Indian Rupee hits a new record low of 83.12 against US dollar

News Network
October 20, 2022

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The rupee hit a new record low of 83.08 against a resurgent dollar early on Thursday, October 20, after breaching the 83-mark for the first time ever in the previous session as investor concerns about an impending recession reduced risk appetite.

Bloomberg quoted the rupee at 83.0925 per dollar after opening at 82.9825 and hitting a new record low of 83.1212.

PTI reported that the rupee fell 6 paise to a new all-time low of 83.06 against the US dollar in early trade.

In the previous see-saw session, the domestic currency had reversed sharp gains from earlier on Wednesday to close at its weakest level of 83.02 per dollar, driven by the Reserve Bank of India likely buying dollars at about 82 in currency futures to buffer up its capacity to intervene. 

"After consolidating in the range of 82 to 82.70 for 8 trading sessions, the rupee all of sudden jumped to 83 levels, making the uneventful day an eventful one. The show began in the last one and a half hours when it depreciated by 60 paise from 82.43 to 83.03," said Amit Pabari, Managing Director of CR Forex Advisors.

The rupee's slide was amplified by broad dollar strength and stop losses at 72.40, a level the RBI probably wanted to protect.

"Yesterday, the rupee's weakness was caused by probable dollar buying at 82.02 by the RBI in currency futures and outflows of large size of about $500 million from Gas Authority of India Limited (GAIL) and Mangalore Refinery and Petrochemicals Limited (MRPL)," said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.

"The RBI did not protect 82.40, and short covering of the pair took it to 83.00, with stop losses triggered between 82.40 to 83.50," he added.

Reuters quoting traders reported that a sell-off in the currency had occurred in the last 1.5 hours of trading on Wednesday due to significant corporate dollar and custodian outflows.

The domestic currency's "saving grace" following "yesterday's disaster" is that it stayed largely unchanged at about the 83 levels after regular trading hours, a Currency Dealer at a Mumbai-based bank told Reuters.

"In initial trades, traders will be looking to assess how sticky this new big figure proves," added the trader.

Separately, more indications that elevated inflation will keep major central banks in rate-hike mode after British inflation rose to 40-year highs boosted the dollar's appeal.

A rise in US Treasury yields on predictions that the Federal Reserve would continue to raise interest rates aggressively hurt global risk assets' recent rebound rally.

The scorching inflation data released this week by Canada, Britain, and New Zealand also showed that central banks throughout the world are still struggling to rein in decades-high inflation, even at the cost of stunting economic growth, fanned recession worries, and rising demand for safe-haven assets.

The dollar loomed over major peers on Thursday and the yen fell to a new 32-year low on Thursday, keeping markets on high alert for any indications of an intervention.

"You still can't write off the US dollar, I'm still not convinced that we've necessarily seen the highs for this cycle," Ray Attrill, Head of FX Strategy at National Australia Bank (NAB), told Reuters.

The Japanese yen hit a fresh trough of 149.96 per dollar, with the brittle Japanese currency losing ground for 11 successive sessions, including 32-year lows six times.

"Looks like it's the rabbit caught in the headlights at the moment," said NAB's Mr Attrill.

"Given that Treasury yields have moved decisively above 4 per cent, were it not for the threat of intervention, then I think dollar/yen would already be trading north of 150."

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News Network
November 21,2024

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Hamas says the Israeli regime’s sole objective lies in “erasing” the entirety of the Palestinian population from across the Palestinian territories.

Khalil al-Hayya, a ranking official with the Gaza Strip-based Palestinian resistance movement, made the remarks to the Palestinian al-Aqsa TV on Wednesday.

“The occupation targets everyone—it strikes hospitals, civil defense, women, children, and the elderly,” he said, adding that the regime sought to “empty Gaza of its residents, and displace the Palestinian people to fulfill its dreams of building a Zionist Jewish state across all of Palestine.”

The remarks came amid the regime’s October 2023-present war of genocide on the coastal sliver that has so far claimed the lives of nearly 44,000 Palestinians, mostly women and children.

