Rupee falls 25 paise to 82.75 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 25 paise to 82.75 against the US dollar in early trade on Wednesday, tracking muted domestic equities ahead of the Reserve Bank of India's monetary policy decision.
Forex traders said dollar demand in the overseas market and foreign fund outflows weighed on investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 82.74 against the dollar, then edged lower to 82.75, registering a loss of 25 paise over its previous close.
On Tuesday, the rupee declined by 65 paise to close at an over one-month low of 82.50 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 105.63.
Brent crude futures, the global oil benchmark, advanced 0.09 per cent to USD 79.42 per barrel.
Forex traders said the Reserve Bank of India's monetary policy decision on Wednesday will be keenly watched by investors for further cues.
The Reserve Bank may opt for a lower rate increase of 25-35 basis points in lending rates amid retail inflation showing signs of moderation and the need to push growth, according to experts.
"The RBI monetary policy decision is due today. MPC is likely to hike repo rate by 35 bps to 6.25 per cent as core inflation still remains elevated sequentially," IFA Global Research Academy said in a note.
A bigger rate hike would also help maintain the differential with the US rates, support the forward premia in USD/INR and reduce the pressure on the rupee somewhat, it added.
In the domestic equity market, the 30-share BSE Sensex was trading 87.7 points or 0.14 per cent down at 62,538.66, and the broader NSE Nifty was lower by 31.90 points or 0.17 per cent at 18,610.85.
Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 635.35 crore on Tuesday, according to exchange data.
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4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
