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
January 23,2026

Mangaluru: The Karnataka Government Polytechnic (KPT), Mangaluru, has achieved autonomous status from the All India Council for Technical Education (AICTE), becoming the first government polytechnic in the country to receive such recognition in its 78-year history. The status was granted by AICTE, New Delhi, and subsequently approved by the Karnataka Board of Technical Education in October last year.

Officials said the autonomy was conferred a few months ago. Until recently, AICTE extended autonomous status only to engineering colleges, excluding diploma institutions. However, with a renewed national focus on skill development, several government polytechnics across India have now been granted autonomy.

KPT, the second-largest polytechnic in Karnataka, was established in 1946 with four branches and has since expanded to offer eight diploma programmes, including computer science and polymer technology. The institution is spread across a 19-acre campus.

Ravindra M Keni, the first dean of the institution, told The Times of India that AICTE had proposed autonomous status for polytechnic institutions that are over 25 years old. “Many colleges applied. In the first round, 100 institutions were shortlisted, which was further narrowed down to 15 in the second round. We have already completed one semester after becoming an autonomous institution,” he said. He added that nearly 500 students are admitted annually across eight three-year diploma courses.

Explaining the factors that helped KPT secure autonomy, Keni said the institution has consistently recorded 100 per cent admissions and placements for its graduates. He also noted its strong performance in sports, with the college emerging champions for 12 consecutive years, along with active student participation in NCC and NSS activities.

Autonomous status allows KPT to design industry-oriented curricula, conduct examinations, prepare question papers, and manage academic documentation independently. The institution can also directly collaborate with industries and receive priority funding from AICTE or the Ministry of Education. While academic autonomy has been granted, financial control will continue to rest with the state government.

“There will be separate committees for examinations, question paper setting, boards of studies, and boards of examiners. The institution will now have the freedom to conduct admissions without government notifications and issue its own marks cards,” Keni said, adding that new academic initiatives would be planned after a year of functioning under the autonomous framework.

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News Network
February 4,2026

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Ghaziabad: In a tragic incident, three sisters aged 12, 14 and 16 died after jumping from the ninth floor of their apartment in Uttar Pradesh’s Ghaziabad in the early hours of Wednesday. The girls allegedly took the extreme step after becoming deeply obsessed with an online Korean task-based game.

The incident occurred around 2.15 am at a high-rise apartment complex in Bharat City. Before jumping, the sisters — Pakhi (12), Prachi (14) and Vishika (16) — left behind a handwritten note that read, “Sorry, Papa.”

According to police, the girls went to the balcony, bolted the door from inside and jumped one after another. Their screams and the sound alerted their parents, neighbours and security guards. By the time the parents broke open the balcony door, all three had died.

“When we reached the spot, we confirmed that three minor girls, daughters of Chetan Kumar, had died after jumping from the building,” said Assistant Commissioner of Police Atul Kumar Singh.

Visuals from the scene on Wednesday morning showed the bodies lying on the ground, their mother wailing in grief, and stunned neighbours gathering at the complex.

Police said the sisters were heavily influenced by Korean culture and were addicted to an online “Korean love game”, though no specific game has been identified so far. Investigators are examining an eight-page suicide note written in a pocket diary, detailing the girls’ mobile and gaming activities.

“Read everything written in this diary because all of it is true. I’m really sorry. Sorry, Papa,” the note said, accompanied by a hand-drawn crying emoji.

Their father, Chetan Kumar, told police that the girls had even adopted Korean names and had gradually withdrawn from school and daily activities. “They used to say, ‘Korea is our life, Korea is our biggest love. We cannot give it up,’” he said, breaking down.

Police said the parents had recently restricted the girls’ mobile phone usage, which may have triggered distress. “The investigation has not revealed the name of any particular game, but it is evident that the girls were deeply influenced by Korean culture, as mentioned in the suicide note,” said senior police officer Nimish Patel.

The sisters reportedly did everything together, including eating and bathing. Their gaming addiction is believed to have begun during the COVID-19 pandemic, after which they became irregular at school and eventually stopped attending altogether.

Police also revealed that Chetan Kumar is married to two sisters and lives with both wives and their children, all daughters. Two of the deceased girls were daughters of one wife, while the third was their half-sister.

Further investigation is underway.

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News Network
February 1,2026

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Sunday criticised the Union Budget presented by Finance Minister Nirmala Sitharaman, claiming it offered no tangible benefit to the state.

Though he said he was yet to study the budget in detail, Shivakumar asserted that Karnataka had gained little from it. “There is no benefit for our state from the central budget. I was observing it. They have now named a programme after Mahatma Gandhi, after repealing the MGNREGA Act that was named after him,” he said.

Speaking to reporters here, the Deputy Chief Minister demanded the restoration of MGNREGA, and made it clear that the newly enacted rural employment scheme — VB-G RAM G — which proposes a 60:40 fund-sharing formula between the Centre and the states, would not be implemented in Karnataka.

“I don’t see any major share for our state in this budget,” he added.

Shivakumar, who also holds charge of Bengaluru development, said there were high expectations for the city from the Union Budget. “The Prime Minister calls Bengaluru a ‘global city’, but what has the Centre done for it?” he asked.

He also drew attention to the problems faced by sugar factories, particularly those in the cooperative sector, alleging a lack of timely decisions and support from the central government.

Noting that the Centre has the authority to fix the minimum support price (MSP) for agricultural produce, Shivakumar said the Union government must take concrete steps to protect farmers’ interests.

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