Rupee breaches 82 per US dollar for first time as Fed officials back rate hike view

News Network
October 7, 2022

The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally.

The rupee, which weakened past the 82 per dollar mark for the first time, was at 82.35 per dollar at 11:35 am IST. Its previous low was 81.95 per dollar.

The domestic currency, which has weakened 9.7 per cent versus the US dollar in 2022, had settled at 81.89 on Thursday.

The US dollar index, which measures the greenback against six major currencies, was last at 112.31 versus 111.35 at 3:30 pm IST on Thursday. On Thursday, Chicago Federal Reserve President Charles Evans said that the federal funds target rate is likely to rise to 4.50-4.75 per cent by the spring of 2023.

Following 300 bps of rate hikes by the Federal Reserve since March 2022, the federal funds target rate is currently at 3-3.25 per cent. Higher US interest rates lead to a stronger dollar and erode the appeal of emerging market currencies such as the rupee. A 6 per cent rise in Brent crude prices so far this week following a reduction in output by the OPEC also dragged the rupee lower, dealers said.

“Rupee opens at a life time low of 82.21 with dollar index above 112 on the expectation that the Fed will continue on its aggressive tightening path to tame inflation gaining support from a strong US jobs data expected today,” said Ritesh Bhansali, vice-president, Mecklai Financial Services.

“U.S. non-farm payrolls are expected to increase to 275k in September, compared to 315k in August, and unemployment is predicted to be steady at 3.7%. Oil prices rose as OPEC+ agree to cut production by 2 million barrels per day (bpd), the largest reduction since 2020,” he said.

Advisors at CR Forex see the rupee in a band of 81.80-82.50 per dollar in coming days before breaking towards the 83 levels.

Dealers said that the Reserve Bank of India (RBI) is intervening in the market through dollar sales around the 82.30-82.35 per dollar mark in order to rein in the volatility in the rupee. However, the central bank is not seen selling dollars aggressively, given the scale of dollar’s global strength.

As on September 23, the RBI’s foreign exchange reserves were at a two-year low of $537.52 billion. The reserves were at $631.53 billion as on February 25, which was when Russia invaded Ukraine.

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News Network
January 16,2025

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Bollywood actor Saif Ali Khan is "out of danger" following a successful surgery at the Lilavati Hospital in Mumbai after being attacked during a burglary at his residence last night.

The actor’s team released an official statement confirming his recovery and assured fans of his stable condition.

The shocking incident occurred late last night when an intruder broke into the actor’s home. Reports suggest that when Saif confronted the burglar, both were involved in a physical altercation, and the attacker stabbing the actor about six times.
Saif’s wife, actress Kareena Kapoor Khan, and their children were reportedly unharmed during the incident.
“Saif Ali Khan has come out of surgery and is out of danger. He is currently in recovery, and the doctors are monitoring his progress. All family members are safe, and the police are investigating the incident," the team said.

Meanwhile, the police is at the actor's residence and is probing the attack.

Attack on Saif Ali Khan: What you need to know

Dr. Niraj Uttamani, Chief Operating Officer (COO) of Lilavati Hospital, revealed that Saif was brought to the hospital at 3 a.m. on Thursday. Providing details about his injuries, Dr. Uttamani said, “Saif Ali Khan suffered six stab wounds, two of which were deep, with one located near his spine. A foreign object was also identified near his spine.”

The hospital further confirmed that a team of specialists is overseeing the actor’s treatment, including Dr. Nitin Dange (Consultant Neurosurgeon), Dr. Leena Jain (Consultant Plastic Surgeon), Dr. Nisha Gandhi (Consultant Anaesthesiologist), Dr. Kavita Srinivas (Intensivist), and Dr. Manoj Deshmukh (Consultant Radiologist).

Dr. Uttamani said, “The extent of the damage will be understood once the surgery is completed.”

