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.
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Vijay''s TVK wins an impressive 108 seats in TN polls
Chennai (PTI): Vijay-led TVK secured an impressive 108 seats trouncing the incumbent DMK led by M K Stalin which finished with only 59 seats in the Tamil Nadu Assembly elections held on April 23, as per the final tally of the ECI on Tuesday.
The opposition AIADMK won 47 seats while its allies the PMK obtained 4 and the BJP and AMMK clinched one seat each respectively in the election, according to the data available on the Election commission of India's website.
The DMK's allies - the Congress managed to win 5 seats, the IUML, CPI, CPI (M), and VCK: 2 each and DMDK secured one seat, among a total of 234 Assembly constituencies in the state.
The votes were taken up for counting on May 4 and the final tally was announced on Tuesday.
Actor-politician Vijay's Tamilaga Vettri Kazhagam on Monday created a record of sorts in the electoral history of Tamil Nadu and emerged as the single largest party by delivering a shock defeat to DMK and its president Stalin in his Kolathur constituency, while the AIADMK was pushed to a distant third spot.
Vijay won from both Perambur and Tiruchirappalli East constituencies.
The TVK has clocked nearly 35 per cent (34.92) vote share in its debut polls.
This will be the first time in Tamil Nadu that a party will assume power a little over two years after its founding in February 2024.
