Rupee falls 4 paise to close at fresh record low of 85.15 against US dollar
Mumbai, Dec 24: The rupee extended the slide for the second straight session and depreciated 4 paise to settle at a fresh all-time low of 85.15 against the US dollar on Tuesday, dragged by a strong greenback against major crosses overseas and subdued domestic equities.
According to analysts, increased demand of dollar due to month-end payment obligation and the fear of an aggressive import tariff by the Donald Trump administration in the US strengthened the greenback.
Besides, surging crude oil prices pushed the rupee down further, they added.
At the interbank foreign exchange, the rupee opened at 85.10 and touched the lowest ever level of 85.21 against the greenback during intra-day. The unit finally ended the session at a fresh all-time low of 85.15 against the dollar, registering a loss of 4 paise from its previous close.
On Monday, the rupee settled 7 paise lower at 85.11 against the US dollar.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee fell to a fresh all-time low on weak domestic markets and a strong US dollar due to increased demand from importers and surging crude oil prices.
He said a hawkish tone of the US Federal Reserve and an improved US economy may further support the dollar.
"FII outflows may also weigh on the rupee. However, any intervention by the RBI may support the rupee at lower levels. USD-INR spot price is expected to trade in a range of Rs 85 to Rs 85.40," Choudhary said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.11 per cent at 107.93, amid soaring US Treasury yields and the fear of delayed interest rate cuts by the US Federal Reserve.
Brent crude, the global oil benchmark, rose 0.69 per cent to USD 73.13 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed lower by 67.30 points, or 0.09 per cent, at 78,472.87 points, while Nifty fell 25.80 points, or 0.11 per cent to close at 23,727.65 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore, according to exchange data.
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Akhilesh Yadav questions BJP government's preparedness for Mahakumbh, offers help
Lucknow (UP) (PTI): Samajwadi Party chief Akhilesh Yadav on Wednesday questioned the Uttar Pradesh government's preparedness for the upcoming Mahakumbh and accused it of mismanagement.
In a social media post, the opposition leader flagged several issues regarding security arrangements, local concerns and overall administration in Prayagraj, urging the government to take immediate corrective action.
"This is the truth of preparations for 'Prayagraj Mahakumbh 2025' under the BJP government! At least the work of the police department should have been completed long ago because the management of the security circle does not wait for the last day," he said on X.
The former chief minister of the state also drew attention to the alleged delay in addressing the needs of local residents and the fair area, stating that people in Prayagraj were questioning the government's priorities.
"The aggrieved people of Prayagraj are asking that the BJP government was very prompt in removing the statue of 'Mahadani' Emperor Harshvardhan, but why is the same speed not being shown for administrative management?"
Yadav highlighted complaints about the "neglect" of local issues, such as transportation and movement around the Mahakumbh area.
"Alternative arrangements should also be made to address the concerns of the residents of Prayagraj about movement and transportation in case of an emergency," he added.
While expressing his party's support for the successful conduct of the Mahakumbh, Yadav emphasised that the local administration must act swiftly to address these gaps. "We want the Mahakumbh to go on and Prayagraj to also remain dynamic."
The SP president said his party is ready to assist the government as the "BJP people would be "busy earning money or in election planning".
"If the government-administration has failed in the preparations for the Mahakumbh, then we propose to send our true and dedicated workers to help because the BJP people would be busy earning money or in election planning," he said in a dig at the ruling party.
