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Oil prices, trade tensions depress rupee; slumps to new record low of 71 (Roundup)

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Mumbai, Aug 31 (IANS) Fears over the rise in global trade protectionist measures, coupled with consistent outflow of foreign funds as well as volatile crude oil prices, pulled the Indian rupee to a fresh low of over 71 to a US dollar on Friday.

In addition, caution ahead of key macro-economic growth data as well as a rise in demand for US dollars dampened rupee’s prospects.

On an intra-day basis, the Indian rupee plunged just 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.

“Dollar-Rupee touched life time high of 71 on spot today. Oil prices have been a major factor that has weakened rupee. Brent crude is trading at $78, $2 short of this year’s high,” said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.

“Emerging market currencies are under pressure. Currencies of China, Indonesia, Turkey, Argentina, Brazil, Russia and South Africa are all depreciating.”

Apart from high crude oil, outflow of foreign funds from the Indian equity and bond markets has had an adverse impact on the rupee.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 212.81 crore.

Besides, caution prevailed for the better part of the day on account of upcoming GDP and fiscal deficit data points.

However, an upswing in manufacturing activity accelerated India’s GDP growth rate in the first quarter of 2018-19 to 8.2 per cent, which should support the currency in the coming days.

“Market may get some solace from the positive GDP data numbers released today evening. This should be softening some pressure on local currency… But market is expecting some more relief measures to help the local currency,” said Sajal Gupta, Head Forex and Rates, Edelweiss Securities.

According to Rushabh Maru — Research Analyst, Anand Rathi Shares and Stock Brokers, the Reserve Bank of India (RBI) is unlikely to intervene aggressive as the rupee is still overvalued and currencies of EMEs (emerging market economies) are depreciating sharply.

“The government also seems to be comfortable even if the rupee depreciates further,” Maru said.

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.

–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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