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Rupee tracking closer to its fair value, say experts

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Kolkata, Sep 15 (IANS) The Indian rupee is “tracking closer to its fair value” and the scope for further rapid depreciation appears unlikely, though the time is appropriate for policy interventions to anchor negative sentiments, experts said on Saturday.

“Currently, the rupee is tracking closer to its fair value as per our fair value computation. From here on, the scope for rapid depreciation appears unlikely,” Yes Bank’s Group President and Chief Economist Shubhada Rao said.

The Indian rupee on Friday closed at 71.85, recovering 34 paise from its previous close of 72.19 per greenback.

She, however, said policy interventions are required to anchor the “negative sentiments”.

“The government and Reserve Bank can make policy interventions now. If it does not, the expectations get un-anchored. It is very important to anchor the expectations and time is appropriate to do it,” she said on the sidelines of an event organised by the Merchants’ Chamber of Commerce and Industry.

According to her, there could be short term measures to contain the trade imbalance. In order to stop further depreciation of the rupee and widening of current account deficit (CAD), the government on Friday took some measures and a broad policy decision to curb non-essential imports and increase exports.

International Monetary fund (IMF) Senior Resident Representative for India, Nepal, Bhutan, Andreas W. Bauer, said as per their assessment, the real exchange rate level is “broadly in line with the fundamentals”.

Citing a study prepared by the lender, Rao said the recent phase of relative depreciation has reduced the misalignment of the Indian rupee from fair value based on real effective exchange rate (REER) rebased to FY12.

Estimated overvaluation is likely to have reduced to 3.7 per cent in August from 9.9 per cent in the corresponding month last year, she said.

–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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