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Low oil price, weak Chinese yuan to keep rupee in range next week

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Mumbai, Nov 11 (IANS) Gains from a low oil price would likely be offset by a weak Chinese yuan, restricting the Indian rupee in a range of 72.30-73.20 per US dollar next week, experts said on Sunday.

Also, fund flows and global market movements are expected to dictate the rupee’s trajectory.

“The rupee is expected to be held in a range of 72.30-73.20 due to supportive oil prices on the one hand and a weak Yuan on the other,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

“While lower crude oil prices will be supportive for the rupee, a weak Yuan is a negative. Hence, the rupee is expected to be in a range.”

According to Sajal Gupta, Edelweiss Securities’ Head for Forex and Rates, the recent gains in equity indices have boosted expectations of capital inflows, helping the rupee higher.

A fall in crude oil prices has also supported the rupee.

India imports about 80 per cent of its crude oil requirements, and a spike in global prices fans inflation risks, pressuring the rupee.

The US Federal Reserve, which has raised interest rates thrice so far this year, held the rates steady at its monetary policy review last week, but signalled it was on course for another hike in December.

Higher interest rates in the US have prompted foreign investors to pull out of emerging markets, including India, hurting the rupee.

“The US Fed commentary was on expected lines for a December rate hike, while the RBI might intervene at various levels to recoup the reserves. These factors along with the upcoming RBI Board meeting might keep the rupee’s gains in check,” Gupta told IANS.

The domestic currency is seen in a range of 72.20-73.00 per USD with an upward bias next week, he said.

Also, the NBFC commercial paper roll-overs remain a concern and can keep the markets a bit nervous, he added.

On Friday, the rupee settled at 72.49 per US dollar after logging a single-day gain of 51 paise. It had closed at 72.44 the previous week.

The rise in rupee was attributed to a significant decline in Brent crude oil price, which fell below the $70-a-barrel mark on Friday.

Provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 157.79 crore in the week ended November 9.

–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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