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.
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'Godman' Kharat held in 8th sexual exploitation case; court denies police remand, sends him to jail
Nashik (PTI): Police took custody of self-proclaimed godman-cum-astrologer Ashok Kharat in an eighth case related to sexual exploitation of women and produced him before a Nashik district court which sent him to jail till May 12 after rejecting the plea for his police remand on Thursday.
On April 29, the Special Investigation Team (SIT) of the Nashik police in north Maharashtra filed a request application in the court demanding Kharat's custody in the eighth case.
After the court granted them the necessary permission, the SIT took custody of Kharat, who was in jail in connection with the seventh case of sexual exploitation registered against him.
The 'godman', named in a dozen FIRs related to rape and financial fraud, was produced before Chief Judicial Magistrate B N Ichpurani in the eighth case through video conferencing due to security reasons.
The eighth case related to Kharat allegedly sexually exploiting a woman who had approached him in search of solutions to her family problems, according to police.
During the hearing, the prosecution demanded police custody of the accused in the latest case.
However, the defence strongly opposed the demand and argued that the SIT was giving same reasons for police custody every time and there was no strong reason for accepting their plea.
The court accepted the argument put forth by the defence and remanded Kharat to judicial custody till May 12 in the eighth case.
The SIT will produce Kharat in the court on Friday again and seek his police custody in the ninth case. As the self-styled godman has been granted judicial custody in the eighth case, he will be sent to Nashik Road Central Jail and the SIT will take his custody from there.
Meanwhile, Kharat's judicial custody in the fourth case ended on Thursday. On April 18, the accused was remanded to judicial custody till April 30 in the fourth case of sexual exploitation of women.
In a related development, the SIT conducted a search at Kharat's office in the 'Canada Corner' area of Nashik city on Wednesday. A 'panchnama' (record of search and seizure proceedings) was conducted and the office was locked and sealed again.
Kharat, a well-heeled man with political connections, was arrested for the first time on March 18 after a woman alleged he had repeatedly raped her for three years.
He is accused of sexually exploiting several women by claiming to have divine powers and knowledge of black magic, and also committing large-scale financial fraud.
The SIT is conducting a probe into 12 cases of sexual exploitation and financial fraud registered against the astrologer in Nashik and Ahilyanagar districts.
