First meeting of Coordination Committee on June 14: Dr G Parameshwar
Bengaluru, June 10: KPCC president and Deputy Chief Minister Dr G Parameshwar said that the first meeting of the Coordination Committee of the Congress-JDS coalition government would be held under the leadership of Committee chairman and former chief minister Siddaramaiah in the city on June 14.
Speaking to reporters after holding a meeting of the Lok Sabha Members at the KPCC office here on Sunday, Dr Parameshwar said that the priority of the coalition government would be discussed in the first meeting. In the MPs meeting, he has not discussed seat sharing with the JDS for the forthcoming Lok Sabha election. In coming days, both Congress and JDS leaders would discuss the issue, he said.
Remaining six seats in the cabinet would be filled soon. Priority would be given to those who missed the minister posts while appointing the chairman to boards and corporations, he added.
MPs should not be neglected
During the meeting, the Lok Sabha Members, reportedly, expressed their displeasure on cornering them while selecting the candidates for the ministers posts, distribution of portfolios and pacifying the dissidents in the coalition government. Even their opinions are not being considered. Their opinion should be considered while appointing chairmen to boards and corporations and KPCC president, they demanded.
Responding to their demand, Parameshwar said that he would bring this to the notice of the party high command.
Kharge absent
Congress leader in the Lok Sabha, Mallikarjun Kharge, Tumakuru MP SP Muddahanumegowda, Raichur MP BV Naik and Chitradurga MP BN Chandrappa were absent from the meeting. Lok Sabha Members DK Suresh, Prakash Hukkeri, Dr M Veerappa Moily, KH Muniyappa, Rajya Sabha Members Prof Rajiv Gowda, Dr L Hanumanthaiah, BK Hariprasad, KC Ramamurthy, Dr Syed Nasir Hussain, and Chandrashekar were present at the meeting.
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Rupee strengthens past 90/USD level in early trade
Mumbai (PTI): The rupee appreciated 24 paise to 89.96 against the US dollar in early trade on Friday, supported by corporate dollar inflows and easing crude oil prices.
Forex traders said the gain in the USD/INR pair follows the rupee’s string of record lows in recent weeks on likely intervention from the Reserve Bank of India.
Moreover, crude oil prices hovering around USD 59 per barrel level supported market sentiment.
ALSO READ:Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange market, the rupee opened at 90.19 against the US dollar, then gained some ground and touched 89.96 against the US dollar, registering a gain of 24 paise over its previous close.
In initial trade it also touched 90.22 against the American currency. On Thursday, the rupee appreciated 18 paise against the US dollar to close at 90.20 against the greenback.
The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday.
"Since the speculators are out of the market the buying of US dollar syndrome has come down a bit though intra-day we could see spikes," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The US CPI came lower than expected but was also due to non-collection of sufficient data and therefore, the next month’s CPI becomes more important, Bhansali said, adding that "Rupee remains in a range of 90-90.50".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.46.
Brent crude, the global oil benchmark, was trading lower by 0.27 per cent at USD 59.66 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex climbed 375.98 points to 84,857.79, while the Nifty was up 110.60 points to 25,934.15.
Foreign Institutional Investors purchased equities worth Rs 595.78 crore on Thursday, according to exchange data.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Speaking at 'Times Network's India Economic Conclave 2025', Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility.
"I am not concerned about the rupee at all... Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness," he said.
