Indian Rupee hits a new record low of 83.12 against US dollar

News Network
October 20, 2022

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The rupee hit a new record low of 83.08 against a resurgent dollar early on Thursday, October 20, after breaching the 83-mark for the first time ever in the previous session as investor concerns about an impending recession reduced risk appetite.

Bloomberg quoted the rupee at 83.0925 per dollar after opening at 82.9825 and hitting a new record low of 83.1212.

PTI reported that the rupee fell 6 paise to a new all-time low of 83.06 against the US dollar in early trade.

In the previous see-saw session, the domestic currency had reversed sharp gains from earlier on Wednesday to close at its weakest level of 83.02 per dollar, driven by the Reserve Bank of India likely buying dollars at about 82 in currency futures to buffer up its capacity to intervene. 

"After consolidating in the range of 82 to 82.70 for 8 trading sessions, the rupee all of sudden jumped to 83 levels, making the uneventful day an eventful one. The show began in the last one and a half hours when it depreciated by 60 paise from 82.43 to 83.03," said Amit Pabari, Managing Director of CR Forex Advisors.

The rupee's slide was amplified by broad dollar strength and stop losses at 72.40, a level the RBI probably wanted to protect.

"Yesterday, the rupee's weakness was caused by probable dollar buying at 82.02 by the RBI in currency futures and outflows of large size of about $500 million from Gas Authority of India Limited (GAIL) and Mangalore Refinery and Petrochemicals Limited (MRPL)," said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.

"The RBI did not protect 82.40, and short covering of the pair took it to 83.00, with stop losses triggered between 82.40 to 83.50," he added.

Reuters quoting traders reported that a sell-off in the currency had occurred in the last 1.5 hours of trading on Wednesday due to significant corporate dollar and custodian outflows.

The domestic currency's "saving grace" following "yesterday's disaster" is that it stayed largely unchanged at about the 83 levels after regular trading hours, a Currency Dealer at a Mumbai-based bank told Reuters.

"In initial trades, traders will be looking to assess how sticky this new big figure proves," added the trader.

Separately, more indications that elevated inflation will keep major central banks in rate-hike mode after British inflation rose to 40-year highs boosted the dollar's appeal.

A rise in US Treasury yields on predictions that the Federal Reserve would continue to raise interest rates aggressively hurt global risk assets' recent rebound rally.

The scorching inflation data released this week by Canada, Britain, and New Zealand also showed that central banks throughout the world are still struggling to rein in decades-high inflation, even at the cost of stunting economic growth, fanned recession worries, and rising demand for safe-haven assets.

The dollar loomed over major peers on Thursday and the yen fell to a new 32-year low on Thursday, keeping markets on high alert for any indications of an intervention.

"You still can't write off the US dollar, I'm still not convinced that we've necessarily seen the highs for this cycle," Ray Attrill, Head of FX Strategy at National Australia Bank (NAB), told Reuters.

The Japanese yen hit a fresh trough of 149.96 per dollar, with the brittle Japanese currency losing ground for 11 successive sessions, including 32-year lows six times.

"Looks like it's the rabbit caught in the headlights at the moment," said NAB's Mr Attrill.

"Given that Treasury yields have moved decisively above 4 per cent, were it not for the threat of intervention, then I think dollar/yen would already be trading north of 150."

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News Network
November 22,2025

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The Israeli regime’s forces have killed two Palestinian children in the Gaza Strip every day since the ceasefire began in early October, UNICEF has warned.

The UN children’s agency said on Friday that Israeli forces continue to attack Palestinians in Gaza even though the agreement was meant to stop the killing.

“Since 11 October, while the ceasefire has been in effect, at least 67 children have been killed in conflict-related incidents in the Gaza Strip. Dozens more have been injured. That is an average of almost two children killed every day since the ceasefire took effect,” UNICEF spokesperson Ricardo Pires said in Geneva, reminding that each number in the statistics represents a child whose life had ended violently.

“These are not statistics,” he said. “Each child had a story, a family, and a future that was stolen from them.”

Data from Palestinian factions, human rights groups, and government bodies recorded since the US-brokered ceasefire deal went into effect on October 10 show that Israeli forces have carried out numerous attacks, each constituting a separate ceasefire violation.

UNICEF teams say they repeatedly continue to witness heart-wrenching scenes of fearful Palestinian children sleeping outdoors with amputated limbs, while others live as orphans in flooded, makeshift shelters.

“I saw this myself in August. There is no safe place for them. The world cannot normalize their suffering,” Pires said, lamenting that the UN could “do a lot more if the aid that is really needed was entering faster.”

The UNICEF spokesperson warned that with the advent of winter, the risks for hundreds of thousands of displaced children will increase.

He warned, “The stakes are incredibly high” for children as winter acts as a threat multiplier, where children have no heating, no insulation, and few blankets. He said respiratory infections rise.

“Too many children have already paid the highest price,” Pires said. “Too many are still paying it, even under a ceasefire. The world promised them it would stop and that we would protect them.”

