Indian Rupee slips to record low of 74.39 against US dollar

Agencies
October 9, 2018

Mumbai, Oct 9: The rupee fell 33 paise Tuesday to finish at a fresh lifetime low of 74.39 against the US dollar on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

At the Interbank Foreign Exchange (Forex), the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar in early trade on fresh selling of the American currency by banks and exporters.

However, the domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas.

Falling for the sixth straight sessions, it finally closed at 74.39 against the US dollar, down by 33 paise.

On Monday, the domestic unit plummeted by 30 paise to close at 74.06.

Traders said unabated foreign fund outflows weighed on the rupee.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 1,805 crore Monday, provisional data showed.

Investors remained concerned over sustained foreign capital outflows and rise in crude oil price to USD 84.48.

Forex dealers said besides strong demand for the American currency from importers, concerns over rising fiscal deficit and capital outflows weighed on the domestic currency.

"The balance of payments (BoP) turning negative has led to a sharp depreciation in rupee in the past two months. With steep depreciation over the past two months, rupee is now the worst performing currency against the USD in Asia so far this year, down 13.4 per cent," global brokerage firm Nomura said in a research note.

Traders said rising crude oil prices and higher US bonds yields resulted in weak Indian currency.

"Interest rates are headed higher in the US. The US 10 year bond yields surged to 3.26 per cent. Fears that global investors will withdraw their funds from global markets and park in US treasuries is affecting the global markets. Crude oil prices also rose 1 per cent to USD 84.7," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

Nomura further noted that policy responses to the depreciating currency have been muted thus far and with limited policy response, the concerns on the rupee have risen significantly.

"We believe a fall in oil prices will only possibly help stabilise rupee," it added.

Meanwhile, the BSE Sensex erased all its early gains to end lower by 175 points in see-saw trade Tuesday, posting its fourth fall in five sessions.

The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before concluding at 34,299.47, recording a fall of 174.91 points, or 0.51 per cent.

Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent, lower at 10,301.05.

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News Network
May 2,2024

Bengaluru, May 2: Prajwal Revanna, grandson of former Prime Minister Deve Gowda, was issued fresh summons on Thursday by the Special Investigation Team (SIT) which is investigating the case of obscene videos involving the former JD(S) member, several news outlets reported.

The SIT also junked his appeal which sought seven days time to join the probe, as per these reports.

Prajwal and his father, H D Revanna, have sexual harassment and stalking cases filed against them over the matter. Gowda's son, H D Revanna, however, said that what took place '4-5 years ago' is now being turned into a legal case.

JD(S) in its core committee meeting suspended Prajwal from the party till the end of the probe. Prajwal, meanwhile, took to X to state he would join the probe in seven days time, asserting 'truth will prevail'.

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News Network
May 11,2024

solarpower.jpg

Washington, May 11: The most powerful solar storm in more than two decades struck Earth on Friday, triggering spectacular celestial light shows from Tasmania to Britain -- and threatening possible disruptions to satellites and power grids as it persists into the weekend.

The first of several coronal mass ejections (CMEs) -- expulsions of plasma and magnetic fields from the Sun -- came just after 1600 GMT, according to the National Oceanic and Atmospheric Administration (NOAA)'s Space Weather Prediction Center.

It was later upgraded to an "extreme" geomagnetic storm -- the first since the "Halloween Storms" of October 2003 caused blackouts in Sweden and damaged power infrastructure in South Africa. More CMEs are expected to pummel the planet in the coming days.

Social media lit up with people posting pictures of auroras from northern Europe and Australasia.

"We've just woken the kids to go watch the Northern Lights in the back garden! Clearly visible with the naked eye," Iain Mansfield in Hertford, England, told AFP.

That sense of wonder was shared in Australia's island state of Tasmania.

"Absolutely biblical skies in Tasmania at 4 am this morning. I'm leaving today and knew I could not pass up this opportunity," photographer Sean O' Riordan posted on social media platform X alongside a photo.

Authorities notified satellite operators, airlines, and the power grid to take precautionary steps for potential disruptions caused by changes to Earth's magnetic field.

