Rupee recovers 7 paise from all-time low to close at 88.68 against US dollar
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Mumbai (PTI): The rupee moved in a tight range to settle 7 paise higher at 88.68 (provisional) against the American currency on Thursday due to suspected RBI intervention amid a strong US dollar and weak domestic markets.
Forex traders said the H1-B visa fee hike and surge in crude oil prices pressured the rupee. However, the selling of greenbacks by exporters and reports of intervention by the RBI prevented a sharp fall in the domestic unit.
Moreover, investors remained concerned over global trade uncertainties and the impact of the US visa fee hike on India's IT services exports.
At the interbank foreign exchange, the rupee opened at 88.65 against the US dollar, and witnessed an intraday high of 88.60 and a low of 88.70 against the greenback.
The domestic unit finally settled for the day at 88.68 (provisional), registering a recovery of 7 paise over its previous close.
On Wednesday, the rupee ended 2 paise down at its lowest-ever closing level of 88.75 against the US dollar.
"We expect the rupee to remain weak on recovery in the US Dollar and risk aversion in global markets amid geopolitical tensions between Russia and Ukraine," said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.
"US visa fee hike issue and rising crude oil prices may further pressurise the rupee. However, the selling of Dollars by exporters may support the rupee at lower levels. Traders may take cues from the final Q2 GDP, weekly unemployment claims, and durable goods orders data from the US. USD/INR spot price is expected to trade in a range of 88.40 to 89.10," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 97.80.
Brent crude, the global oil benchmark, was trading 0.39 per cent lower at USD 69.04 per barrel in futures trade.
On the domestic equity market front, Sensex tumbled 555.95 points to settle at 81,159.68, while the Nifty fell 166.05 points to 24,890.85.
Foreign Institutional Investors offloaded equities worth Rs 2,425.75 crore on Wednesday, according to exchange data.
Meanwhile, Commerce and Industry Minister Piyush Goyal is in the US for trade talks. He is accompanied by senior officials of the ministry, including special secretary and India's chief negotiator Rajesh Agrawal.
Goyal has held discussions with his US counterpart.
This visit comes in the backdrop of recently concluded day-long discussions in New Delhi between US Chief Negotiator Brendan Lynch and Agrawal on the proposed bilateral trade agreement.
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UP Cong holds statewide protest seeking probe into FIR against Swami Avimukteshwaranand
Lucknow (PTI): The Uttar Pradesh Congress on Wednesday staged a statewide protest demanding a fair and transparent inquiry into the FIR lodged against Swami Avimukteshwaranand Saraswati and those who filed the complaint against him.
In a statement issued here, the party said memorandums addressed to Prime Minister Narendra Modi were submitted through district magistrates in all districts of the state.
Uttar Pradesh Congress spokesperson Manish Hindvi told PTI that the memorandums were handed over through the district administration in all 75 districts.
In the memorandum, the party alleged that Saraswati and his disciples were "unnecessarily harassed and humiliated" by police on the occasion of Amavasya and were prevented from taking a ritual bath (at the Magh Mela). It further alleged that some disciples were manhandled and taken to a police station.
The memorandum also claimed that an FIR was later registered against Saraswati, his disciple Swami Mukundanand Brahmachari and several unidentified persons in a sexual harassment case. It termed the case a "conspiracy" aimed at tarnishing the seer's reputation.
Citing Articles 25 and 26 of the Constitution, the memorandum stated that these provisions guarantee religious freedom and the right of religious denominations to manage their own affairs.
It described the position of shankaracharya held by Saraswati as "one of the highest spiritual posts in Sanatan tradition" and alleged that the entire episode appeared to have been "orchestrated in a planned manner".
"We request that the background of the persons who got the FIR registered be investigated in a transparent manner by a retired high court judge and strict action be taken against them," the memorandum said.
It also sought a "fair and transparent probe" into the allegations levelled against Saraswati so that the truth could be established.
Earlier, Uttar Pradesh Congress president Ajay Rai had told reporters in Varanasi after meeting Saraswati that the party stood firmly with him.
The Congress said it would continue to press for an impartial inquiry into the entire episode.
On February 21, an FIR was lodged in Prayagraj against Saraswati and his disciple Mukundanand Brahmachari on charges of sexually abusing two persons, including a minor, over the past year at a gurukul and religious congregations, including the recently concluded Magh Mela.
Days after he was booked, Saraswati had said on Monday that he would not oppose his arrest and asserted that the "fabricated story" would be exposed sooner or later.
At a press conference on Wednesday, Saraswati alleged that criminals rule in Uttar Pradesh, level allegations and influence investigations, as he denied having any contact with the two persons for whose alleged sexual abuse he has been booked.
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