Rupee falls 21 paise to 88.40 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 21 paise to 88.40 against the US dollar in early trade on Tuesday, weighed down by month-end dollar demand from importers and a surge in global crude oil prices.
Forex traders said investors are keeping a watch on Federal Reserve’s policy decision on Wednesday for further cues. Markets are assigning a 97.8 per cent probability to a 25-basis-point rate cut, with another one expected in December, they said.
At the interbank foreign exchange market, the rupee opened at 88.34, and slipped to 88.40 against the greenback, registering a fall of 21 paise from its previous close.
On Monday, the rupee plunged 36 paise to close at 88.19 against the US dollar.
"For now, the market seems to be balancing between short-term pressure and medium-term optimism. The rupee is expected to find strong resistance near 88.40, while support lies around 87.60–87.70. A break below that zone could open the door for a move toward 87.20," CR Forex Advisors MD – Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 98.66.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 65.63 per barrel in futures trading.
On the domestic equity markets front, Sensex climbed 125.93 points to 84,904.77 in early trade, while Nifty was up 39.8 points to 26,005.85.
Foreign Institutional Investors sold equities worth Rs 55.58 crore on Monday, according to exchange data.
Meanwhile, India's crude oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi's effort to diversify supplies away from Russia and ease trade tensions with the Trump administration.
India's crude imports from the US reached 540,000 barrels per day as of October 27 - the highest since 2022, according to data from Kpler.
October is likely to close with near 575,000 bpd, and November looks to book around 400,000-450,000 bpd, per US export data - a sharp jump from the year-to-date average of around 300,000 bpd.
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'PM is scared of questions': Cong slams govt after IYC chief's arrest
New Delhi (PTI): The Congress on Tuesday launched a scathing attack on Prime Minister Narendra Modi after Indian Youth Congress chief Uday Bhanu Chib was arrested in connection with the shirtless protest at the AI Impact Summit, saying the PM is "scared" of dissent and questions being asked of him.
Chib was arrested by Delhi Police in connection with the shirtless protest staged by a group of youth wing members at the AI Impact Summit here last week, officials said on Tuesday.
Police have also stepped up security across key locations in the capital in anticipation of possible protests following Chib's arrest, which took the total number of people held in the case to eight.
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Asked about Chib's arrest, Congress' media and publicity department head Pawan Khera told PTI Videos, "It is the duty of the opposition to protest in a democracy but a dictator will never understand this."
"If you hear the speech of that dictator in Meerut recently you will get to know that the word democracy does not exist in his dictionary," Khera said, in a swipe at the prime minister.
Chib as well as other colleagues are being arrested from various parts of the country, Khera, who is in Bhopal for the party's Kisan Maha Chaupal against the India-US interim trade deal, said,
"This shows that Narendra Modi is scared of dissent and questions being asked of him. Narendra Modi is emerging as the most cowardly Prime Minister in the world. He is being blackmailed, he is a coward, he is scared," Khera alleged.
"It has been the Congress' history that no matter how much oppression we face, we will continue to raise issues of the people and will keep fighting with 'Ahimsa'," he said.
Police had earlier arrested seven Indian Youth Congress (IYC) workers, including three from Gwalior in Madhya Pradesh, for the protest at the Bharat Mandapam last Friday. They have been identified as Jitendra Yadav, Raj Gujjar and Ajay Kumar.
In addition, IYC's Uttar Pradesh general secretary Ritik alias Monty Shukla has been detained from Lalitpur in the state.
Senior officers said additional force has been deployed at the sensitive points, particularly in New Delhi, a hotspot for political demonstrations.
Security has been tightened around the Tilak Marg police station, where Chib is presently held, while barricades have been put up at the strategic points, with anti-riot teams on standby.
Quick Reaction Teams (QRTs) and additional companies of paramilitary forces have also been placed on alert to respond to any law and order situation, officials said.
Senior officers have directed the field staff to ensure that traffic movement remains smooth.
On Friday, a group of IYC workers staged a dramatic protest inside Hall No. 5 of the summit venue by removing their shirts to reveal T-shirts printed with slogans against the government and the India-US interim trade deal, before being whisked away by security personnel.
Police said the accused had registered online and obtained QR codes to gain entry into the venue.
The incident triggered a political slugfest, with the BJP calling it a "shameful act to tarnish India's image on the global stage", and the IYC defending it as a "peaceful" demonstration aimed at safeguarding national interests.
