Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
ED writes to Tamil Nadu govt linking minister Nehru to Rs 366-cr transfer-posting 'bribery' racket
Chennai/New Delhi (PTI): The Enforcement Directorate (ED) has shared fresh inputs regarding an alleged Rs 366 crore worth money laundering and corruption ring in the transfer and appointments of officials and engineers in Tamil Nadu's Department of Municipal Administration Urban and Water Supply, officials said on Tuesday.
The federal probe agency's Chennai zonal office has sent a letter in this context to state chief secretary and the directorate of vigilance and anti-corruption (DVAC) seeking registration of a police FIR against minister K N Nehru and some others linked to him.
The ED had also written two separate letters to the state government authorities in October and December last year claiming "wide spread" corruption in the department's tenders and recruitments and linked Nehru to these charges.
The minister had then defended himself, saying he was being continuously targeted by the ED in a bid to defame him and said that he would legally face the charges.
Nehru had condemned the ED and alleged that it joined the ranks of the opposition parties that cannot tolerate the achievements of the DMK and hence was "continuously targeting" to "defame" him.
Officials said the alleged corruption instances in the municipal administration urban and water supply department's transfer and posting came to the notice of the ED in April 2025 during searches in a bank loan "fraud" case where relatives and purported associates of Nehru were covered.
The said probe was initiated by the ED on the basis of a CBI FIR which was later quashed and the ED case fell through as the predicate offence was closed. The accused in the bank "fraud" case repaid the loan through a one-time settlement, as per officials.
The ED, hence, utilised its powers available under section 66(2) of the Prevention of Money Laundering Act (PMLA) to share these inputs and "evidence" with the state government and police so that they book a criminal case, which in turn, can become its foundation to file a PMLA case.
The said PMLA provision empowers ED to share information and evidence regarding an offence with the police or a designated law enforcement agency.
In its latest communication, the ED informed the Tamil Nadu government that it has recovered photos, WhatsApp chats and documents which show "many" instances of bribes being collected for the transfer and posting of government officers and engineers in the municipal administration urban and water supply department.
It claimed alleged bribe amounts ranging from Rs 7 lakh to Rs 1 crore, depending on a case-to-case basis, was being transacted in the case of about 340 the municipal administration urban and water supply department officials. The agency alleged the data shared by it in the relevant communication was of a "limited" period and that this claimed bribery ring was wider.
The agency said the bribe funds of Rs 365.87 crore were utilised in real estate, investments in other properties, including foreign assets, gold bullion and for luxury expenditure, including liquor.
The agency stated in the letter that filing of a police FIR on these charges made by the ED was essential as laid down by the Supreme Court in the Vijay Madanlal Choudhary case of 2022.
"The Supreme Court has also held that where FIR is not registered, appropriate remedy as may be permissible in law, to ensure that the culprits do not go unpunished and proceeds of crime are secured and dealt with as per the dispensation provided in PMLA, may be taken by ED," the agency said.
The ED, in 2025, had shared two such communications with the TN government authorities claiming irregularities and corruption in the municipal administration urban and water supply department.
The first was linked to an alleged recruitment scam in the said department as it claimed that certain public servants and politicians were involved while the second pointed to a Rs 1,020 crore corruption in the tenders and contracts awarded by the municipal administration urban and water supply department.
