Rupee plunges 47 paise to close at 88.69 against US dollar
Mumbai (PTI): The rupee depreciated 47 paise to close at 88.69 against the American currency on Thursday on a strong US dollar, weak domestic markets, and a hawkish US Fed.
Forex traders said the US Federal Reserve slashed interest rates by 25 bps in its Federal Open Market Committee (FOMC) meeting. However, Fed Chair Jerome Powell's commentary was hawkish, trimming rate-cut expectations for December.
Moreover, month-end dollar demand from Oil Marketing Companies (OMCs) and foreign fund outflows may also weigh on the rupee.
At the interbank foreign exchange market, the rupee opened at 88.37, and later fell to an intra-day low of 88.74. The local unit finally settled at 88.69 against the greenback, registering a loss of 47 paise from its previous close.
On Wednesday, the rupee appreciated seven paise to close at 88.22 against the US dollar.
"We expect the rupee to trade with a slight negative bias on a strong US Dollar, weak domestic markets and a hawkish Fed. Month-end dollar demand from OMCs may also weigh on the rupee," said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
The US Fed cut rates by 25 bps, as expected. However, Fed Chair Jerome Powell said the December cut was not a foregone conclusion, given inflation remains above target and labour-market uncertainties persist.
Following Powell's remarks, market expectations of a December rate cut fell sharply, prompting a rise in US Treasury yields and a stronger dollar, traders said.
Choudhary further noted that the weakness in crude oil prices may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of 88.45 to 89," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 99.12.
Brent crude, the global oil benchmark, fell 0.65 per cent to USD 64.50 per barrel in futures trading.
On the domestic equity markets front, the Sensex tanked 592.67 points to settle at 84,404.46, while the Nifty dropped 176.05 points to 25,877.85.
Foreign institutional investors sold equities worth Rs 3,077.59 crore on Thursday, according to exchange data.
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.
Deep societal faultlines persist despite 75 years of independence: Justice Ujjal Bhuyan
Judge cites denial of home to Muslim girl, opposition to Dalit women cooking mid-day meals
Hyderabad, February 23, 2026: Supreme Court judge Justice Ujjal Bhuyan has said that despite repeated affirmations of constitutional morality by courts, deep societal faultlines rooted in caste and religious discrimination continue to shape everyday realities in India.
Speaking at a seminar on “Constitutional Morality and the Role of District Judiciary” organised by the Telangana Judges Association and the Telangana State Judicial Academy in Hyderabad, Justice Bhuyan reflected on the gap between constitutional ideals and social practices.
He cited a recent instance involving his daughter’s friend, a PhD scholar at a private university in Noida, who was denied accommodation in South Delhi after her surname revealed her Muslim identity. According to Justice Bhuyan, the landlady bluntly informed her that no accommodation was available once her religious background became known.
In another example from Odisha, he referred to resistance by some parents to the government’s mid-day meal programme because the food was prepared by Dalit women employed as cooks. He noted that some parents had objected aggressively and refused to allow their children to consume meals cooked by members of the Scheduled Caste community.
Describing these incidents as “the tip of the iceberg,” Justice Bhuyan said they reveal how far society remains from the benchmark of constitutional morality even 75 years into the Republic. He observed that while the Constitution lays down standards of equality and dignity, the morality practised within homes and communities often diverges sharply from those values.
He emphasised that constitutional morality requires governance through the rule of law rather than the rule of popular opinion. Referring to the evolution of the doctrine through judicial decisions, he cited Naz Foundation v Union of India, in which the Delhi High Court read down Section 377 of the Indian Penal Code, holding that popular morality cannot restrict fundamental rights under Article 21. Though the judgment was later overturned in Suresh Kumar Koushal v Naz Foundation, the Supreme Court ultimately restored and expanded the principle in Navtej Singh Johar v Union of India, affirming that constitutional morality must prevail over majoritarian views.
“In our constitutional scheme, it is the constitutionality of the issue before the court that is relevant, not the dominant or popular view,” he said.
Justice Bhuyan also addressed the functioning of the district judiciary, underlining that trial courts are the first point of contact for most litigants and form the foundation of the justice delivery system. He stressed that due importance must be given to the recording of evidence and adjudication of bail matters.
Highlighting the role of High Courts, he said their supervisory jurisdiction under Article 227 of the Constitution is intended as a shield to correct grave jurisdictional errors, not as a mechanism to substitute the discretion or factual appreciation of trial judges.
He recalled that several distinguished judges, including Justice H R Khanna, Justice A M Ahmadi, and Justice Fathima Beevi, began their careers in the district judiciary.
On representation within the judicial system, Justice Bhuyan noted that Telangana has made significant strides in gender inclusion. Out of a sanctioned strength of 655 judicial officers in the Telangana Judicial Service, 478 are currently serving, of whom 283 are women, exceeding 50 per cent representation. He added that members of Scheduled Castes, Scheduled Tribes, minority communities, and persons with disabilities are also represented in the state’s judiciary.
He observed that greater representation of women, marginalised communities, persons with disabilities, and sexual minorities would help make the judiciary more inclusive and reflective of India’s diversity. “The judiciary must represent all the colours of the rainbow and become a rainbow institution,” he said.
Justice Bhuyan also referred to the recent restoration by the Supreme Court of the requirement of a minimum three years of practice at the Bar for entry-level judicial posts. While acknowledging that the requirement ensures practical exposure, he cautioned that its impact on women aspirants, especially those from rural or small-town backgrounds facing social and financial constraints, would need to be carefully observed over time.
Concluding his address, he reiterated that the justice system must strive to bridge the gap between constitutional ideals and lived realities, ensuring that the rule of law remains paramount.
