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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News Network
December 2,2025

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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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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
December 4,2025

Udupi: A 40-year-old NRI from Udupi has reportedly lost more than Rs 12.25 lakh in an online investment scam operated through Telegram.

According to a complaint filed at the CEN police station, Leo Jerome Mendonsa, who has been working in Dubai for the past 15 years in computer accessories sales, maintains NRI accounts in Karkala and Nitte.

On November 12, 2025, Mendonsa was added to a Telegram group called Instaflow Earnings by unknown individuals. Users identified as Priya and Dipannita persuaded him to invest in “Revenue Tasks.” Initially, Mendonsa transferred Rs 1,100 multiple times and received the promised returns, encouraging him to continue.

On November 14, another user, Nishmitha Shetty, directed him to register on a website, digitvisionuoce.cc, and invest Rs 4 lakh in various shares. Over the next few days, he made multiple transfers totaling Rs 12,25,000, including Rs 50,000 via Google Pay, believing the scheme was legitimate.

After receiving the money, the alleged handlers stopped responding, and neither the invested amount nor the promised profits were returned.

The CEN police have registered a case under Sections 66(C) and 66(D) of the IT Act and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), and investigations are ongoing.

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