Vokkaliga seer backs Shivakumar for Karnataka CM post
Hassan(PTI): Vokkaliga seer Nirmalanandanatha Swamiji on Wednesday said it was both his personal view and the sentiment within the community that D K Shivakumar should become the next chief minister of Karnataka.
The pontiff of the Adichunchunagiri Math expressed confidence that the Congress high command would take an appropriate decision, citing Shivakumar’s loyalty and long service to the party.
His remarks come amid an intensifying power tussle in the ruling Congress, with speculation of a possible change of guard after the government crossed the halfway mark of its five-year term on November 20. Reports have pointed to an alleged "power-sharing" agreement between Chief Minister Siddaramaiah and Shivakumar in 2023.
Shivakumar is a key leader from the Vokkaliga community, which has a strong presence in the Old Mysuru region.
"I am watching and reading in the media about the developments in the government. The Math is a center of faith for the Vokkaliga community and has been a voice for other communities as well. On the CM issue, Shivakumar has not spoken to me yet," the seer told reporters.
He noted that the Vokkaliga community has contributed leaders across all major parties, JD(S), BJP and Congress, who have worked for the state’s development.
"In the 2023 Assembly polls, people from the community voted, hoping one among us would become CM. It didn’t happen then. There was hope it would happen after 2.5 years, but that too now seems unlikely. If it doesn’t happen, it will sadden thousands of devotees of the Math," he said.
Calling the current "confusion" over leadership unhealthy for the state, the seer said it was the Congress high command’s responsibility to provide clarity.
"Shivakumar should become CM after 2.5 years—this is both my view and that of our devotees. The Congress high command should give an opportunity to someone who has worked like a disciplined soldier for the party, just as earlier Vokkaliga leaders, Kengal Hanumanthaiah, K C Reddy, H D Deve Gowda, S M Krishna, Sadananda Gowda and H D Kumaraswamy, served as CMs," he said.
Reiterating his appeal, the seer said making Shivakumar chief minister for the remaining term would reflect the wishes of devotees and recognise his loyalty and efforts in strengthening the Congress.
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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.
