Rupee at record low, breaches 80-mark against US dollar: Here's how it may impact you

News Network
July 19, 2022

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New Delhi, July 19: The Indian currency depreciated for the eighth consecutive session on Tuesday to fall past 80-mark against the US dollar for the first-time ever.

At the interbank forex market, rupee was trading at 79.93 at 9.31am, after breaching the 80-mark against the US dollar- a historic low for the Indian currency. It sank to 80.06 against dollar in opening trade.

The rupee had ended at 79.97 on Monday.

The US dollar extended its rally and hovered just above a one-week low reached overnight versus major peers as markets reduced the odds of a percentage-point Federal Reserve rate hike this month.

The local currency has now declined over 7 per cent since the start of this year. It was at Rs 78.94 per dollar as of June 30 and rapidly plunged to touch the Rs 80-mark in the next few sessions.

If we compare with historical data, since December 2014, the value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 80.06 today -- that is, a depreciation of 26.27 per cent.

However, rupee's loss meant gains for the US dollar. In fact, the US currency has had a wonderful stretch. Since the start of the year, it has gained almost 8 per cent.

On the flip side, a rising dollar is surely not a favourable scenario for Indian rupee. The rupee has been staggering since the beginning of the year and has fallen 7.72 per cent so far.

The surprise rate hike by Reserve Bank of India's (RBI) monetary policy committee (MPC) last month could not stop rupee's decline as a widening current account deficit came to the forefront after the country's June trade deficit hit a record high, raising concerns. In fact, it seems to have heightened volatility.

How it may impact you

From imports to exports to travel abroad to foreign studies, a falling rupee impacts our lives in several ways.

Imports to be more expensive: The primary and immediate impact of a depreciating rupee is on the importers as they need to spend more for same quantity and price.

The basket of Indian imports includes crude oil, coal, plastic material, chemicals, electronic goods, vegetable oil, fertiliser, machinery, gold, pearls, precious and semi-precious stones, and iron and steel.

With the dip in the rupee, importing items will get more expensive. Not just oil but electronic items, such as mobile phones, some cars and appliances, are likely to get expensive.

The falling rupee is also likely to impact spending decisions of households as certain things may become expensive.

Boost for exports: While imports become costlier, exports from India will become cheaper. It is a boon for the exporters as they receive more rupees in exchange for dollars.

Pay more for foreign studies: For people looking to study abroad during this time, the fees amount will rise as a dollar would now cost more in terms of rupee than earlier. Prospective students or even existing ones may face a hike in their spending.

Foreign trips to cost more: Another major impact of falling rupee might be felt on the tourism sector. With Covid-19 cases remaining in control, many people would want to resume their abroad travel plans. Such people might end up spending much higher than they would have a few days back.

More values for remittances: In terms of remittances, or the money that people residing abroad send to their families back home in India, they will end up sending more in terms of rupee value.

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Agencies
March 26,2025

New Delhi: Leader of Opposition Rahul Gandhi on Wednesday claimed that he was not being given a chance to speak in the House which was being run in a "non-democratic style", and said Lok Sabha Speaker Om Birla had made "unsubstantiated" remarks about him.

Gandhi's remarks came after Birla asked him to follow the rules of procedure that members are expected to observe to uphold the dignity of the House. It was not immediately clear what was the reason for the Speaker to make the observation.

The former Congress president said the Speaker made remarks about him and then adjourned the House without giving him an opportunity to speak.

"The Speaker just got up and left. He did not allow me to speak a word. He was speaking about me, and I don't know what he said about me, all unsubstantiated. I said, 'let me speak as you have spoken about me', but he did not say a word and just left. He adjourned the House when there was no need of it," the former Congress president said.

About 70 Congress Lok Sabha MPs, including deputy leader of Lok Sabha Gaurav Gogoi, party general secretary KC Venugopal and party's whip in the Lok Sabha Manickam Tagore, met the Lok Sabha speaker and raised the "denial" of opportunity to Gandhi to speak in the House.

