Rupee falls 9 paise to settle at all-time low of 83.22 against US dollar
New Delhi (PTI): The rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.
Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders.
Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand.
At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close.
On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21.
The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.
"We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 104.95.
Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel.
On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,245.86 crore, according to exchange data. PTI HVA.
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.
MP CM Yadav announces credit cards, financial aid for cow keepers
Bhopal, Nov 2: The Madhya Pradesh government will provide credit cards to those rearing cows and their progeny, similar to those available to farmers, to help manage the upkeep of cattle, Chief Minister Mohan Yadav announced on Saturday.
“Along with the people growing crops, credit cards will also be made available to those rearing cows and their progeny to enable them to manage expenses on their care,” Yadav said during the state-level ‘Govardhan Puja’ ceremony at Ravindra Bhawan here.
He said that people who care for more than 10 cows will be given special financial aid, adding that the state government will invest and make arrangements for rearing 5,000 to 10,000 cows under the limits of municipal Corporations.
He said that people found guilty of slaughtering cows in MP will get seven years of imprisonment.
Earlier, he took part in the Govardhan Puja at his official house.
Later in Gwalior, where he attended two such events, Yadav said the state would protect the cow and its offspring.
Ministers and MLAs across the state also participated in Govardhan Puja.
Before holding this function at the state level, the BJP government in MP had organised ‘Shastra Puja’ (worshipping of weapons) on Dussehra in a similar manner, with the CM, his ministers and MLAs across the state joining in.