“This unprecedented aggression in modern times evokes scenes from the dark ages of human history, having crossed all red lines and exceeded every expectation of brutality in the modern era,” the Palestinian official lamented.

He also regretted that the regime had added “systematic and dangerous starvation to its aggression, falsely claiming before the world that it allows 250 [aid] trucks into Gaza daily. In reality, the number of trucks is far fewer.”

Hayya, meanwhile, regretted that “scenes of children torn apart, women screaming over their children, and heart-wrenching destruction have failed to stir enough humanity to stop these crimes.”

He decried the United States for vetoing the United Nations Security Council’s resolutions that are aimed at bringing about a potential ceasefire in the war, saying this indicated Washington’s “partnership in the aggression” and a simultaneous siege that the Israeli regime has been enforcing on Gaza.

Addressing Israeli Prime Minister Benjamin Netanyahu, the official asserted that, despite what the Israeli official is after, Hamas would not hand over the regime’s captives “without [the regime’s] stopping the war.”

He called Netanyahu “the main obstacle” in the way of cessation of the aggression, saying the Israeli premier “blocks any progress for political reasons,” and citing his preventing conclusion of a ceasefire agreement in July.

Hayya also warned that the regime sought to expand the war beyond Gaza, but asserted that its goals are “impossible and will never happen.”

“Today, the enemy exposes its true intentions of extermination and displacement, but it will fail,” he stressed.

“The Palestinian people are resilient and will not surrender, as they believe in their humanitarian and political cause. The enemy and its allies will not succeed in achieving their goals. This steadfast people will endure, and the occupation will not prevail against them.”

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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News Network
November 18,2024

Advisors to US President-elect Donald Trump have instructed his allies and associates to refrain from using the inflammatory language they previously employed when discussing issues related to migrants and the deportation of asylum seekers, in a bid to avoid “looking like Nazis.”

US media reports said that Trump’s associates had been asked to stop using the word “camps” to describe potential facilities that would be used to accommodate migrants rounded up in deportation operations across the country.

The reports said the US president-elect’s allies had been ordered to stave off such charged terms as they would bring to mind “Nazis,” and be used against Trump.

“I have received some guidance to avoid terms, like ‘camps,’ that can be twisted and used against the president, yes,” one Trump ally told American monthly magazine Rolling Stone.

“Apparently, some people think it makes us look like Nazis.”

The presidential advisers also cautioned surrogates and allies to keep racist terms, which have dogged Trump’s campaign, out of their remarks.

They said with Trump’s heated rhetoric that used to compare undocumented immigrants to “animals” and his slight that they are “poisoning the blood of our country,” detractors did not need to reach too far to find parallels to Nazi Germany.

Stephen Miller, who Trump tapped to be his deputy chief of staff of policy, specifically used the word “camps” to describe holding facilities that he hoped the military could put together for immigrants.

Tom Homan, who served as the acting director of Immigration and Customs Enforcement and is chosen by Trump to be in charge of the US borders, was no stranger to such language.

“It’s not gonna be a mass sweep of neighborhoods,” he said in an interview earlier this week. “It’s not gonna be building concentration camps. I’ve read it all. It’s ridiculous.”

Becoming a little more forthright about the new government’s aggressive deportation plans, Homan likened the early days of the Trump administration to the initial invasion of Iraq in 2003.

“I got three words for them – shock and awe,” he said. “You’re going to see us take this country back.”

Trump made immigration a central element of his 2024 presidential campaign but unlike his first run, which was mainly focused on building a border wall, he has shifted his attention to interior enforcement and the removal of undocumented immigrants already in the United States.

People close to the US president and his aides are laying the groundwork for expanding detention facilities to fulfill his mass deportation campaign promise.

The businessman-turned-politician deported more than 1.5 million people during his first term.

The figure do not include the millions of people turned away at the border under a Covid-era policy enacted by Trump and used during most of Biden’s term.

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