“Now we must act like it,” the UNICEF spokesperson added.

Since the Israeli regime launched its genocidal war against Palestinians in Gaza in October 2023, it has killed nearly 70,000 people in the territory, most of them women and children, and injured over 170,000 more, while reducing most of the structures in the enclave to rubble.

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News Network
November 21,2025

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Local authorities say the Israeli military has expanded the so-called “yellow line” truce demarcation in Gaza City and repositioned its forces deeper into the territory in violation of a ceasefire agreement that came into force on October 10, besieging dozens of Palestinian families.

Gaza’s Government Media Office announced in a statement on Thursday that Israeli forces widened the boundary by shifting the markers, and advanced roughly 300 meters (984 feet) into the neighborhoods of Ash-Shaaf, An-Nazzaz and Baghdad Street.

The move pushed further into civilian areas, trapping families who were unable to flee as tanks rolled forward, it added.

“The fate of many of these families remains unknown amidst the shelling that targeted the area,” the office said, adding that the expansion of the yellow line shows a “blatant disregard” for the ceasefire deal.

On Friday, sources said the Israeli military carried out continued air and artillery strikes inside the so-called “yellow line” east of Khan Younis in the southern Gaza Strip.

According to the reports, Israeli warplanes and tanks targeted areas within the zone. One Palestinian was reported killed and several others wounded in the strikes, the sources said.

The fresh aggression came only a day after 25 Palestinians were killed in Israeli airstrikes on Gaza City and Khan Younis on Wednesday.

The media office reported that Israel has consistently violated the truce deal since its implementation last month, with near-daily attacks by air, artillery and direct shootings.

The office said over 400 violations have been documented. These breaches have resulted in the deaths of more than 300 Palestinians and left hundreds injured.

The Government Media Office in Gaza urged the guarantors of the ceasefire — the US, Egypt, Qatar and Turkey — to take swift action to halt the ongoing violations and facilitate the delivery of food, shelter materials, medical aid, and infrastructure equipment.

The so-called “yellow line,” set out in the agreement between Israel and Hamas resistance movement, refers to a non-physical partition where the Israeli military repositioned itself when the truce deal took effect.

It has allowed Israel, which routinely fires at Palestinians who approach the line, to retain control over more than half of the Gaza Strip.

International bodies, including the UN Independent International Commission of Inquiry, the International Association of Genocide Scholars, Amnesty International, Human Rights Watch, B’Tselem, and other rights groups, have concluded that the Israeli war on Gaza amounts to genocide.

In the attacks in Gaza since October 2023, Israel has killed at least 69,546 people and injured 170,833 others, leveling large swaths of the territory and displacing almost all of the population. 

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News Network
November 21,2025

Bengaluru, Nov 21: The Karnataka government is facing pressure to overhaul its employment system after a high-level Cabinet sub-committee recommended the complete phase-out of job outsourcing in government offices, boards, and corporations by March 2028. The move is aimed at tackling a systemic issue that has led to the potential violation of constitutional reservation policies and the exploitation of workers.

The Call for Systemic Change

With over three lakh vacant posts currently being filled through private agencies on an outsource, insource, or daily wage basis, the sub-committee highlighted a significant lapse. "As a result, reservations are not being followed as per the Constitution and state laws. It’s an urgent need to take serious steps to change the system. It has been recommended to completely stop the system of outsourcing by March 2028," the panel stated in a document.

The practice of outsourcing involves private companies hiring workers to perform duties for a government agency. Critics argue this model results in lesser salaries, a lack of social security benefits (otherwise available to permanent government employees), and a failure to adhere to the provisions of Articles 14 and 15 of the Constitution, which guarantee equality before the law and prohibit discrimination.

The 'Bidar Model' as a Stop-Gap Solution

To regulate the current mode of employment and reduce worker exploitation until the 2028 deadline, the government plans to establish workers’ services multi-purpose cooperative societies across all districts, following the successful "Bidar Model."

The Bidar District Services of Labour Multi-purpose Cooperative Society Ltd., which operates under the District Commissioner, is cited as a successful example of providing a measure of social security to outsourced staff. Labour Department officials argue this society ensures workers receive their due wages and statutory facilities like ESI (Employees' State Insurance) and PF (Provident Fund), in exchange for a 1% service fee collected from the employees.

legislative push and Priority Insourcing

The recommendations, led by the sub-committee headed by Law and Parliamentary Affairs Minister H K Patil, are set to be discussed at the next Cabinet meeting. The committee has proposed the introduction of the Karnataka Outsourced Employees (Regulation, Placement and Welfare) Bill 2025.

In a move addressing immediate concerns, Labour Minister Santosh Lad, a member of the sub-committee, has reportedly assured that steps will be taken over the next 2-3 years to insource workers in "life-threatening services" on a priority basis. This includes essential personnel like pourakarmikas (sanitation workers), drivers, electrical staff in the Energy Department, and Health Department staff handling contagious diseases. The transition aims to grant these workers the long-term security and benefits they currently lack under the outsourcing system. 

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