Indian Rupee hits lifetime-low of 76.96 against dollar

News Network
March 7, 2022

The energy-sensitive rupee hit a lifetime low in early trading on Monday as a sharp surge in global crude oil prices to above $130 threatened to push up imported inflation and widen the country's trade and current account deficits.

The Indian rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever. On Friday, the rupee fell to close at 76.17 against the US dollar, its lowest closing level since December 15, 2021.

The rupee has declined against the US dollar as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to the greenback's safe-haven appeal.

The yen and the dollar were trading stronger as investors moved towards safe-haven assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.29 per cent to 98.93 in early Monday trade.

Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices elevated and heightened worries about domestic inflation and broader trade deficits.

Oil prices soared above $130, their highest since 2008 on Monday, after a US and European ban on Russian oil imports risk and delays in Iranian talks fuelled tight supply fears. 

What has not helped is sustained foreign fund outflows from Indian capital markets. That was reflected in weaker domestic bourses, with the Sensex crashing over 1,400 points and the Nifty below 15,850.

According to stock exchange data, foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth ₹ 7,631.02 crore.

Besides, sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed investor sentiment.

"India's traditionally non-interventionist central bank may allow further depreciation of Asia's worst-performing currency since the start of the Ukraine conflict in the hope that a weaker rupee will increase export competitiveness and assist close gaps presumably widening due to rising oil costs," said Kshitij Purohit, Lead for International and Commodities at CapitalVia Global Research.

"Unprecedented turmoil over the last few decades has shown that the odds are stacked against the local currency. The local currency was also pushed down by persistent foreign fund outflows and a negative trend in domestic markets," he added. 

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News Network
October 29,2024

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Kasargod, Oct 29: At least 154 people have been injured in a fireworks accident at the Anjootambalam Veererkavu Temple in Kerala's Kasaragod district. Among the injured, eight individuals are reported to be in serious condition, with one person in extremely critical condition. The tragic incident occurred just after midnight on Monday during the traditional Theyyam festival, which drew over 1,500 attendees to the temple.

Eyewitnesses stated that the accident was triggered when sparks from firecrackers ignited additional fireworks stored in a nearby room. As panic ensued, a stampede followed, leading to further injuries. Local authorities confirmed that 97 individuals have been admitted to various hospitals in Kasargod, Kozhikode, Kannur, and Mangalore for treatment.

A young girl present during the incident recounted, "The accident took place after sparks from crackers fell into a room where other fireworks were stored. Soon, we were all running away, and I fell down and got injured. My sister escaped unhurt."

Safety Protocols Ignored: Police Detain Temple Officials

Authorities have attributed the cause of the fire to negligence on the part of the temple officials. The police have taken two members of the temple committee into custody for questioning. According to local officials, the temple had stored low-intensity fireworks worth around Rs 25,000 for the festival, which concludes on Tuesday night.

Kasargod district Superintendent of Police (SP) D. Shilpa emphasized that the temple authorities failed to comply with safety protocols, noting that they did not secure the mandatory licenses required for the bursting of firecrackers. District Collector K. Inbasekar confirmed that a thorough investigation is underway, with forensic samples collected from the accident site.

Local CPI(M) MLA M. Rajagopal expressed his condolences, calling the incident "very unfortunate" and reinforcing that safety measures must be strictly adhered to during such celebrations. Kasargod MP Rajmohan Unnithan echoed these sentiments, pointing out the serious lapses on the part of officials responsible for ensuring safety during the festival.

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News Network
November 7,2024

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The Israeli regime has killed at least 40 people during new airstrikes against eastern Lebanese areas, besides targeting the country’s capital Beirut with fresh acts of aggression.

Lebanon’s health ministry announced the fatalities on Wednesday, saying 53 other people had also been wounded during the aerial attacks that targeted the country’s Bekaa Valley, including the city of Baalbek.

In early Thursday, the regime was also reported to have attacked Beirut’s southern suburbs, including a site adjacent to Rafiq Hariri International Airport.

The attacks came after the regime issued short-notice evacuation orders apparently directed at the residents of the areas, claiming that the areas contained facilities belonging to Lebanon’s Hezbollah resistance movement.

Tel Aviv has been using similar claims on countless occasions since last October, when it markedly intensified its deadly acts of aggression against Lebanon, in order to try to justify the escalation. Hezbollah has, however, invariably refuted the claims.

Also on Wednesday, the United Nations warned in its most recent flash report on the humanitarian crisis caused by the Israeli atrocities targeting Lebanon that the aggression had “reached a critical point.”

The attacks have claimed the lives of more than 3,000 people, which was “58 percent more than the 1,900 fatalities” that were caused by the regime’s 2006 war against Lebanon, the report said.

“Additionally, an estimated 1.3 million people have been displaced, both within Lebanon and into neighboring countries, 33 percent more than the number of people displaced in 2006,” it added.

Women comprised the majority of those who had been rendered homeless within Lebanon as a result of the Israeli attacks, the report noted.

It also regretted that the Israeli attacks had featured 78 assaults on healthcare facilities across the country that had claimed the lives of 130 health workers and injured 111 others.

In response to the aggression, Hezbollah has been staging hundreds of retaliatory strikes against the occupied Palestinian territories and the Israeli forces trying to advance on southern Lebanese areas.

The movement has vowed to sustain its strikes until the regime ends the escalation.

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News Network
November 7,2024

Udupi, Nov 7: In a tragic turn of events, a young woman, Prasanna, aged 29, allegedly died by suicide on Wednesday, struggling to cope with the demands of work and motherhood after the birth of her daughter, according to police reports.

Prasanna had married on December 2, 2022, and was the mother of a 10-month-old baby girl. Her husband works in Bengaluru, while she lived with her in-laws, who, according to her family, treated her kindly.

In a complaint, Prasanna's mother revealed that her daughter often called her, expressing deep concerns over her readiness for motherhood. Despite receiving supportive care from her family, Prasanna felt unprepared and overwhelmed by the balance of work and home life that early motherhood required.

Her family shared that she had been undergoing treatment, but between 10 a.m. and 1:45 p.m. on Wednesday, she allegedly took her own life at her husband’s residence. The Karkala Rural Police Station has registered a case and is conducting further investigations.

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