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
December 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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News Network
December 19,2025

Saudi Arabia has abolished fees on expatriate workers employed in licensed industrial establishments, signaling a strong push to empower national factories and enhance the Kingdom’s global industrial competitiveness. The move reflects the leadership’s commitment to building a sustainable and resilient industrial economy under Saudi Vision 2030.

The decision was approved by the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, following a recommendation from the Council of Economic and Development Affairs (CEDA). It forms part of a broader strategy to support, modernize, and strengthen the industrial sector.

By removing fees on foreign workers, industrial establishments gain greater operational flexibility and relief from financial pressures. This is expected to help factories expand production, improve efficiency, and compete more effectively in international markets, while reinforcing long-term sustainability.

The initiative aligns closely with Saudi Vision 2030, which identifies industry as a key pillar of economic diversification. A competitive and resilient industrial base is viewed as essential for driving innovation, attracting investment, and sustaining long-term economic growth.

Overall, the fee exemption underscores the Kingdom’s commitment to creating a supportive environment for industrial development and ensuring that Saudi factories remain globally competitive and capable of leading the nation’s economic transformation.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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