Indian Rupee hits lifetime-low of 76.96 against dollar

News Network

March 7, 2022

The energy-sensitive rupee hit a lifetime low in early trading on Monday as a sharp surge in global crude oil prices to above $130 threatened to push up imported inflation and widen the country's trade and current account deficits.

The Indian rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever. On Friday, the rupee fell to close at 76.17 against the US dollar, its lowest closing level since December 15, 2021.

The rupee has declined against the US dollar as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to the greenback's safe-haven appeal.

The yen and the dollar were trading stronger as investors moved towards safe-haven assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.29 per cent to 98.93 in early Monday trade.

Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices elevated and heightened worries about domestic inflation and broader trade deficits.

Oil prices soared above $130, their highest since 2008 on Monday, after a US and European ban on Russian oil imports risk and delays in Iranian talks fuelled tight supply fears.

What has not helped is sustained foreign fund outflows from Indian capital markets. That was reflected in weaker domestic bourses, with the Sensex crashing over 1,400 points and the Nifty below 15,850.

According to stock exchange data, foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth ₹ 7,631.02 crore.

Besides, sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed investor sentiment.

"India's traditionally non-interventionist central bank may allow further depreciation of Asia's worst-performing currency since the start of the Ukraine conflict in the hope that a weaker rupee will increase export competitiveness and assist close gaps presumably widening due to rising oil costs," said Kshitij Purohit, Lead for International and Commodities at CapitalVia Global Research.

"Unprecedented turmoil over the last few decades has shown that the odds are stacked against the local currency. The local currency was also pushed down by persistent foreign fund outflows and a negative trend in domestic markets," he added.

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Nati koli saaru, fry, idli, vada and pongal on Siddaramaiah’s breakfast menu at DKS’ residence

News Network

December 2,2025

Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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