council on the growing drug menace in Bengaluru, Davangere and coastal districts, the minister on Thursday detailed the extensive enforcement measures initiated since the Congress government assumed office.
Pointing to the involvement of some foreign nationals, the minister had said, "Many foreign students from African countries have come to Karnataka. They are into the drug business. We catch them and register cases against them, but they want the case to be registered because once the case is registered, we cannot deport them."
"We have gone to the extent of demolishing the rented building where they stay," he had said.
