Datta Peeta: BJP files review plea
Chikkamagaluru: The Supreme Court has accepted a report submitted by Justice H N Nagamohan Das Committee on Guru Dattatreya Bababudan Swamy Dargah and Sri Guru Dattatreya Bababudan Swamy Samvardhana Samithi will submit a review petition in this regard, BJP district spokesperson Varasiddi Venugopal said.
He said, "Datta Peeta is the place where Guru Dattatreya Swami did penance. The Congress-led state government has supported one community in the Datta Peeta issue," he alleged.
The committee, led by Justice Nagamohan Das, has acted at the behest of the state government. The state government, through the committee, has submitted a report to the Supreme Court to help the Shakhadri, he charged.
VHP district secretary Yogish Raj Aras told DH: "A review petition will be filed in Supreme Court on the acceptance of the report. The issue will also be discussed in the VHP baithak."
Meanwhile, Karnataka Komu Sauharda Vedike General Secretary K L Ashok said the acceptance of the committee report by Supreme Court is the victory of the secular tradition of Karnataka.
Speaking to DH, he said, "Bababudangiri is a symbol of pluralistic society. The pluralistic nature should be conserved. The 15-year-old fight for the cause has seen a logical end."
CPI leader B Amjad said, "It is a victory to the tradition of communal harmony. Sri Guru Dattatreya Bababudan Swamy Dargah is a place of worship for both the Hindus and Muslims."
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Rupee falls 5 paise to close at 89.94 against US dollar after RBI cuts repo rate
Mumbai (PTI): The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Forex traders said the Reserve Bank of India's (RBI) rate cut will weigh on the rupee, but RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through open market operations (OMO), combined with a USD 5 billion buy-sell swap, will support the local currency.
At the interbank foreign exchange market, the rupee opened at 89.85 against the US dollar and gained ground, touching 89.69 in morning deals, registering a 20-paise gain from its previous close.
After the RBI's monetary policy announcement, the rupee lost ground and fell to 90.06 against the American currency, a 16-paise decline from its previous close of 89.89. The currency is down almost 5 per cent against the dollar this year, the worst performer in Asia.
The local unit finally settled for the day lower by 5 paise at 89.94 (provisional) against the American currency.
"Beyond the rate cut, RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through OMO, combined with a USD 5 billion buy-sell swap, marks a decisive effort to restore durable liquidity and stabilize currency markets after the rupee's sharp depreciation," said Sachin Bajaj, Executive Vice President & Chief Investment Officer, Axis Max Life Insurance.
The RBI on Friday cut the key benchmark interest rate for the first time in six months and took steps to boost liquidity to support a "goldilocks" economy amid high US tariffs.
Reserve Bank Governor Sanjay Malhotra said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
"We don't target any price levels or any bands. We allow the markets to determine the prices. We believe that markets, especially in the long run, are very efficient. It's a very deep market," he said while replying to a question on rupee depreciation at a post-monetary policy press meet.
Malhotra said fluctuations in the market keep occurring, and the RBI's effort is always to reduce any abnormal or excessive volatility. "And that is what we will continue to endeavour," he added.
In its bi-monthly monetary policy, the RBI announced three-year USD/INR Buy Sell swaps of USD 5 billion this month. When asked if this is aimed at checking rupee depreciation, Malhotra said, "It is a liquidity measure. It is not to support the rupee".
The governor further said the country has sufficient foreign exchange reserves and that the current account is manageable, and that, given the strong fundamentals of the economy, the country should witness strong capital flows going forward.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.96.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 63.27 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 447.05 points to settle at 85,712.37, while the Nifty climbed 152.70 points to 26,186.45.
Foreign institutional investors sold equities worth Rs 1,944.19 crore on a net basis on Thursday, according to exchange data.
