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
November 5,2024

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Washington: The race between Democratic leader Kamala Harris and her Republican rival Donald Trump for the White House has been truly unprecedented as it saw drama, tragedy, political comebacks, fierce rhetoric and a historically razor-tight contest.

As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country’s future under a Trump presidency.

In her final days of campaign, Vice President Harris focused on a message of hope, unity, optimism and women rights whereas Trump remained fiercely combative in targeting his Democratic rival and even suggested that he may not accept the election outcome in case of a defeat.

Overall, it has been a roller-coaster ride for both 60-year-old Harris and 78-year-old Trump.

Trump received his party’s nomination in March and formally at the Republican National Convention (RNC) in July — in a historic comeback after remaining in political wilderness for months following several court cases.

In effect, he became the first former president to get the nomination for the top office on the planet after being convicted of a felony.

“Trump has made one of the biggest political comebacks since Richard Nixon’s in terms of the political struggles that he has had in the last four years,” Communication Strategist Anang Mittal said.

Just days ahead of the RNC, Trump was shot at during a rally in Pennsylvania. He suffered an upper ear injury. Minutes later, a bleeding Trump raised his fist in defiance, images that drew a lot of emotional support from his die-hard supporters.

For Harris too, it has been a dramatic ride after Biden ended his re-election campaign in July, nearly weeks after he came under severe scrutiny following his incoherent performance at a televised debate with Trump.

While dropping out from the race, Biden, 81, endorsed Harris to succeed him as the Democratic candidate.

Finally in August, the Democratic National Convention formally nominated Harris as the party’s candidate for the presidential election.

The presidential election will be a chance to “move past the bitterness, cynicism and divisive battles of the past”, she said in a powerful speech at the Convention.

If Harris wins, she will become the first woman, first Black woman and first person of South Asian descent to become the US President.

In the overall campaign, Harris has been projecting the election as the one to protect the country’s fundamental freedoms, safeguard constitutional values and ensure women’s rights.

On his part, Trump has maintained his signature aggressive rhetoric and promising to rebuild the economy and rid the US from illegal immigrants.

However, there has been strong criticism of the Republican leader’s roadmap to repair the economy.

"Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance,” said Joseph E Stiglitz, a Nobel laureate economist, in a column in Project Syndicate.

"In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter,” he said.

With election day just a few hours away, there is no clarity on who has a better chance of winning the race.

"The elections are very close. They (the outcome) may change on the basis of a few thousands votes here or there. I think the big issue will be voter turnout tomorrow. That will determine the outcome in certain swing states,” said Executive Director of the US chapter of Observer Research Foundation Dhruva Jaishankar.

Kapil Sharma, a non-resident senior fellow at Atlantic Council’s Middle East Programmes, also echoed similar views.

“This election is probably one of the closest elections that I can remember. I have been working in Washington for over 30 years and I don’t recall an election being this tight,” he said.

More than 78 million Americans have already cast their votes as of Sunday, according to the University of Florida’s Election Lab that tracks early and mail-in voting across the US.

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News Network
October 29,2024

Nagpur: Police in Maharashtra's Nagpur have identified 35-year-old Jagdish Uikey from Gondia as the man behind a series of hoax bomb threats that caused widespread panic, flight delays, and increased security at various establishments across the state, officials revealed.

Uikey, an author who wrote a book on terrorism and was previously arrested in 2021, is now on the run after police traced the recent hoax emails to him, confirmed a senior police official. The investigation, led by Deputy Commissioner of Police (DCP) Shweta Khedkar, uncovered substantial evidence linking Uikey to the threatening emails.

These emails were sent to multiple government agencies, including the Prime Minister’s Office (PMO), Railway Minister, Maharashtra Chief Minister Eknath Shinde, airline offices, the Director General of Police (DGP), and the Railway Protection Force (RPF). On October 21, Uikey even emailed Railway Minister Ashwini Vaishnaw, leading to heightened security at railway stations.

On Monday, the Nagpur police intensified security around Deputy Chief Minister and Home Minister Devendra Fadnavis's residence after Uikey’s email threatened a protest unless he could present his findings on a secret terror code he claimed to have deciphered. He also requested a meeting with Prime Minister Narendra Modi to discuss his information on terror threats.

In the 13 days leading up to October 26, Indian carriers received over 300 hoax bomb threats, with about 50 flights— including those of IndiGo and Air India— targeted on October 22 alone, sources said.

A special team has been deployed to locate and arrest Uikey, and authorities remain confident that he will be apprehended soon.

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News Network
October 25,2024

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The accused wife and the victim husband

 

Udupi, Oct 25: A seemingly natural death has unraveled into a heart-wrenching case of betrayal and murder in Udupi’s Marne village. 

Balakrishna (44), who had been battling fever and severe illness for nearly a month, succumbed to his condition on October 20, despite extensive treatment at multiple hospitals. 

Diagnosed with jaundice, he was under care at KMC Hospital in Manipal, Wenlock Hospital in Mangaluru, NIMHANS Hospital in Bengaluru, and Victoria Hospital. But his symptoms persisted, and he was brought home on October 19, only to pass away at 3:30 am the next morning.

A complaint filed by his grieving brother, Ramakrishna (42), has now transformed Balakrishna's case into an alleged murder investigation. According to Ramakrishna, his brother’s wife, Pratima, had been in a relationship with Dileep from Hirgan. Allegedly, frustrated by Balakrishna's interference in her relationship, Pratima conspired with Dileep to eliminate him.

The complaint suggests that Pratima and Dileep plotted to gradually poison Balakrishna, lacing his meals with a toxic substance that steadily worsened his health. 

In the early hours of October 20, Dileep allegedly visited the home, where he and Pratima are accused of suffocating Balakrishna with a bedsheet, ending his life in a final act of betrayal. 

The Ajekar police have now registered a murder case, transforming Balakrishna's tragic death into a haunting investigation. They also have managed to arrest the victim’s wife and her boyfriend. 

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