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Oil prices dent rupee; falls below 73/$ (Roundup)
Mumbai, Oct 3 (IANS) High crude oil prices, along with outflow of foreign funds and fears over a hike in key domestic lending rates pulled the Indian rupee to a new record low of over 73.40 per US dollar on Wednesday.
However, a likely intervention by the country’s central bank aided the Indian rupee to recover before closing at 73.34 (73.3450) to the US dollar.
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.
On Wednesday morning, the Indian rupee opened at a record low of 73.25 per US dollar surpassing the previous low of 72.98 per dollar, which it had touched on September 18.
It slipped further to — 73.42 — its lowest-ever mark — against the greenback at the Inter-Bank Foreign Exchange Market.
According to Edelweiss Securities Head for Forex and Rates Sajal Gupta: “Market has not reacted positively to steps taken by government for stability in rupee as they were perhaps not strong enough to address the key issue of short term demand.”
“Most of the Asian and emerging currencies are calmer in past one month. Market is reacting strongly to Brent crude movements and with current pace 75 can likely be seen if crude touches 88-90 levels.”
Currently, the Brent crude oil price is around $85 per barrel.
Additionally, fears over the Reserve Bank of India (RBI) turning more hawkish in its monetary policy stance due to a rise in inflationary pressure has subdued the prospects of rupee.
“The rupee has made a new record low today on back of consistent rise in the crude oil prices,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers, told IANS.
“Sharp volatility in the domestic equities and steep FIIs outflows from equity and debt segments keeping sentiments bearish for the rupee. The dollar index is hovering around multi-months high as the Federal Reserve continues to raise interest rates aggressively.”
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold stocks worth Rs 1,550.04 crore on Wednesday.
–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
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.