Rupee rises 12 paise to 85.80 against US dollar in early trade
Mumbai (PTI): The rupee rose 12 paise to 85.80 against the US dollar in early trade on Thursday amid a drop in global crude oil prices and a hope of a breakthrough in the ongoing India-US trade talks.
However, a strengthening dollar against overseas currencies and FII outflows prevented sharper gains in the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened weaker at 85.93 against the US dollar but moved into positive territory to 85.80, up 12 paise from its previous close.
The rupee had declined 16 paise against the US dollar to close at 85.92 on Wednesday.
An Indian commerce ministry team is in Washington for another round of talks on the proposed bilateral trade agreement. The four-day talks, which started on Monday, will conclude on Thursday.
US President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday.
"The rupee in a volatile move moved from 86.06 to 85.73 and then closed at 85.92 on Wednesday as dollar index was up. For today (Thursday), rupee is expected to be in the range of 85.75/86.25 with RBI resisting the currency pair near to 86.00 level," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Brent crude, the global oil benchmark, was down 0.36 per cent to USD 68.46 per barrel in futures trade.
"Brent oil prices rose after US data showed a sharper-than-expected drop in crude inventories, highlighting tight supplies, while investors remained cautious ahead of potential US tariff announcements on 150 countries as part of his ongoing agenda prompting global efforts to avoid steeper import duties," Bhansali said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 98.55.
On the domestic equity market front, the Sensex rose 119.05 points to 82,753.53 in opening trade, while Nifty was up 18.7 points to 25,230.75.
Foreign institutional investors (FIIs) sold equities worth Rs 1,858.15 crore on a net basis on Wednesday, according to exchange data.
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25 lakh properties in Bengaluru brought under e-Khata system: Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said that the state government has brought over 25 lakh properties under the e-Khata system in Bengaluru.
e-Khata is an electronic property certificate that maintains ownership information in an online database.
The e-Khata initiative aimed to ensure accuracy, transparency and universal coverage for property owners, he said.
Addressing a press conference here, Shivakumar, who is also the Bengaluru in-charge Minister, said over 25 lakh properties are being brought under the e-Khata system. Of them more than 7,000 applications have been processed, and additional outreach measures being planned for those yet to obtain their e-Khata.
"Twenty five lakh e-Khatas is a great number which has created history," he said.
The Deputy CM said the government is ensuring that every e-Khata will have its GPS, the shape of the property, and the measurement with every photo and document.
He explained that the government is integrating Aadhaar details, digital documentation, GPS mapping and property sketches to create a robust database.
"We want to see that every record is filled right. They (officials) are asking for documentation, stamp, digital documents. We wanted to connect every Aadhaar card and have it online," Shivakumar said.
To facilitate access, the Deputy CM announced the opening of more than 50 centres across Bengaluru, many of them in government schools, where citizens can apply for or rectify their e-Khata records.
"All of them will be working this Saturday. This 'Khata Mela' will be done. It is 'Nanna Khata, Nanna Swathu'," he said.
Applicants whose documents require verification will be given an acknowledgement and asked to return after 15 days, during which officials will conduct site inspections, he said.
Shivakumar said the government has also taken steps to identify and reclaim properties recorded as roads in revenue documents, asserting that such lands belong to the government.
"We have decided through the law that all the roads in the revenue records have been taken out. Those properties belong to the government itself," he said.
He noted that the initiative has received recognition from the Union government. "The Government of India has awarded us. It said that it is the model for the entire country," he said, while thanking officials involved in the project.
The Deputy CM said the government expects around 10 lakh additional households to benefit from the drive and assured that even those who have not downloaded their documents will receive printed copies free of cost at their residences.
"We will see that all the 25 lakh people will get their e-Khata to their home free of cost," Shivakumar said.
On apartment properties, he said all flats that have obtained occupancy certificates have been cleared.
"All the 37,460 flats (who have applied for e-Khata) have been issued an occupancy certificate. We have cleared all of them," the Deputy CM said.
