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Rupee touches fresh low of 72.11 per US dollar, recovers later (Roundup)

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Mumbai, Sep 6 (IANS) High global crude oil prices, along with fears over an escalation in the trade war and outflows of foreign funds from the country’s equity market segment pulled the Indian rupee to a new record low of 72.11 per US dollar on Thursday.

However, the Indian rupee later recovered and settled at a record closing low of 71.99, weaker by 24 paise than its previous close of 71.75 per greenback.

In the intra-day trade, the Indian rupee touched 72.11 per US dollar — the lowest ever mark — against the greenback at the Inter-Bank Foreign Exchange Market.

“Rupee was surprisingly under pressure today, unlike as overnight other Asian currencies which were tad stronger,” Edelweiss Securities’ Head of Forex and Rates Sajal Gupta, told IANS.

“Markets are expecting some support from policy makers in terms of a separate window for OMCs (Oil Marketing Companies) and more relaxation on buyers credit and ECB (External Commercial Borrowing) guidelines. RBI intervened at various levels but was not very effective to contain the movement.”

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.

According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities: “Brent crude prices are showing signs of recovery, which is a negative for rupee. Tonight, all eyes will be on Trump’s announcement of tariffs on Chinese imports.”

“If US backs off, then it can be a positive development for rupee, otherwise negative. rupee has a strong correlation with the Chinese currency. Whatever will be the decision of the US administration on trade with China, according Chinese currency will react.”

“Over the near term a range of 71.50 and 72.30 is expected on spot.”

Apart from global cues, outflows of foreign funds from the country’s equity segment subdued the Indian rupee.

The provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 455 crore on Thursday.

–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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