Rupee falls 4 paise to hit all-time low of 84.11 against US dollar
Mumbai, Nov 4: The rupee on Monday fell 4 paise to a record low of 84.11 against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.
Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.
However, the softening of the US dollar prevented a sharp fall.
At the interbank foreign exchange, the rupee opened at 84.07 against the US dollar. During the session, the local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11, a loss of 4 paise from its previous close.
On Thursday, the rupee edged up 1 paisa to 84.07 against the US dollar.
The forex market remained closed on Friday on account of Diwali.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.52 per cent to 103.73 points.
US dollar declined on disappointing non-farm payrolls report and ISM manufacturing PMI data from the US on Friday. The US added only 12,000 jobs in October 2024 versus forecast of 106,000 jobs while ISM manufacturing PMI fell to 46.5 in October, falling short of expectations of 47.6, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.
Brent crude, the international benchmark, surged 2.63 per cent to USD 75.02 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on weak domestic markets and sustained FII outflows. However, softening of US dollar amid disappointing jobs markets may support the rupee at lower levels. Traders may take cues from factory orders data from the US today and FOMC meeting outcome later this week," Choudhary said.
"USDINR spot price is expected to trade in a range of 83.95-84.30," Choudhary added.
In the domestic equity market, the 30-share BSE Sensex was down 941.88 points, or 1.18 per cent, to close at 78,782.24, while Nifty declined 309 points, or 1.27 per cent, to settle at 23,995.35.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 4,329.79 crore, according to exchange data.
"Foreign portfolio investors (FPIs) resumed selling after the Diwali Muharat trading. Rupee accordingly reacted and fell to 84.11 its lowest to date. RBI which was protecting 84.09 has now taken the levels slightly higher," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Market participants will await cues from the US election results and FOMC on November 6 and November 7, respectively, he added.
Meanwhile, India's forex reserves dropped USD 3.463 billion to USD 684.805 billion in the week ended October 25, the RBI said on Friday.
The overall reserves had dropped USD 2.163 billion to USD 688.267 billion in the previous reporting week. In end-September, the reserves had hit an all-time high of USD 704.885 billion.
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UP Police use tear gas to disperse crowd throwing stones during Sambhal mosque survey
Sambhal (UP) (PTI): Police used tear gas and "minor force" in the face of stone pelting by locals here on Sunday as tension escalated during a second survey of the Mughal-era mosque, claimed to be originally the site of an ancient Hindu temple.
Tension has been seething in Sambhal over the past few days after the Jama Masjid was surveyed last Tuesday on the orders of a local court following a petition that claimed that a Harihar temple stood at the site.
According to the local administration, a second survey by an "Advocate Commissioner" as part of a court-ordered examination into the disputed site began around 7 am and a crowd began gathering at the spot.
"Some miscreants came out of the crowd gathered near the site and pelted stones at the police team. The police used minor force and tear gas to bring the situation under control," Superintendent of Police Krishna Kumar Vishnoi said.
He said those who engaged in stone pelting and those who incited them will be identified and action taken against them.
District Magistrate Rajendra Pesia said, "Some miscreants resorted to stone pelting but the situation is peaceful now and the survey is underway."
Videos of youths throwing stones at police, purportedly near the site of the survey in Sambhal have surfaced on the Internet.
Supreme Court lawyer Vishnu Shankar Jain, who is also the petitioner in the case, had said the Court of Civil Judge (Senior Division) ordered the constitution of an "Advocate Commission" to survey the mosque.
The court has said that a report should be filed after conducting a videography and photography survey through the commission, he had said.
The Central and Uttar Pradesh governments, the mosque committee and the district magistrate of Sambhal have been made parties in the petition concerning the mosque, Jain said last Tuesday.
Vishnu Shankar Jain and his father Hari Shankar Jain have represented the Hindu side in many cases related to places of worship, including the Gyanvapi Mosque-Kashi Vishwanath temple dispute.
Gopal Sharma, a local lawyer for the Hindu side, told PTI on Friday that in his petition filed in the court, he mentioned that "Baburnama" and the "Ain-e-Akbari" has confirmed that a Harihar temple was at the site where the Jama Masjid now stands.
He also claimed that the temple was demolished by Mughal Emperor Babur in 1529.
Samajwadi Party (SP) MP Zia Ur Rehman Barq had objected to the developments.
"The Jama Masjid of Sambhal is historical and very old. The Supreme Court had given the order in 1991 that whatever religious places are there in whatever condition since 1947, they will remain at their places," he had said.
The next date for hearing in this case is January 29.
VIDEO | Uttar Pradesh: Stones and slippers pelted in Sambhal when a survey team reached Shahi Jama Masjid to conduct a survey of the mosque.
— Press Trust of India (@PTI_News) November 24, 2024
(Full video available on PTI Videos - https://t.co/n147TvrpG7)#SambhalJamaMasjid pic.twitter.com/K4QGGpzlMK
