Rupee sinks 23 paise to close at 86.78 against US dollar
At the interbank foreign exchange the rupee opened at 86.75 and traded in the range of 87.67 to 86.85 before settling at its five-month low of 86.78 against the greenback, down 23 paise from its previous close of 86.55 on Friday.
Lacklusture sentiment in the domestic equity markets and outflow of foreign capital further pressured the rupee, according to forex experts.
Mumbai, Jun 23 (PTI) The rupee plunged 23 paise to close at a five-month low of 86.78 against the US dollar on Monday amid a strengthening greenback and volatile crude oil prices following the US strike on Iran's nuclear facilities.
The rupee had earlier recorded the low level on January 13 when it had closed at 86.70 against the dollar.
'The rupee fell to 86.85 due to higher oil prices in the morning and then oil started to fall and gave importers an opportunity to buy dollars for their near-term imports. The rupee rose to 86.67 but was not able to rise any further as oil demand was quite high,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
'The rupee went back to 85.82 where the Reserve Bank was a seller and kept the rupee movement on hold beyond today's low,' he said.
According to Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan, the rupee declined on weak domestic markets and geopolitical uncertainty. Surge in crude oil prices and selling pressure from foreign investors too weighed on the rupee. US dollar strengthened amid safe haven demand on geopolitical tensions in the Middle East.
'Traders may take cues from PMI and existing home sales data from the US. USD-INR spot price is expected to trade in a range of Rs 86.40 to Rs 87,' Choudhary added.
Brent crude, the global oil benchmark, rose 0.08 per cent to USD 77.07 per barrel in futures trade.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.60 per cent higher at 99.29.
In the domestic equity market, the 30-share BSE Sensex tanked 511.38 points to settle at 81,896.79 while Nifty dropped 140.50 points to 24,971.90.
Foreign institutional investors (FIIs) offloaded equities worth Rs 1,874.38 crore on a net basis on Monday, according to exchange data.
The latest weekly data released by the Reserve Bank of India on Friday showed India's forex reserves rising USD 2.294 billion to USD 698.95 billion during the week ended June 13. PTI TRB HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
15 minutes ago
- India.com
Maharashtra Cabinet Clears 802 Km Shaktipeeth Expressway
Mumbai: The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday approved the much-debated 802-km six-lane Shaktipeeth Expressway connecting 18 pilgrimage sites, including three and a half Shaktipeeths, two Jyotirlingas and Pandharpur, Ambajogai in the state. The project cost is estimated at Rs 86,300 crore and will pass through 12 districts. The state-run Maharashtra State Road Development Corporation is the nodal agency for its development. The cabinet cleared a provision of Rs 20,000 crore for the project design and land acquisition. The expressway has been proposed from Pawanar in Wardha district to Patradevi in Sindhudurg district. This will reduce the travel time from the present 18 to 20 hours to just 8-10 hours. According to the government sources, it aims to boost tourism, regional development, and provide easier access to spiritual sites. The expressway will pass through three Shakti Peethas of Mahalaxmi (Kolhapur), Tulja Bhawani (Dharashiv) and Patradevi (Goa), two Jyotirlingas of Aundha Nagnath (Hingoli) and Parli Vaijnath (Beed), historic town of Pandharpur, which houses the Shri Vitthal-Rukmini Mandir. Last week, Chief Minister Fadnavis had directed the Finance Department to allocate Rs 12,000 crore required in connection with land acquisition for the proposed Shaktipeeth Expressway. "Delays in projects lead to major cost escalations. All agencies concerned have been assigned specific timelines, and strict adherence to these is necessary. The land acquisition process must be treated with seriousness and executed in mission mode," he said. CM Fadnavis, who has been a strong advocate of the Shaktipeeth Expressway, claimed the project will open up new opportunities and transform the state. He clarified that the government will not force the project on anyone, saying that the government will sit and understand the issues of farmers. While a section of farmers is protesting, another lot has plans to have gatherings to show their support for the project, he noted. Today's Cabinet approval comes amid strong protests by opposition parties, farmers and villagers who claimed that the proposed highway will damage their irrigated farmlands and is being planned for the benefit of contractors. The Maha Vikas Aghadi has been opposing the project, claiming that it will affect farmers badly and benefit contractors. The opposition parties are expected to take up the issue during the upcoming Monsoon Session of the state legislature, starting June 30 in Mumbai. The Mahayuti government, ahead of state Assembly elections last year, had put on hold the land acquisition for the expressway in the wake of strong protests, especially from Kolhapur district. The Mahayuti partners BJP, Shiv Sena and NCP, had feared an electoral loss if the land acquisition had been carried out. However, the government has revived it now.
