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Fund outflows, oil prices hit rupee; closes at fresh low of 74.39 to USD (Roundup)

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Mumbai, Oct 9 (IANS) The continuous outflow of foreign funds from the country’s equity market segment along with persistently high crude oil prices plunged the Indian rupee to close at a new low of 74.39 to a US dollar on Tuesday.

In addition, fears over an expected hike in the US lending rates and fears over slippage in achieving the fiscal deficit target dented the Indian rupee’s prospects.

The Indian currency had opened the day’s trade at the Inter-Bank Foreign Exchange Market at 73.85 to a USD from its previous close of 74.07.

“The rupee remains under pressure due to sharp volatility in the domestic equities and rising crude oil prices,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers said.

According to Edelweiss Securities Economist, FX and Rates Madhavi Arora: “Rupee has taken a beating as the central bank reiterated last week that inflation management remains its sole policy objective and policy action will not be premised on anchoring the currency.”

“Besides, with FPI now taking a sanguine view on India equities after having consistently exiting the debt segment since beginning of FY, further pressure is building on INR. Additionally, fears of fiscal slippage would further weigh on Indian asset classes.”

Besides, persistently high oil prices might not allow the rupee to make any substantial recovery. On Tuesday, Brent crude was priced over $84 per barrel.

Apart from global cues, 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 the exchanges showed that foreign institutional investors sold stocks worth Rs 1,242.46 crore.

In the last six sessions beginning October 1, FIIs have sold shares worth about Rs 13,000 crore.

–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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