Top News
Global cues, inflationary risks depress rupee; touches new low of 72.74 (Lead)
Mumbai, Sep 11 (IANS) Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.74 to the US dollar on Tuesday.
According to analysts, expectations of higher overall inflation rate, growing protectionism in global trade and an increasing outflow of foreign funds from the country’s equity market have subdued the Indian currency.
On a closing basis, the Indian rupee weakened by 24 paise to touch a fresh closing low of 72.69 per US dollar than its previous close of 72.45 per greenback.
The Indian rupee touched a fresh low of 72.74 at the Inter-Bank Foreign Exchange Market. Its previous record low was 72.67 made on Monday.
“Rising oil prices and comments from China about approaching WTO (World Trade Organization) to slap trade sanctions on US triggered a rout in rupee,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
“Rupee remains fragile as emerging markets’ sentiments are sour. Over this week we expect a range of 72.30-73.50 on spot.”
Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers, said: “Since the RBI (Reserve Bank of India) is not intervening aggressively, there is lot of speculative buying in the market.”
The apex bank 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 Madhavi Arora, Economist, FX and Rates at Edelweiss Securities: “… the policy stress instead should be on adhering to the fiscal and inflation targets, letting banking asset resolution work itself through, and let underlying trade competitiveness improve gradually as the trade-weighted exchange rate acts as a natural stabilizer.”
Besides, focus will now shift to the country’s IIP (Index of Industrial Production) and CPI (Consumer Price Index) data.
India’s macro-economic inflation and industrial data points such as the CPI, wholesale price index (WPI) for August and IIP for July are scheduled to be released on Wednesday.
Apart from macro-data, 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 data with exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,454.36 crore.
–IANS
rrb-rv/mr
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
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.