Rupee rises 9 paise to close at 87.93 against US dollar
Mumbai (PTI): The rupee rose 9 paise to close at 87.93 against the US dollar on Monday, supported by foreign fund inflows and lower crude oil prices.
Positive sentiments in the domestic equity markets lent further support to the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 87.94 against the US dollar and traded in the range of 87.74-87.94 during the day before settling at 87.93, higher by 9 paise against its previous close.
On Friday, the rupee closed at 88.02 against the US dollar.
"The Reserve Bank of India ensured that the rupee opened below 88... There was no specific development on the India-US trade front, while on the US-China front, the talks by government officials gave hope that US-China trade developments could be solved amicably," Anil Kumar Bhansali, Executive Director, Finrex, said.
Stock exchanges will hold a special Muhurat trading session on Tuesday from 1.45 pm to 2.45 pm for Laxmi Pujan, according to notices by the BSE and the NSE.
The forex markets, however, will be closed on Tuesday and Wednesday.
"After two days' holidays from Tuesday, the rupee is expected to be in the range of 87.70-88.30 on Thursday," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, edged up 0.1 per cent to 98.53.
Brent crude, the global oil benchmark, fell 0.36 per cent to USD 61.07 per barrel in futures trade.
On the domestic equity market front, Sensex soared 411.18 points to settle at 84,363.37, while Nifty climbed 133.30 points to 25,843.15.
Foreign Institutional Investors (FIIs) purchased equities worth Rs 790.45 crore on Monday, according to exchange data.
India's forex reserves dropped by USD 2.176 billion to USD 697.784 billion during the week ended October 10, the RBI data released on Friday showed.
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Minister Patil chairs industry meetings to chart growth for key sectors in Karnataka
Bengaluru (PTI): Karnataka Minister M B Patil on Tuesday chaired meetings with industry representatives from the aerospace and defence, machine tools, auto/EV, and green energy sectors to discuss sector growth and government support measures.
The meetings were attended by leading industrialists and their representatives, with some participating virtually.
Speaking on the occasion, the minister for Large and Medium Industries said Karnataka is at the forefront of the country’s aerospace and defence sectors.
He noted that Suzuki and Toyota plan to launch aerial taxi services in Japan by 2028, with Bengaluru-based Sasmos supplying electrical equipment for the project.
Industrialists suggested introducing similar “fly-taxi” services in Karnataka through an appropriate policy, which Patil said would be examined seriously.
The minister highlighted the need to establish testing centres and Common Facility Centres for the aerospace and defence industries and assured that these facilities would be provided.
Suggestions were also made to prepare a comprehensive roadmap for sector growth.
Karnataka has urged the Central Government to approve Defence Corridor projects in the Bengaluru North–Kolar–Chikkaballapur and Dharawada–Vijayapura–Belagavi regions.
Industrialists also suggested a corridor between Bengaluru and Mysuru, Patil said.
He said Karnataka aims to become a hub for defence electronics manufacturing, with plans to establish a 200-acre Defence Electronics Park and a 100-acre Avionics and Sensor Park.
These projects will be implemented once the Special Investment Region is operational, and land availability will not be an issue.
On the machine tools sector, Patil said the industry has recorded an annual turnover of Rs 36,500 crore and is witnessing steady growth.
Large-scale exhibitions have increased demand, and the state must strengthen its capabilities to develop control systems for heavy machinery. One testing unit is already operational in Bengaluru, with another planned for Tumakuru. Expansion of vocational training institutes in industrial areas is also underway.
In the Auto and EV sector, Vision Group members highlighted the need for a network of dry ports and more EV charging stations across the state.
Patil noted that the Tata Group is manufacturing EV buses in Dharawada for nationwide supply. Plans for mini excavator production and export facilitation were also discussed, along with the establishment of a testing facility for two-wheeler EVs.
For the Green Energy sector, the group emphasised the need for a suitable policy on battery-based energy storage and the establishment of data centres.
Patil assured that the government will seriously consider all suggestions and respond positively.
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