Mumbai, Nov 21 (IANS) The rupee failed to recover in morning trade on Tuesday despite a weak dollar and was hovering at the previous day’s record low of 83.34 against the US greenback at 11.28 a.m.

Although the dollar index fell to 103.20, its lowest level in two-and-a-half months, the rupee did not gain as expected. Traders attributed this to importers such as oil companies buying more dollars as a hedge to take advantage of the low price.

Other Asian currencies have gained due to the decline in the US dollar.

The rupee had crashed by 7 paise to settle at 83.34 vis-a-vis the US dollar on Monday, amid an increase in crude oil prices and foreign funds flowing out of stock markets.

Brent crude futures, the global oil benchmark, rose 0.66 per cent to USD 81.14 per barrel on Monday while the Sensex declined 139.58 points to settle the 65,655.15 level. The Nifty fell 37.80 points to 19,694.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday as they sold shares worth Rs 477.76 crore, according to exchange data.

India's foreign exchange reserves decreased by USD 462 million to USD 590.321 billion for the week ended November 10, according to the latest RBI data released on Friday. Any decline in forex reserves leaves less headroom for the RBI to intervene and prop up a weakening rupee.

On Friday, the rupee had closed at 83.26 against the dollar. The earlier record low registered by the rupee was 83.33 against the dollar on November 13, this year.

The rupee has been fluctuating within a narrow band as the RBI sells dollars when the rupee goes into a free fall.

New Delhi, Aug 17 (IANS) Adding to the negative sentiment in stock markets, the rupee depreciated to near a 10-month low at 83.14, while the FII outflow of almost of Rs 10,000 crore in August so far also led to selling at higher levels, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Domestic equities continued to witness pressure amid weak global cues. While Nifty opened lower and remained in the negative territory throughout the session to close with a loss of 100 points (-0.5 per cent) at 19,365 levels, Sensex was down 388.40 points or 0.59 per cent at 65,151.02.

However, action shifted to the broader market with the Nifty midcap 100 up 0.2 per cent and the Nifty smallcap 100 up 0.1 per cent. Except for PSU banks and consumer durables, all sectors ended in the red.

Indian equities succumbed to global volatility following the hawkish tone of the FOMC minutes meeting and worries over the risk of a downgrade in China’s sovereign credit rating by Fitch, Khemka said.

Vinod Nair, Head of Research at Geojit Financial Services, said the mounting influence of weak global cues hindered the domestic market's ability to recoup, resulting in sustained selling pressure. The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause.

“Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics," he added.

Around 1,777 shares rose, 1,696 fell, and 152 remained constant. ITC, LTIMindtree, Divis Lab, Power Grid, and Reliance Industries were among the top losses on the Nifty, while Adani Ports, Titan Company, Adani Enterprises, Bajaj Auto and SBI were among the top gainers, said Omkar Kamtekar, Research Analyst, Bonanza Portfolio.

Due to a strong dollar and sluggish domestic markets, the rupee dropped to a new 10-month low.

In July, India's inflation rate was 7.44 per cent, up from 4.87 per cent in June with a prediction of 6.4 per cent.

”We expect the rupee to trade with a bearish bias due to global risk aversion and a strong US dollar," Kamtekar said.

New Delhi, March 21 (IANS) The Supreme Court on Tuesday declined to consider individual cases seeking acceptance of demonetised currency notes of Rs 1,000 and Rs 500 denominations and asked the petitioners to approach the government with a representation.

A bench of Justices BR Gavai and Vikram Nath said after the constitution bench judgment, the court does not think to exercise its jurisdiction under Article 142 of the Constitution in individual cases to accept demonetised currency notes. However, the bench allowed the individual petitioners to approach the government with a representation.

The bench said petitioners may have genuine grievances, but in view of the upholding of the enactment, no relief could be granted by this court.

It further added if petitioners are not satisfied with the response of the Central government, then they could move the high court concerned.

As a counsel submitted, "Why should such people be made to suffer?", the bench said that genuine hardships may be caused, but it cannot be a ground for this court to interfere, and the matter should be examined by the government.

The bench directed the government to decide the representation and examine the individual grievances within a period of 12 weeks.

In January this year, the Supreme Court, in a majority judgment, upheld the Centre's decision to demonetise the Rs 1,000 and Rs 500 denomination notes, saying the November 8, 2016 notification (demonetisation) does not suffer any flaws in the decision-making process and also satisfies the test of proportionality.

The top court noted that whether demonetisation of only Rs 500 denomination notes ought to have been done or the denomination of only the notes of Rs 1,000 ought to have been done, is an area which is purely in the domain of the experts and beyond the arena of judicial review.