Speaking with reporters in Parliament House complex, Gandhi said there is a convention that the Leader of Opposition is allowed to speak, but whenever he gets up to speak, he is not allowed to speak.

"So, in what manner is this House being run? We are not being allowed to speak. I have not done anything, I was sitting quietly, I did not speak anything. In the last 7-8 days, I have not been allowed to speak," the Leader of Opposition in the Lok Sabha said.

In a democracy, the opposition has a place, and the government has its own place but here there is no place for the opposition, he alleged.

Gandhi said he wanted to speak on Maha Kumbh last week after Prime Minister Narendra Modi had made a statement on it but he was not allowed to speak.

"I wanted to state that it is good that Kumbh happened, and I wanted to speak about unemployment, but I was not allowed to speak. I don't know what thinking or approach does the Speaker have but the truth is we are not being allowed to speak. It (the House) is being run in a non-democratic style," Gandhi claimed.

Earlier, in his remarks, the Speaker said members are expected to conduct themselves in a manner that upholds the high standards and dignity of the House.

"Several instances have come to my notice where the conduct of members does not conform to the high standards," the Speaker said.

"In this House, father and daughter, mother and daughter, husband and wife have been members. In this context, I expect the Leader of the Opposition to conduct himself in accordance with Rule 349 that deals with rules to be observed by members in the House," the Speaker said.

"Especially, it is expected of the Leader of the Opposition to conduct himself as per the rules," the Speaker said.

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Agencies
March 26,2025

New Delhi: Leader of Opposition Rahul Gandhi on Wednesday claimed that he was not being given a chance to speak in the House which was being run in a "non-democratic style", and said Lok Sabha Speaker Om Birla had made "unsubstantiated" remarks about him.

Gandhi's remarks came after Birla asked him to follow the rules of procedure that members are expected to observe to uphold the dignity of the House. It was not immediately clear what was the reason for the Speaker to make the observation.

The former Congress president said the Speaker made remarks about him and then adjourned the House without giving him an opportunity to speak.

"The Speaker just got up and left. He did not allow me to speak a word. He was speaking about me, and I don't know what he said about me, all unsubstantiated. I said, 'let me speak as you have spoken about me', but he did not say a word and just left. He adjourned the House when there was no need of it," the former Congress president said.

About 70 Congress Lok Sabha MPs, including deputy leader of Lok Sabha Gaurav Gogoi, party general secretary KC Venugopal and party's whip in the Lok Sabha Manickam Tagore, met the Lok Sabha speaker and raised the "denial" of opportunity to Gandhi to speak in the House.

Speaking with reporters in Parliament House complex, Gandhi said there is a convention that the Leader of Opposition is allowed to speak, but whenever he gets up to speak, he is not allowed to speak.

"So, in what manner is this House being run? We are not being allowed to speak. I have not done anything, I was sitting quietly, I did not speak anything. In the last 7-8 days, I have not been allowed to speak," the Leader of Opposition in the Lok Sabha said.

In a democracy, the opposition has a place, and the government has its own place but here there is no place for the opposition, he alleged.

Gandhi said he wanted to speak on Maha Kumbh last week after Prime Minister Narendra Modi had made a statement on it but he was not allowed to speak.

"I wanted to state that it is good that Kumbh happened, and I wanted to speak about unemployment, but I was not allowed to speak. I don't know what thinking or approach does the Speaker have but the truth is we are not being allowed to speak. It (the House) is being run in a non-democratic style," Gandhi claimed.

Earlier, in his remarks, the Speaker said members are expected to conduct themselves in a manner that upholds the high standards and dignity of the House.

"Several instances have come to my notice where the conduct of members does not conform to the high standards," the Speaker said.

"In this House, father and daughter, mother and daughter, husband and wife have been members. In this context, I expect the Leader of the Opposition to conduct himself in accordance with Rule 349 that deals with rules to be observed by members in the House," the Speaker said.

