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Oil prices, trade tensions to exert pressure on rupee: Experts

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Mumbai, Sep 1 (IANS) Fears over the rise in global trade protectionist measures, coupled with high crude oil prices are expected to exert pressure on the Indian rupee, experts said on Saturday.

However, healthy economic growth rate data released on Friday is expected to somewhat arrest any sharp decline in the rupee vale in the initial days of the coming week.

Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities said that Dollar-Rupee pair continues to be driven by the “EM turmoil, rising oil prices, trade war and a pre-election risk for India”.

“RBI intervention may continue to support rupee as it trades closer to 71 level,” Banerjee told IANS.

The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.

“A robust growth outlook for the Indian economy should prevent a sharp decline in rupee. We expect a range of 70-71.50 on spot for next week,” Banerjee said.

According to Sajal Gupta, Head Forex and Rates, Edelweiss Securities: high crude prices can put pressure on rupee as Iran sanctions “force our oil refiners to buy from other suppliers” to whom up-front payments would be made.

“September seasonally is a appreciative month for rupee historically… rupee needs to break below key 70.20 levels to sustain any short term strength,” Gupta said.

Apart from high crude oil prices, any further outflow of foreign funds from the Indian equity and bond markets might have an adverse impact on the rupee.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 579.20 crore during the past week.

In recent days, geo-political developments along with outflow of foreign funds have pulled the Indian rupee to fresh record intra-day and closing lows.

On Friday, the Indian rupee plunged to over 71 — the lowest ever mark — against the greenback at the Inter-Bank Foreign Exchange Market. It surpassed the previous record low of 70.85 to a greenback.

The Indian currency closed the day’s trade at a new record low of 70.99-71 per US dollar, 25 paise weaker than its previous close of 70.74 per greenback.

Rushabh Maru — Research Analyst at Anand Rathi Shares and Stock Brokers told IANS: “Strong reading of India GDP data may provide some relief to the rupee. However, any appreciation in the rupee would be temporary as importers may rush to cover their unhedged exposure on any appreciation opportunity.”

“Exporters are likely to refrain from selling US dollars at this juncture as there are talks of rupee moving towards 72-73 levels.”

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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