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
May 14,2025

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At least 56 Palestinians have been killed in Israeli strikes on the Gaza Strip after the regime's prime minister Benjamin Netanyahu announced the military would enter the war-battered territory "with full force".

Medical sources said at least 50 people have been killed in the Jabalia refugee camp in northern Gaza since dawn Wednesday.

The heavy airstrikes have also left more than 100 people injured, with several houses being targeted and collapsed on their residents.

Another four people were killed in a strike on the southern city of Khan Yunis, civil defense spokesman Mahmud Bassal said.

The ferocious aggression came after the release of Israeli-American Edan Alexander, who had been in Hamas captivity since October 2023, offered a brief pause in the war on Gaza on Monday.

But the strikes resumed amid fierce new criticism of Israel's tactics in the war.

"In the very coming days, we are going in with full force to complete the operation," Netanyahu was quoted as saying in a statement released on Tuesday.

"There will be no situation where we stop the war. A temporary ceasefire might happen, but we are going all the way," he added.

His remarks came after UN relief chief Tom Fletcher called on the UN Security Council to take action "to prevent genocide" in Gaza as he gave a scathing account of Israel's aggression in the territory. 

"Will you act -- decisively -- to prevent genocide and to ensure respect for international humanitarian law?" he said to UN ambassadors in New York.

Late Tuesday, the Israeli military urged civilians in several parts of northern Gaza to evacuate after it intercepted "two projectiles" fired from the territory. 

The armed wing of Hamas ally Islamic Jihad claimed responsibility for rocket fire into Israel, which has been rare in recent weeks. 

In Paris, President Emmanuel Macron said in critical remarks not typical of France that Netanyahu's actions in blocking aid to Gaza were "shameful".

Meanwhile, Russia, China and the UK have rejected Israel’s plans for distributing aid in Gaza, instead urging Tel Aviv to lift its two-month blockade on the territory.

Since the Israeli military broke a two-month ceasefire agreement with the Palestinian resistance movement Hamas in mid-March, the occupying entity has blocked the entry of all humanitarian aid, including medicine, fuel, and food supplies into Gaza, drastically worsening the humanitarian crisis in the territory, where even clean water is critically scarce.

Dozens of people, mostly children, have died from starvation. Since the aid blockade began on March 2, at least 57 children have reportedly died from the effects of malnutrition, according to the Ministry of Health.

“People are trapped in this cycle where a lack of diversified food, malnutrition and disease fuel each other,” WHO’s representative in the Occupied Palestinian Territory Dr. Rik Peeperkorn said.

“This is one of the world’s worst hunger crises, unfolding in real time,” he added.

According to a World Bank report, the current crisis in Gaza has now made nearly all of its population almost entirely dependent on humanitarian aid due to prolonged war and blockade.

Nearly all of Gaza’s population of 2.3 million has been displaced, often multiple times, since the regime launched its genocidal war on the territory in October 2023.

Over 52,900 Palestinians have been killed in Gaza in the brutal Israeli onslaught since October 2023, most of them women and children.

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News Network
May 2,2025

Mangaluru: Dakshina Kannada district has secured the top position in Karnataka in the SSLC (Class 10) results for the academic year 2024–25, with a pass percentage of 91.12%, as announced on Friday.

In the previous academic year (2023–24), the district had ranked second in the state with a higher pass percentage of 92.12%. Despite a 1% drop in the pass rate this year, the district has risen to the top position. In 2022–23, it had ranked 17th with 89.52%.

Deputy Director of Public Instruction (DDPI) Venkatesh S Patagar attributed the district’s improved rank to several focused initiatives. Among them were the timely completion of the syllabus by December 2024 and subject-wise special classes.

Special attention was given to slow learners through dedicated support classes. The department also organized fortnightly parent meetings to track students' academic progress.

To instill discipline and a consistent study routine, schools made regular wake-up calls to students in the mornings and evenings. Other initiatives included model question paper practice, the 'Jnana Sinchana' live YouTube series, online doubt-clearing sessions, and interactive radio phone-in programs.

Students were also encouraged to attempt the 'Vijayeebhava' question paper series, developed and published by the District Institute of Education and Training (DIET), Udupi.

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News Network
May 13,2025

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Srinagar: Following an unprecedented episode of intense cross-border shelling by the Pakistan Army that directly targeted the towns of Rajouri and Poonch in Jammu and Kashmir, the Indian government is moving to construct community bunkers in these towns and other vulnerable areas along the Line of Control (LoC).

While the government has, over the past decade, supported the construction of both individual and community bunkers along the LoC and the International Border (IB), towns like Rajouri and Poonch had been excluded from such initiatives. These towns were considered safe, as previous shelling incidents were largely restricted to forward villages closer to the border.

Officials now say the latest shelling marks a dangerous shift in the pattern of cross-border hostilities.

“The nature and intensity of the attack marked a significant departure from past ceasefire violations. For the first time in years, heavily populated towns like Rajouri and Poonch were directly hit,” a senior official said.

Caught unprepared, residents in both towns had little access to protective infrastructure as long-range mortar shells struck deep inside civilian areas.

“People weren’t expecting this—these towns had never been targeted before. Without bunkers, many had nowhere to go for safety,” the official added.

In response, the government now plans to build community bunkers at strategic locations throughout Rajouri and Poonch. These reinforced shelters will offer immediate protection to civilians during any future shelling incidents.

“In areas where individual bunkers aren't viable, community shelters become essential. These will provide residents with quick access to safety in emergencies,” the official noted.

The attacks have left local communities rattled.

“This is the first time shells landed so close to our homes in Poonch town,” said Abdul Rashid, a resident. “We never thought this would happen here.”

The sudden escalation has disrupted the fragile calm along the LoC, raising concerns over a potential return to more violent confrontations in the region.

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