"Especially, it is expected of the Leader of the Opposition to conduct himself as per the rules," the Speaker said.

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News Network
March 30,2025

Eid al-Fitr 2025 was marked with grand celebrations across the Middle East, as millions of Muslims came together to pray, feast, and rejoice. However, amid the festivities in Saudi Arabia, the UAE, Qatar, and Kuwait, Gaza stood in mourning. The ongoing conflict and devastation in Palestine turned what is usually a time of joy into a period of sorrow and survival for many Palestinians. While some regions witnessed fireworks and public gatherings, Gaza endured airstrikes, hunger, and loss, painting a stark contrast to the celebrations elsewhere.

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Muslims attend mass Eid al-Fitr prayers marking the end of the holy fasting month of Ramadan in Dubai, United Arab Emirates, Sunday, March 30, 2025

Gaza: Eid Amid Destruction and Mourning

In Gaza, the usual festive spirit of Eid was shattered by grief and destruction. Israeli airstrikes claimed the lives of several civilians, including women and children, leaving families mourning rather than rejoicing.

The usually vibrant markets of Gaza, once filled with people buying sweets and new clothes for Eid, remained eerily silent. Many families had no food to prepare the traditional celebratory meals, as ongoing blockades and supply shortages have left residents struggling for survival.

President Mahmoud Abbas declared that this year's Eid celebrations should be limited to religious observances, acknowledging the suffering of the people. In place of festivities, prayers were held for the victims of the war, and aid organizations worked tirelessly to distribute basic necessities to displaced families.

Saudi Arabia: Grand Celebrations Despite Regional Tensions

In stark contrast, Saudi Arabia witnessed grand celebrations with large-scale public events, concerts, and fireworks. The General Entertainment Authority (GEA) organized festivities across Riyadh, Jeddah, and other major cities. The night skies were illuminated with dazzling fireworks in places such as Boulevard World (Riyadh), Jeddah Art Promenade, and Al-Khobar Corniche.

Despite the revelry, many Saudi citizens expressed solidarity with Palestinians, with social media campaigns and fundraising efforts aiming to support those suffering in Gaza.

United Arab Emirates: A Festival of Luxury and Giving

The UAE celebrated Eid al-Fitr with traditional prayers, family gatherings, and a wide range of entertainment events. Dubai and Abu Dhabi hosted special cultural performances, and malls offered discounts and attractions for families.

However, amidst the celebrations, many mosques in the UAE emphasized the importance of charity, urging people to contribute to humanitarian efforts in Gaza and other conflict zones.

Qatar: A Blend of Joy and Concern

Qatar marked the beginning of Eid on March 30, 2025, with three days of public holidays and an extended break for government employees. Doha’s Corniche and Katara Cultural Village became focal points for celebrations, with thousands gathering to enjoy fireworks and live performances.

Nevertheless, Qatari authorities and charities continued their relief efforts for Palestine, highlighting the contrast between the joyous Eid atmosphere at home and the suffering of their fellow Muslims in Gaza.

Kuwait: Extended Holidays and Reflection

In Kuwait, Eid holidays provided a nine-day break for many employees, allowing families to come together in celebration. Traditional meals and prayers remained central to the festivities, but Kuwaiti media and religious leaders also focused on the plight of Palestinians, urging the public to donate and raise awareness.

A Tale of Two Realities

Eid al-Fitr 2025 presented a stark contrast between different parts of the Muslim world. While countries like Saudi Arabia, the UAE, Qatar, and Kuwait indulged in celebrations, Gaza stood in ruins, mourning its dead and struggling to find basic resources.

The divide between those celebrating and those suffering was more evident than ever, making this Eid a time of reflection for many Muslims worldwide. The call for peace and justice in Palestine echoed throughout sermons and speeches, reminding the world that while the spirit of Eid is about joy and gratitude, it is also about unity, compassion, and standing with those in need.

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