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 25,2024

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A recent survey has exposed a troubling rise in anti-Muslim racism across Europe, fueled by heightened conflicts in West Asia and Europe’s increasingly hostile climate for Muslims. The EU Agency for Fundamental Rights (FRA) revealed on Thursday that nearly half of European Muslims faced discrimination in the past five years, with the situation worsening notably over the last year as violence flared in Gaza.

Nicole Romain, a spokeswoman for FRA, confirmed reports of intensified anti-Muslim hate across several EU countries. "Even before the current escalation, it was already becoming increasingly challenging to live as a Muslim in the EU," she said, pointing to dehumanizing rhetoric and profiling practices that target Muslims based on religion, ethnicity, and even physical appearance.

The survey, conducted prior to Israel’s large-scale assault on Gaza, included data from over 9,600 Muslims across more than a dozen EU nations between October 2021 and October 2022. The results highlighted Austria as having the highest rate of discrimination against Muslims at 71 percent, followed closely by Germany (68 percent) and Finland (63 percent). France, home to Europe’s second-largest Muslim population, reported a rate of 39 percent.

Women and children are disproportionately affected, particularly those wearing religious attire such as the hijab. FRA's report sheds light on the pervasive racial profiling Muslims face, from random police checks to discrimination in employment despite high qualifications. Director Sirpa Rautio warned that as conflicts continue to escalate, the impact on Muslims in Europe is likely to worsen, compounding challenges for the EU’s 26 million-strong Muslim population, which makes up more than 5 percent of the bloc's residents.

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News Network
November 5,2024

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Bengaluru: In a major legal twist, an FIR has been filed against Union Minister H.D. Kumaraswamy, his son Nikhil Kumaraswamy, and their close associate Suresh Babu. The trio is accused of threatening a senior IPS officer and making false allegations against him. The FIR, registered by the Sanjaynagar police, follows a complaint by Additional Director General of Police (ADGP) M. Chandrasekhar, who heads the Special Investigation Team (SIT) under the Karnataka Lokayukta.

Allegations Against Kumaraswamy
The crux of the case revolves around ADGP Chandrasekhar's investigation into Kumaraswamy's alleged illegal approval of a mining lease to Sri Sai Venkateshwara Minerals (SSVM). Kumaraswamy, currently serving as Union Minister for Steel and Heavy Industries, has been accused of bypassing legal procedures in favor of SSVM, prompting Chandrasekhar to seek the Karnataka Governor's approval to pursue legal action.

In response, Chandrasekhar claims that Kumaraswamy lashed out publicly. On September 28 and 29, the former Karnataka Chief Minister held press conferences, accusing the officer of bribery, misuse of medical records, and personal misconduct. According to the ADGP, Kumaraswamy also issued a threat of transferring him to another cadre outside Karnataka.

Nikhil and Aide Suresh Babu Involved
Kumaraswamy’s son Nikhil Kumaraswamy is also implicated in the controversy. On September 29, Nikhil allegedly echoed his father’s accusations against Chandrasekhar. The third individual named in the FIR, Suresh Babu, a close aide to Kumaraswamy, is accused of escalating the issue by writing a letter to the Karnataka Chief Secretary. This letter, containing further allegations, was made public on social media, adding to the pressure on the senior officer.

Legal Action and Charges
Though Chandrasekhar's complaint was filed in October, formal legal proceedings began on November 4 after securing approval from the 42nd Additional Chief Metropolitan Magistrate (ACMM). The charges include Section 224 (threat of injury to a public servant) of the Bharatiya Nyaya Sanhita (BNS). A police source familiar with the case confirmed the charges.

ADGP Chandrasekhar's Response
In a strong rebuttal, ADGP Chandrasekhar addressed his team and the media, branding Kumaraswamy as an accused person trying to intimidate the SIT. He emphasized that these attacks were intended to undermine his officers' morale and interfere with the investigation.

“An accused, no matter how powerful, remains an accused. This attempt to instill fear in the minds of officers is meant to hinder justice," Chandrasekhar said in a written statement. Referring to Kumaraswamy, he added, "This accused, who is currently out on bail, has resorted to such tactics to shake our resolve."

Quoting Shaw to Drive the Point Home
In a dramatic conclusion, Chandrasekhar cited playwright George Bernard Shaw, saying, “Never wrestle with pigs. You both get dirty, and the pig likes it,” signaling his intent to remain unshaken in the face of public accusations and personal threats.

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News Network
October 25,2024

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A substantial wave of Israeli settlers is migrating to Cyprus, fueling concern over what analysts are calling a “silent occupation” as Israeli buyers snap up properties across the island. Following Israel’s recent military offensives in Gaza and Lebanon, thousands of Israelis have reportedly relocated, seeking real estate and creating enclaves of secretive luxury resorts that cater exclusively to affluent settlers. This shift represents the third major wave of Israeli migration to Cyprus, driven by a mix of war fallout, economic pressures, and Israel's internal political unrest.

Dimitri Lascaris, an investigative journalist and activist, reports on the rapid real estate acquisition in Cyprus, revealing that Israelis have been “buying anything in sight” amid the recent regional crises. He warns of an underlying agenda, stating that Cyprus has historically been viewed by Zionist ideologues as a potential site for a Jewish settlement due to its proximity to Israel and suitability for European-style development. Lascaris draws a link to early Zionist ambitions for Cyprus, recalling the Third Zionist Congress of 1899 when David Trietsch and Theodor Herzl both championed Cyprus as a base for Jewish settlement—a precursor to claiming Israel itself by force.

This migration, which has swelled Cyprus’s Israeli community from 6,500 in 2018 to over 12,000 by April 2024, has sparked an influx of 250-300 Israelis monthly. This quiet but steady stream has led to a larger presence of Israelis in Cyprus, with many pursuing strategic real estate purchases despite legal restrictions. Under Cypriot law, foreign entities can only acquire 500 square meters of land. However, by registering as Northern Cyprus firms and securing at least 51% Turkish Cypriot ownership, Israeli companies can circumvent this rule, enabling them to buy extensive tracts of land.

Cyprus’s geopolitical position—close to Israel, with NATO membership and new gas reserves—amplifies the strategic importance of this quiet expansion. Additionally, the island hosts a significant UK military base at Akrotiri, which has served as a launch point for aircraft bound for Palestinian territories, further heightening the controversy around Israeli-Cypriot connections.

Economically, the high cost of living in Israel and divisive internal issues, such as Prime Minister Benjamin Netanyahu’s contentious judicial reforms, have also driven migration from the occupied lands. According to a Hebrew-language report by Maariv, the first seven months of 2024 saw an exodus of 40,000 Israeli settlers—nearly triple previous years’ numbers—primarily to Cyprus and other nearby regions.

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