Indian Rupee slumps 52 paise to all-time low of 77.42 against US dollar

News Network
May 9, 2022

New Delhi, May 9: The rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and unabated foreign fund outflows.

At the interbank foreign exchange, the rupee opened at 77.17 against the American dollar, then lost ground to quote at 77.42, registering a fall of 52 paise from the last close.

On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar.

The Indian rupee opened weaker on Monday against the dollar as weakness in global equities on concerns over economic outlook and rising bond yields weighed on sentiments, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Forex traders said, risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by the global central banks.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.35 per cent higher at 104.02, tracking rising US yields and fears about higher interest rates.

Moreover, Asian and emerging market peers started weak this Monday morning and will weigh on sentiments.

On the domestic equity market front, the 30-share Sensex was trading 737 points or 1.34 per cent lower at 54,098.58 points, while the broader NSE Nifty declined 220.25 points or 1.34 per cent to 16,191.00 points.

Global oil benchmark Brent crude futures rose 0.14 per cent to USD 112.55 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data.

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News Network
June 24,2022

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Mumbai, June 24: With the Shiv Sena faction led by Maharashtra Chief Minister Uddhav Thackeray seeking cancellation of membership of several rebel MLAs, minister Eknath Shinde, who has spearheaded the revolt against the party, has claimed that the group led by him is the "real Shiv Sena", and also hit back saying he and his supporters will not be intimidated by the disqualification threats.

In a series of tweets posted late Thursday night, Shinde who is camping in Guwahati along with 37 Sena legislators and 10 independents, said as per the 10th Schedule of the Constitution, a party whip is issued for the legislature proceedings and not for attending a meeting.

The Shiv Sena led by Thackeray has sought the disqualification of 12 legislators from the Shinde camp for not attending the legislature party meeting on Wednesday.

"Eknath Shinde faction that's challenging us must realise that Shiv Sena workers are yet to come on the roads. Such battles are fought either through law or on the roads. If need be then our workers would come on the roads," said Shiv Sena leader Sanjay Raut, adding that the rebel camp's numbers are only on the papers.

"Shiv Sena is a big ocean, such waves come and go," Raut said.

Responding to it, Shinde said in tweets, "There are several Supreme Court decisions in this regard. Who are you trying to frighten? We understand your games and law as well. You can't ask for action against 12 of our MLAs because we are loyal to Balasaheb Thackeray and are the real Shiv Sena and Shiv Sainiks. In fact, we demand action against you for forming a group despite having no numbers."

In the wake of his rebellion, Shinde was sacked as Shiv Sena's group leader in the Maharashtra Legislative Assembly. The party appointed Ajay Chaudhary in his place.

However, the rebel faction passed a resolution retaining Shinde as their group leader and appointed Bharat Gogawale as the chief whip in place of Sunil Prabhu. Prabhu had sent letters to the rebels, asking them to attend the legislature party meeting on Wednesday evening in Mumbai or face action under the anti-defection law. 

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News Network
June 22,2022

Mumbai, June 22: Amid political crisis in Maharashtra, Shiv Sena leader Sanjay Raut said that talks were underway with rebel party MLAs who are in support of Eknath Shinde adding that “ we might lose power but we'll continue to fight,” reported news agency ANI. 

Speaking to reporters, Raut said, “Talks are underway with MLAs who are with Eknath Shinde, everybody will stay in Shiv Sena. Our party is a fighter, we'll struggle consistently, atmost we might lose power but we'll continue to fight.”

Regarding senior party leader Eknath Shinde who turned against the party, Raut said, “Eknath Shinde is our very old party member, he is our friend, we've worked together for decades. It's neither easy for him nor for us to leave each other. I had a conversation with him for an hour this morning & the party chief was intimated about it.” 

Meanwhile, 40 Maharashtra MLAs — 33 Shiv Sena legislators and 7 Independents — have signed a letter of support to Eknath Shinde, reported news agency ANI quoting its sources. 

The news agency further reported that the rebel legislators may write to Governor Bhagat singh Koshiyari requesting him for a floor test in the Maharashtra Legislative Assembly. 

Eknath Shinde, along with the 40 rebel MLAs arrived in Guwahati on Wednesday. They were received by Assam BJP MLA Sushanta Borgohain and BJP MP Pallab Lochan Das amid speculations of Shinde joining the Bharatiya Janata Party along with his supporting MLAs to topple the Maha Vikaas Aghadi (MVA) government. 

Shinde along with Shiv Sena and independent legislatures was staying in a hotel in Gujarat's Surat following the cross-voting in Maharashtra Legislative Council (MLC) polls and took flight earlier today to reach Guwahati.

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coastaldigest.com news network
June 28,2022

Mangaluru, June 28: Once again mild tremors were felt in parts of Kodagu district and Sullia taluk of Dakshina Kannada district today triggering panic among villagers in the region. 

In this month (June 2022), this is the third time tremors being experienced in Kodagu district and second time in Sullia taluk. 

According to reports, residents in Madikeri, Napoklu, Kukkunda, Kadu, Ballamavati, Dabbadka, Peraje, Karike, Bhagamandala areas of Kodagu felt shaking around 7:45 am on Tuesday. Many residents confirmed that they witnessed shaking of vessels and other things in their houses. 

Many households in Sullia, Sampaje, Goonadka and Guthigar areas also experienced tremors. Many villagers in Sullia taluk had felt similar tremors on June 25 and the intensity of the tremor was 2.7 in Richter scale.

Ananya Vasudev of Kodagu district disaster management authority said that tremor was experienced for five seconds. The issue has been brought to the notice of the KSNDMC.

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