India.com
15 minutes ago
- India.com
Good News For EPFO Members! Auto-Settlement Limit Hiked To Rs 5 Lakh For Medical, Home And Education Emergencies
EPFO Auto-Settlement Limit: Good News For Government Employees! the Employees' Provident Fund Organization (EPFO) has raised the limit for auto-settlement of advance claims from Rs 1 lakh to Rs 5 lakh. This move is designed to facilitate quicker financial access for EPFO members, particularly in urgent situations such as medical or education emergencies, quicker fund access, home renovations and more, according to the Minister of Labour and Employment Mansukh Mandaviya. EPFO first introduced auto-settlement of advance claims during the COVID-19 pandemic to provide quick financial assistance to its members. 'The limit for auto settlement of the EPFO claims has been increased to Rs 5 lakh. Such claims will get cleared within three days like the process for auto claims at present,' Mandaviya said. In a post on X social media platform, the minister said this is another "people-centric move" under the Prime Minister Narendra Modi government. 'EPFO enhances Auto-Settlement Limit for Advance Claims from Rs 1 Lakh to Rs 5 lakh, with fast-track disbursal now within 72 hours,' Mandaviya noted. Auto-Settlement Limit For Advance Claims In March this year, the Central Board of Trustees' Executive Committee (EC) had approved the proposal to enhance the ASAC limit to Rs 5 lakh. With an increase in the auto-settlement limit, the members can automatically withdraw up to Rs 5 lakh instantly. In May 2024, the ASAC limit was increased to Rs 1 lakh from Rs 50,000. According to the minister, in the first two-and-a-half months of the ongoing financial year 2025-26, EPFO has auto-settled 76.52 lakh claims, constituting 70% of all the advance claims settled so far. EPFO Members Enrolled In April EPFO added as many as 19.14 lakh net members during April this year. This figure depicts a significant increase of 31.31% over March. A noticeable aspect of the data is the dominance of the young 18-25 age group who are in their first jobs. The EPFO added 4.89 lakh new subscribers in the 18-25 age group, constituting a significant 57.67% of the total new subscribers added in April this year. New subscribers in the 18-25 age group added in the month show an increase of 10.05% compared to the previous month of March 2025. Around 2.45 lakhs new female subscribers joined the EPFO in April, which represents a 17.63% increase compared to the previous month, the official statement said. (With IANS Inputs)
Hans India
26 minutes ago
- Hans India
EPFO hikes auto-settlement limit for advance claims to Rs 5 lakh in 'people-centric move'
New Delhi: In a big relief for millions of people, the Employees' Provident Fund Organisation (EPFO) has raised the auto-settlement limit for advance claims (ASAC) from Rs 1 lakh to Rs 5 lakh, Labour Minister Mansukh Mandaviya said on Tuesday. The move will enable withdrawal of the amount without the requirement of manual verification. EPFO first introduced auto-settlement of advance claims during the Covid-19 pandemic to provide quick financial assistance to its members. 'The limit for auto settlement of the EPFO claims has been increased to Rs 5 lakh. Such claims will get cleared within three days like the process for auto claims at present,' Mandaviya said. In a post on X social media platform, the minister said this is another "people-centric move" under the Prime Minister Narendra Modi government. 'EPFO enhances Auto-Settlement Limit for Advance Claims from Rs 1 Lakh to Rs 5 lakh, with fast-track disbursal now within 72 hours,' Mandaviya noted. In March this year, the Central Board of Trustees' Executive Committee (EC) had approved the proposal to enhance the ASAC limit to Rs 5 lakh. With an increase in the auto-settlement limit, the members can automatically withdraw up to Rs 5 lakh instantly. In May 2024, the ASAC limit was increased to Rs 1 lakh from Rs 50,000. According to the minister, in the first two-and-a-half months of the ongoing financial year 2025-26, EPFO has auto-settled 76.52 lakh claims, constituting 70 per cent of all the advance claims settled so far. EPFO added as many as 19.14 lakh net members during April this year. This figure depicts a significant increase of 31.31 per cent over March. A noticeable aspect of the data is the dominance of the young 18-25 age group who are in their first jobs. The EPFO added 4.89 lakh new subscribers in the 18-25 age group, constituting a significant 57.67 per cent of the total new subscribers added in April this year. New subscribers in the 18-25 age group added in the month show an increase of 10.05 per cent compared to the previous month of March 2025. Around 2.45 lakhs new female subscribers joined the EPFO in April, which represents a 17.63 per cent increase compared to the previous month, the official statement said.