Elon Musk, whose Starlink satellite internet operator has some 5,000 satellites in low Earth orbit, described the solar storm as the "biggest in a long time."

"Starlink satellites are under a lot of pressure, but holding up so far," Musk posted on his X platform.

Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.

The CMEs emanated from a massive sunspot cluster that is 17 times wider than our planet. The Sun is approaching the peak of an 11-year cycle that brings heightened activity.

'Go outside tonight and look'

Mathew Owens, a professor of space physics at the University of Reading, told AFP that how far the effects would be felt over the planet's northern and southern latitudes would depend on the storm's final strength.

"Go outside tonight and look would be my advice because if you see the aurora, it's quite a spectacular thing," he said. People with eclipse glasses can also look for the sunspot cluster during the day.

In the United States, this could include places such as Northern California and Alabama, officials said.

NOAA's Brent Gordon encouraged the public to try to capture the night sky with phone cameras even if they couldn't see auroras with their naked eyes.

"Just go out your back door and take a picture with the newer cell phones and you'd be amazed at what you see in that picture versus what you see with your eyes."

Spacecraft and pigeons

Fluctuating magnetic fields associated with geomagnetic storms induce currents in long wires, including power lines, which can potentially lead to blackouts. Long pipelines can also become electrified, leading to engineering problems.

Spacecraft are also at risk from high doses of radiation, although the atmosphere prevents this from reaching Earth.

NASA has a dedicated team looking into astronaut safety and can ask astronauts on the International Space Station to move to places within the outpost that are better shielded.

Following one particularly strong flare peak, the US Space Weather Prediction Center said users of high-frequency radio signals "may experience temporary degradation or complete loss of signal on much of the sunlit side of Earth."

Even pigeons and other species that have internal biological compasses could also be affected. Pigeon handlers have noted a reduction in birds coming home during geomagnetic storms, according to NASA's Jet Propulsion Laboratory.

Officials said people should have the normal backup plans in place for power outages, such as having flashlights, batteries, and radios at hand.

The most powerful geomagnetic storm in recorded history, known as the Carrington Event after British astronomer Richard Carrington, occurred in September 1859.

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News Network
May 7,2024

prajwa.jpg

The International Criminal Police Organization (Interpol) on Monday responded to Karnataka’s Special Investigation Team (SIT) regarding a blue corner notice issued against JDS MP Prajwal Revanna.

In its response, Interpol said that all 196 member countries were alerted to identify and report if Prajwal Revanna is spotted at any port in their jurisdiction.

The Karnataka government issued a Blue Corner Notice on Sunday against Prajwal Revanna, who is facing allegations of sexual abuse by his staff members.

A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person’s identity, location or activities about a crime.

The notice was issued after the 33-year-old Hassan MP reportedly flew to Germany soon after the Karnataka State Commission for Women chairperson Nagalakshmi Chowdhary wrote to the CM to order a probe into the sexual allegations against Prajwal.

Last week, the anticipatory bail application of Prajwal Revanna was also denied by Justice Santosh Gajanana Bhat’s bench of People’s Representative Court in Bengaluru.

Earlier, his MLA father and son of former Prime Minster HD Deve Gowda, HD Revanna was remanded to Karnataka SIT custody in a kidnapping-related sex scandal case.

His arrest came after the kidnapped victim was rescued from Revanna’s close assistant Rajasekhar’s farmhouse in Kalenahalli, Hunsur Taluk after the SIT conducted the rescue operation to find her, the police said.

The abduction case was filed by the son of a woman who worked at the Revannas’ house for nearly five years. He alleged that his mother was kidnapped from her home on April 29 by Satish Babanna a relative of Revanna.

The Karnataka Sex Scandal case pertains to explicit video clips allegedly involving the 33-year-old Prajwal, grandson of JD(S) patriarch and former Prime Minister H D Deve Gowda, which went viral on social media.

Those videos began to make rounds in Hassan in recent days, following which the state government constituted a Special Investigation Team (SIT) to probe the sexual abuse allegations against the MP.

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