The incident has sparked outrage within the film fraternity and raised concerns about security. Indian Film and Television Directors Association (IFTDA) President Ashoke Pandit condemned the attack, emphasizing the lapse in security at Saif’s residential building.

Speaking to ANI, he said, “The attack on film star Saif Ali Khan in his own house is a matter of concern. IFTDA condemns this attack. The concern is about the security of the building, and the security agencies of the building, as to how an intruder reaches the 12th floor and enters the house, this is a matter of investigation, which the Mumbai Police is very competent and capable of looking into.”

The Mumbai Police Crime Branch has initiated an investigation into the incident. Deputy Commissioner of Police Dixit Gedam confirmed Saif’s injuries resulted from an altercation with the intruder, adding that authorities are actively working to gather more details about the incident.

Security footage and witness statements are being reviewed as part of the probe.

The actor recently appeared in the action thriller Devara Part 1, which released in September 2024 to critical acclaim.

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News Network
January 8,2025

Mangaluru: Air India Express (AIE) has postponed its much-anticipated direct flight service between Mangaluru International Airport (MIA) and Singapore, citing low bookings. Passengers who had booked tickets for the inaugural flight scheduled for January 21 and subsequent dates have been notified of the cancellation through email.

In its email, AIE assured passengers of alternative travel arrangements, including connecting flight options between MIA and Singapore. However, the decision to delay the direct service has left travelers and travel agents disappointed.

An AIE official attributed the postponement to operational challenges but clarified that the airline has not abandoned plans for the route. “We are committed to starting the service, but there is no immediate confirmation on the new launch date,” the official stated. He further explained that sustaining a route requires consistent demand, and seasonal travel alone is insufficient to justify operations.

Another AIE representative admitted that the number of bookings for the inaugural flight was below expectations but declined to disclose specific figures.

Rajesh H Acharya, director of HQ Connections Pte Ltd in Singapore and coordinator of the Singapore Tuluver community, expressed his disappointment. Acharya, who has been advocating for a direct flight between Mangaluru and Singapore since 2017, said, “After years of effort, we finally convinced the airline to start this service, but it has now been deferred.”

Taking to X (formerly Twitter), Acharya posted: "Did not expect such behavior from @AirIndiaX, now owned by @TataCompanies & @SIAirlines. If there are issues, travelers deserve to be informed well in advance. This decision needs investigation at the highest level."

The delay has raised questions among the travel community, with many hoping the airline will address these concerns and provide a clear timeline for the launch of the Mangaluru-Singapore direct flight.

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News Network
January 14,2025

Udupi: Karnataka Kreedakoota-2025, a sports event organised by the Youth Empowerment and Sports Department, Karnataka Olympic Association, and the District Administration, will be held in Udupi and Dakshina Kannada districts from January 17 to January 23.

The event will feature 1,373 athletes participating in a variety of sports, including kayaking, canoeing, archery, cycling, wrestling, boxing, hockey, lawn tennis, table tennis, Kabaddi, Judo, and athletics.

Deputy Commissioner Vidya Kumari K addressed a press conference on Monday, providing details about the events in Udupi and Dakshina Kannada.

According to her, while volleyball, basketball, and swimming competitions will take place in Dakshina Kannada, events like kayaking and canoeing will be held in Brahmavara’s Swarna River, and archery will take place at the MJC Ground in Manipal.

Marena Sports Complex in Manipal will host lawn tennis and table tennis matches, she added.

The opening ceremony will take place on January 17 in Mangaluru and Chief Minister Siddaramaiah will be inaugurating the event.

The closing ceremony will be held in Udupi on January 23, with Governor Thaawarchand Gehlot and Home Minister G Parameshwar attending.

The district administration, in collaboration with Manipal Academy of Higher Education (MAHE), Manipal, has made provisions for accommodation and food for the participants, said the DC.

She also said the synthetic track at the Mahatma Gandhi District Stadium in Ajjarakad is undergoing repair work after its 10-year durability period ended in 2023, to provide athletes better infrastructure.

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