Shivakumar's Delhi visit triggers fresh speculation about leadership change after Budget Session
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar's visit to New Delhi on Sunday has once again triggered speculations, linking it to a possible leadership change in the state, after the Budget Session of the Legislature.
According to official and party sources, Shivakumar left for the national capital with AICC President Mallikarjun Kharge from Kalaburagi on Sunday evening. Earlier that day, both leaders had shared a stage to launch various development projects worth Rs 1,069 crore at Chittapur in the district.
According to Shivakumar's tour programme shared with the media, he is in New Delhi to attend a private programme and will stay there tonight. He is scheduled to return to Bengaluru on Monday morning.
Amid the ongoing tussle between him and Shivakumar over the CM post, Siddaramaiah asserted on Saturday that he can continue and present two more budgets if the Congress high command gives him the opportunity.
Siddaramaiah on Friday presented his record 17th Budget as the state's finance minister.
A few legislators loyal to Shivakumar have reportedly expressed their intention to travel to Delhi to urge the party high command to make their leader the CM, after the Budget session of the legislature. The session is scheduled to conclude on March 27.
Meanwhile, Shivakumar is scheduled to host a dinner for all ministers, Congress MLAs and MLCs on March 10 to mark his completion of six years as Karnataka Pradesh Congress Committee (KPCC) president.
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Rupee crashes 46 paise to 92.28 against US dollar in early trade, nears all-time low
Mumbai (PTI): The rupee plummeted 46 paise to near its all-time intra-day low of 92.28 against the US dollar in early trade on Monday as global crude oil prices shot up and the greenback strengthened amid the worsening situation in the Middle East.
Brent crude, the global oil benchmark, was trading higher by a staggering 25.68 per cent at USD 116.5 per barrel in futures trade as the war between US-Israel and Iran intensified.
A big surge in FII outflows and a crash at the domestic equity market in morning trade put further pressure in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 92.22 against the US dollar before declining further to 92.28, down 46 paise from its previous close. The rupee had hit an all-time intra-day low of 92.35 on March 4.
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The rupee depreciated 18 paise against the US dollar on Friday to close at 91.82 against the American currency.
"The rupee will remain vulnerable to the rising oil prices which have risen by more than 28 per cent since the last closure on Friday. Asian currencies were also lower on Monday," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Rupee might touch 93.00 if oil remains above USD 100 in the coming trading sessions, he added.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.66 per cent higher at 99.64.
On the domestic equity market front, the Sensex crashed 2,345.89 points to 76,573.01 in early trade, while Nifty tumbled 708.75 points to 23,741.70.
Foreign institutional investors sold equities worth Rs 6,030.38 crore on a net basis on Friday, according to exchange data.
Meanwhile, India's forex reserves jumped USD 4.885 billion to an all-time high of USD 728.494 billion during the week ended February 27, the Reserve Bank said on Friday.
