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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Bengaluru jail introduces biometric tracking system for prisoners
Bengaluru: In a bid to curb misconduct and illegal activities inside Parappana Agrahara Central Prison, prison authorities have introduced a new ‘Prisoners Tracking Movement System’ under which inmates will have to undergo biometric verification while entering every barrack.
According to jail officials, biometric systems have been installed across all major sections of the prison, including barracks, visitor rooms, hospital, canteen, kitchen, library, playground, handicraft units and bakery sections. Staff members have also been deployed at these locations.
Officials said inmates visiting the visitors’ room must now obtain a digital token after biometric verification. Details such as the prisoner’s name, identification number and entry time will be updated in the prison software system. This will help authorities maintain a complete digital record of inmates visiting and returning from meeting rooms.
Similar systems have also been introduced at entry points of the hospital, library and other barracks accessed for work-related purposes. Officials said the system will help identify prisoners involved in suspicious or illegal activities with other inmates and enable authorities to track how much time a prisoner spends at different locations inside the prison.
Authorities stated that AI-powered cameras were already being used inside the prison to monitor inmates as well as prison staff. Along with this, digital tracking of prisoner phone calls and a digital token system for visitor meetings have now been added to strengthen surveillance over inmate movement. Officials said the project has been implemented at a cost of around Rs 2.25 crore.
The prison department has also introduced a canteen usage tracking system to monitor prisoners’ spending patterns. Instead of direct cash payments, inmates can purchase bakery items and snacks using wallets or coupons issued within the prison system.
Officials said the digital system will record details including the buyer’s name, items purchased, quantity, date, time and remaining wallet balance. This will allow prison authorities to maintain complete expenditure records of inmates.
