Rupee breaches 82 per US dollar for first time as Fed officials back rate hike view

News Network
October 7, 2022

The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally.

The rupee, which weakened past the 82 per dollar mark for the first time, was at 82.35 per dollar at 11:35 am IST. Its previous low was 81.95 per dollar.

The domestic currency, which has weakened 9.7 per cent versus the US dollar in 2022, had settled at 81.89 on Thursday.

The US dollar index, which measures the greenback against six major currencies, was last at 112.31 versus 111.35 at 3:30 pm IST on Thursday. On Thursday, Chicago Federal Reserve President Charles Evans said that the federal funds target rate is likely to rise to 4.50-4.75 per cent by the spring of 2023.

Following 300 bps of rate hikes by the Federal Reserve since March 2022, the federal funds target rate is currently at 3-3.25 per cent. Higher US interest rates lead to a stronger dollar and erode the appeal of emerging market currencies such as the rupee. A 6 per cent rise in Brent crude prices so far this week following a reduction in output by the OPEC also dragged the rupee lower, dealers said.

“Rupee opens at a life time low of 82.21 with dollar index above 112 on the expectation that the Fed will continue on its aggressive tightening path to tame inflation gaining support from a strong US jobs data expected today,” said Ritesh Bhansali, vice-president, Mecklai Financial Services.

“U.S. non-farm payrolls are expected to increase to 275k in September, compared to 315k in August, and unemployment is predicted to be steady at 3.7%. Oil prices rose as OPEC+ agree to cut production by 2 million barrels per day (bpd), the largest reduction since 2020,” he said.

Advisors at CR Forex see the rupee in a band of 81.80-82.50 per dollar in coming days before breaking towards the 83 levels.

Dealers said that the Reserve Bank of India (RBI) is intervening in the market through dollar sales around the 82.30-82.35 per dollar mark in order to rein in the volatility in the rupee. However, the central bank is not seen selling dollars aggressively, given the scale of dollar’s global strength.

As on September 23, the RBI’s foreign exchange reserves were at a two-year low of $537.52 billion. The reserves were at $631.53 billion as on February 25, which was when Russia invaded Ukraine.

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Agencies
November 22,2025

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New York/Washington: US President Donald Trump has again claimed to have solved the conflict between India and Pakistan, repeating his assertion during a meeting with New York City Mayor-elect Zohran Mamdani in the Oval Office.

Mamdani flew to Washington DC for his first meeting with Trump in the White House on Friday. Trump said he “enjoyed” the meeting, which he described as “great.”

During remarks in the Oval Office, with Mamdani standing next to him, Trump repeated his claim that he solved the May conflict between India and Pakistan.

"I did eight peace deals of countries, including India and Pakistan,” he said.

On Wednesday, Trump had said he threatened to put 350 per cent tariffs on India and Pakistan if they did not end their conflict, repeating his claim that he solved the fighting between the nuclear-armed neighbours and that Prime Minister Narendra Modi had called him to say “we're not going to go to war.”

Since May 10, when Trump announced on social media that India and Pakistan had agreed to a “full and immediate” ceasefire after a “long night” of talks mediated by Washington, he has repeated his claim over 60 times that he “helped settle” the tensions between India and Pakistan.

India has consistently denied any third-party intervention. India launched Operation Sindoor on May 7, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the April 22 Pahalgam attack that killed 26 civilians. India and Pakistan reached an understanding on May 10 to end the conflict after four days of intense cross-border drone and missile strikes.

Mamdani emerged victorious in the closely-watched battle for New York City Mayor, becoming the first South Asian and Muslim to be elected to sit at the helm of the largest city in the US.

He had been the front-runner in the NYC Mayoral election for months and defeated Republican nominee Curtis Sliwa and political heavyweight former New York State Governor Andrew Cuomo, who ran as an independent candidate and was officially endorsed by Trump just hours before the elections.

Indian-descent Mamdani is the son of renowned filmmaker Mira Nair and Columbia University professor Mahmood Mamdani. He was born and raised in Kampala, Uganda and moved to New York City with his family when he was 7. Mamdani became a naturalised US citizen only recently, in 2018.

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News Network
November 22,2025

The Karnataka government has announced a 50% rebate on pending traffic and transport fines. The discount is available from November 21 to December 12.

The rebate applies to all traffic e-challans and violation cases booked by the RTO between 1991–92 and 2019–20. Officials clarified that the offer is not applicable to pending tax dues and is restricted only to traffic-violation fines.

Across Karnataka, more than 4 lakh RTO cases remain pending, including those involving transport vehicles. While thousands of vehicle owners have already cleared their dues, the department expects to generate substantial revenue through this limited-period rebate.

How to Pay and Avail the Discount

There are three ways to check and pay your pending fines:

1. Through Mobile Apps
Available on both Play Store and App Store:
•    Karnataka State Police (KSP) app
•    KarnatakaOne app
•    ASTraM app

Steps:
•    Enter your vehicle number in any of the above apps
•    Verify the photo/details of your vehicle
•    Pay the fine with the 50% discount applied

2. Visit a Traffic Police Station

You can pay your pending fine at any nearby traffic police station.

3. Visit the Traffic Management Centre (TMC)

•    Location: First Floor, Infantry Road, near Indian Express, Bengaluru

Transport Commissioner Yogeesh A M said, “We don't issue e-challans, so there's no online payment system.”

The department estimates ₹52 crore in pending RTO fines up to March 2020. “With the 50% rebate, we expect to collect around ₹25 crore if all dues are cleared,” he added.

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News Network
November 21,2025

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Udupi: The Malpe Police have arrested two men from Uttar Pradesh for allegedly sharing classified information related to Indian Navy vessels with individuals in Pakistan, posing a serious threat to national security.

According to a complaint filed by the CEO of Udupi Cochin Shipyard, Malpe—an institution under the Union Ministry of Ports, Shipping and Waterways—the prime accused, Rohit (29), was working as an insulator through subcontractor M/S Shushma Marine Pvt Ltd. He had earlier served at Cochin Shipyard Limited in Kochi, Kerala, where naval ships are under construction.

Udupi SP Hariram Shankar said the accused had unlawfully shared, via WhatsApp, confidential identification numbers of Navy-related ships and other classified details while working in Kerala, allegedly for illegal gains.

After joining the Malpe shipyard unit, Rohit reportedly continued collecting sensitive information through a friend in Kochi and circulated it to unauthorised individuals, violating national security protocols and potentially endangering India’s sovereignty, unity, and integrity.

Based on the complaint, Malpe Police registered a case under Section 152 of the Bharatiya Nyaya Sanhita (BNS) and Sections 3 and 5 of the Official Secrets Act, 1923.

A police team led by Karkala Subdivision Assistant Superintendent of Police Harsha Priyamvada—along with PSI Anil Kumar D, ASI Harish, and PC Ravi Jadhav—conducted the investigation and arrested the two accused, identified as Rohit (29) and Santri (37), both residents of Sultanpur district, Uttar Pradesh.

The duo was produced before the court, which remanded them in judicial custody till December 3. Further investigation is in progress.

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