Rupee rises 15 paise against US dollar
Mumbai, (PTI): The rupee appreciated 15 paise to settle at 83.13 against the US dollar on Thursday, tracking softening crude prices in the international markets amid lingering geopolitical uncertainties.
However, foreign fund outflows and a weak greenback against major rivals overseas weighed on investor sentiments and capped the gains, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.26 against the US currency and witnessed a high of 83.13 and a low of 83.28 during intra-day trade.
The local unit settled at 83.13, registering a gain of 15 paise over its previous close.
"...With Crude price showing profit booking from USD 88.50 gave support to the rupee. Broadly in the short term rupee remains in the range between 83.15-83.30. The RBI intervention seems intact as the rupee has been very stable for a few weeks in this range. Today's FED chairperson Powell's speech shall give further direction to the dollar, in case the dollar drops below USD 105.50, the rupee will see positive reaction," Jateen Trivedi, VP Research Analyst at LKP Securities, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 106.61.
Global oil benchmark Brent crude futures fell 1.92 per cent to USD 89.74 per barrel.
"We expect the rupee to trade with a slight negative bias as risk aversion in the global markets amid rising geopolitical uncertainty in the Middle East may put pressure on the rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said.
However, any diplomatic efforts to contain the conflict in the Middle East may support the rupee at lower levels. Traders may take cues from weekly unemployment claims and existing home sales data from the US.
FII selling also weighed on the domestic currency, he added.
"Investors may remain cautious ahead of US Federal Reserve Chair, Jerome Powell's speech for some cues over monetary policy trajectory. USD/INR spot price is expected to trade in a range of Rs 83 to Rs 83.60," he said.
On the domestic equity market front, Sensex fell 247.78 points or 0.38 per cent to settle at 65,629.24 points. The Nifty declined 46.40 points or 0.24 per cent to 19,624.70 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth Rs 1,093.47 crore, according to exchange data.
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AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
