Saree worn by Nirmala Sitharaman on Budget day was hand-woven in Karnataka
Bengaluru, Feb 1: The maroon colour saree that Finance Minister Nirmala Sitharaman wore while presenting the Union Budget on Wednesday is Karnataka's Dharwad region's hand-woven 'Ilkal' silk saree with traditional 'Kasuti' work.
Sitharaman is a Rajya Sabha member from Karnataka.
Kasuti is a traditional form of folk embroidery craft, with a geographical indication (GI) tag, said to be unique to Dharwad region.
The hand-made kasuti work generally includes embroidery work of chariots, elephants, temple 'gopura', peacocks, deer, and lotus.
The one worn by the Finance Minister is said to have had works of chariots, peacocks, and lotus on it.
The heavy silk (800 gm) saree was designed by 'Arathi Crafts' owned by Arati Hiremath in Dharwad.
Stating that they had received a request for sarees in December, Hiremath said, "We were happy that the saree was for Nirmala Sitharaman maam, but did not know about the occasion, we had sent two Kasuti sarees. This morning, we saw on TV that she was going to Parliament to present the budget wearing the saree we'd designed. We are very happy."
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Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar
Mumbai, Dec 27: The rupee fell steepest in almost two years to hit its lifetime intraday low of 85.80 before a suspected central bank intervention helped recover some of its losses and settled 23 paise lower at a record low of 85.50 (provisional) against the US dollar on Friday due to a strong greenback amid increased month-end demand from banks and importers.
According to analysts, the Reserve Bank's stance to hold on to its dollar payments in short-term forward contracts added to the shortage of greenback, with importers rushing to meet their month-end payment obligations.
Despite robust sentiment in domestic equity markets, the rupee was weighed down by sustained outflow of foreign funds and rising crude oil prices, they added.
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged 53 paise to the lowest-ever intraday level of 85.80.
The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.
The rupee's earlier sharpest one-day fall of 68 paise was recorded on February 2, 2023.
The domestic unit has been hitting new lows almost every day in the past couple of weeks. It had plunged 12 paise to 85.27 against the dollar on Thursday after declining 13 paise in the previous two sessions.
"The central bank holds USD 21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees.
"Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.
According to Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan, the rupee hit a record low on dollar demand from importers towards the end of the month and outflows from foreign investors (FIIs).
"Rising US treasury yields and crude oil prices also weighed on the rupee," he said and projected the USD-INR spot price in a range of Rs 85.30 to Rs 85.85, saying traders may take cues from goods trade balance data from the US.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.94, while the 10-year benchmark US Treasury yield rose 0.76 per cent, hitting its seven-month high level of 4.61 per cent.
Brent crude, the global oil benchmark, rose 0.15 per cent to USD 73.37 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex settled 226.59 points or 0.29 per cent higher at 78,699.07 points, while Nifty went up 63.20 points, or 0.27 per cent to close at 23,813.40 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.
