Rupee falls 11 paise to close at record low of 85.75 against US dollar
Mumbai, Jan 2: The rupee depreciated 11 paise to close at a record low of 85.75 against the US dollar on Thursday, as strong dollar demand from importers and foreign fund outflows dented investor sentiments.
Forex traders said the dollar gained against most currencies during 2024 and continued to remain on a strong footing this year. Moreover, persistent foreign fund outflows further dented investors' sentiments.
Additionally, global markets are expected to see low volumes as the holiday season is underway in major economies like those in Europe.
At the interbank foreign exchange, the rupee opened on a weak note and sank to an intra-day low of 85.79 while registering a high of 85.68 against the American currency. The local unit settled for the day at a record low of 85.75, registering a fall of 11 paise over its previous close amid a sharp recovery in domestic equities.
On Wednesday, the rupee settled flat at 85.64 against the US dollar.
On December 27, the local currency touched its lifetime intra-day low of 85.80 against the greenback.
"We expect the rupee to trade with a negative bias on strength in the US Dollar and dollar demand from importers. Sustained FII outflows may further pressure the rupee," said Anuj Choudhary -- Research Analyst at Mirae Asset Sharekhan.
"However, any intervention by the Reserve Bank of India (RBI) may support the rupee at lower levels. USDINR spot price is expected to trade in a range of 85.50 to 86, Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 108.46.
Brent crude, the global oil benchmark, rose 0.91 per cent to USD 75.32 per barrel in futures trade.
Meanwhile, India's manufacturing sector growth fell to a 12-month low in December, as new business orders and production expanded at softer rates, a monthly survey said on Thursday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index was at 56.4 in December, down from 56.5 in November, indicating a weaker improvement in operating conditions.
In the domestic equity market, the 30-share BSE Sensex settled at 1,436.30 points, or 1.83 per cent, up at 79,943.71 points, while the Nifty was higher by 445.75 points, or 1.88 per cent, to 24,188.65 points.
Foreign Institutional Investors (FIIs) purchased Rs 1,506.75 crore in the capital markets on a net basis on Thursday, according to exchange data.
"The Indian rupee is expected to open flat but USD will continue to be well bid on all its downside as demand for USD continued to be robust... The range for the day is expected between 85.50/80. A close watch on the liquidity position is to be made as premiums in the near term remain on the higher side," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
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KMES Institutions shine in SSLC result, continue four-decade legacy of education in rural Karkala
Karkala: KMES Institutions of Education at Kukkundooru in Karkala taluk has recorded outstanding results in the 2025-26 SSLC and PUC examinations, continuing a four-decade educational journey that began with just 22 kindergarten students and no building of its own.
The institution secured a 100 per cent result in the SSLC examinations, with all 43 students passing the examination this year.
Muhammad Arman Shahid emerged as the school topper by scoring 619 marks out of 625, securing 99 per cent and also ranking sixth at the state level. He scored full marks in Kannada, Hindi, Mathematics and Social Science.
Krithika V. Nayak secured the second position in the school with 607 marks and 97.12 per cent, while Arhan stood third with 605 marks and 96.8 per cent.
Out of the 43 students, 21 passed with distinction, 19 secured first class, two students obtained second class and one student passed in third class. Fourteen students scored above 90 per cent.
The institution also performed strongly in the PUC examinations. The Science stream recorded a 100 per cent result, with all 44 students passing, while Commerce secured a 98 per cent pass percentage.
Twelve students scored full marks in different subjects, including Mathematics.
In Commerce, Deeksha Acharya topped the college with 588 marks, while Harshitha H. Kini secured the second position with 581 marks.
In Science, Naveen B. Nayak emerged as topper with 586 marks, followed closely by Sameeksha Moily and Aifa Nidha, who both secured 585 marks.
Speaking about the achievement, High School head teacher Shrimati Patkar said the institution has always focused on supporting academically weak students through affordable education and free special classes.
“Our ambition is to provide quality education even to students who struggle in studies. The fees are very low, and free coaching classes are conducted. I have worked here for 28 years and have always found the atmosphere supportive of education,” she said.
Primary School head teacher Lolita Zeena D’Silva appreciated the dedication of the teaching staff and said the school encourages students not only to achieve high marks but also to become role models.
PU College Principal Balakrishna Rao said the institution focuses on value-based education and overall personality development.
“The aim is to help students succeed not only academically but also in cultural activities, sports and leadership. We encourage qualities such as patience, tolerance and discipline,” he said.
Rao also credited the institution’s growth to the support of founders K.S. Mohammed Masood and K.S. Nissar Ahmed, along with President K.S. Imtiaz Ahmed.
Speaking on the occasion, Imtiaz Ahmed said the institution was built on the dream of making quality education accessible to financially backward families in rural areas.
He said the guidance and encouragement of his elder brothers, Mohammed Masood and Nissar Ahmed, along with the contribution of teachers, students and parents, helped transform the institution into a model educational centre.
The KMES Institutions trace their roots back to 1984, when they were founded by senior social activists Haji P.M. Khan, K.S. Nazeer Ahmed and Haji A.S. Rashid Haider.
The institution initially functioned from the Government Urdu School premises as it did not have a building of its own. Classes began with only 22 students in lower kindergarten and two teachers.
Later, under the leadership of K.S. Mohammed Masood and with continuous financial and moral support from non-resident businessman K.S. Nissar Ahmed, the institution gradually expanded.
In 1993, the school shifted to its own building and began conducting classes from LKG to Class 5.
As student admissions increased, Nissar Ahmed personally funded the construction of three additional classrooms to address infrastructure shortages.
The institution’s new school building was completed in 1997, while the PU College building was constructed in 2001.
From humble beginnings in a borrowed building to producing state-level rank holders and consistent academic results, the KMES Institutions have grown into one of the prominent educational centres in the Karkala region.
