Rupee hits record low; 19.27 against UAE dirham, 70.81 against US dollar

Agencies
August 30, 2018

Mumbai, Aug 30: The Indian rupee plunged to a fresh record low of 70.81 to a US dollar during the morning trade session on Thursday.

Around 10am (India time) the rupee was pegged at 70.68 after it touched 70.81 to a US dollar - the lowest ever mark - against the greenback.

Against the UAE dirham, the rupee was trading at 19.27 at 8:00am (UAE time), according to XE.com.

It opened the day's trade at the Interbank foreign exchange market at 70.58 to a US dollar and soon surpassed its record low of 70.65 to a greenback on Wednesday.

According to analysts, continuous outflow of foreign funds, along with caution ahead of key macro-economic data, coupled with volatile global crude oil prices pulled the Indian rupee to a fresh low.

"Importers month-end US dollar demand and high crude oil prices have pulled the rupee lower," Anand Rathi Shares and Stock Brokers research analyst Rushabh Maru said.

On Wednesday, the Indian rupee had plunged to 70.65-66 - the lowest ever mark - against the greenback.

Key equity market indices open in green

Meanwhile, the key Indian equity market indices on Thursday opened higher despite a muted trend in global markets.

The Sensitive Index (Sensex) of the BSE, which had closed at 38,722.93 points on Wednesday, opened higher at 38.796.98 points.

Minutes into trading, it was quoting at 38,753.10 points, up by 30.17 points, or 0.08 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 11,691.90 points on Wednesday, was quoting at 11,693.15 points, up marginally by 1.25 points or 0.01 per cent.

The equity indices closed in the negative territory on Wednesday as the rupee slumped to an all-time low, while weak global cues further subdued the sentiments, according to analysts.

The Sensex was down by 173.70 points or 0.45 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 38,989.65 points and a low of 38,679.57 points. The Nifty, was down by 46.60 points or 0.40 per cent.

On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in green, up by 0.06 per cent while Hang Seng was down by 0.66 per cent, South Korea's Kospi was up 0.06 per cent. China's Shanghai Composite index was trading in red, down by 0.79 per cent.

Overnight, Nasdaq closed in green, up by 0.98 per cent while FTSE 100 was down by 0.71 per cent at the closing on Wednesday.

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News Network
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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News Network
December 16,2025

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Prime Minister Narendra Modi on Monday held talks with Jordan’s King Abdullah II in Amman, during which the two leaders discussed ways to further strengthen bilateral relations, with the Prime Minister outlining an eight-point vision covering key areas of cooperation.

Describing the meeting as “productive”, PM Modi said he shared a roadmap focused on trade and economy, fertilisers and agriculture, information technology, healthcare, infrastructure, critical and strategic minerals, civil nuclear cooperation, and people-to-people ties.

In a post on social media platform X, the Prime Minister praised King Abdullah II’s personal commitment to advancing India–Jordan relations, particularly as both countries mark the 75th anniversary of the establishment of diplomatic ties this year.

“Held productive discussions with His Majesty King Abdullah II in Amman. His personal commitment towards vibrant India-Jordan relations is noteworthy. This year, we are celebrating the 75th anniversary of our bilateral diplomatic relations,” PM Modi said.

The meeting took place at the Al Husseiniya Palace, where the two leaders also exchanged views on regional and global issues of mutual interest. According to the Ministry of External Affairs (MEA), both sides agreed to further deepen cooperation in areas including trade and investment, defence and security, counter-terrorism and de-radicalisation, fertilisers and agriculture, infrastructure, renewable energy, tourism, and heritage.

The MEA said both leaders reaffirmed their united stand against terrorism.

PM Modi arrived in Amman earlier on Monday and was received by Jordanian Prime Minister Jafar Hassan, who accorded him a formal welcome. Following the talks, King Abdullah II hosted a banquet dinner in honour of the Prime Minister, reflecting the warmth of bilateral ties.

Jordan is the first leg of PM Modi’s three-nation tour. From Amman, the Prime Minister will travel to Ethiopia at the invitation of Prime Minister Abiy Ahmed Ali, marking his first official visit to the African nation. The tour will conclude with a visit to Oman.

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News Network
December 21,2025

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Invoking the teachings of Prophet Muhammad—“pay the worker before his sweat dries”—the Madras High Court has directed a municipal corporation to settle long-pending legal dues owed to a former counsel. The court observed that this principle reflects basic fairness and applies equally to labour and service-related disputes.

Justice G. R. Swaminathan made the observation while hearing a petition filed by advocate P. Thirumalai, who claimed that the Madurai City Municipal Corporation failed to pay him legal fees amounting to ₹13.05 lakh. Earlier, the High Court had asked the corporation to consider his representation. However, a later order rejected a major portion of his claim, prompting the present petition.

The court allowed Thirumalai to approach the District Legal Services Authority (DLSA) and submit a list of cases in which he had appeared. It also directed the corporation to settle the verified fee bills within two months, without interest. The court noted that the petitioner had waited nearly 18 years before challenging the non-payment and that the corporation could not be fully blamed, as the fee bills were not submitted properly.

‘A Matter of Embarrassment’

Justice Swaminathan described it as a “matter of embarrassment” that the State has nearly a dozen Additional Advocate Generals. He observed that appointing too many law officers often leads to unnecessary allocation of work and frequent adjournments, as government counsel claim that senior officers are engaged elsewhere.

He expressed hope that such practices would end at least in the Madurai Bench of the High Court and added that Additional Advocate Generals should “turn a new leaf” from 2026 onwards.

‘Scandalously High Amounts’

While stating that the court cannot examine the exact fees paid to senior counsel or law officers, Justice Swaminathan stressed that good governance requires public funds to be used prudently. He expressed concern over the “scandalously high amounts” paid by government and quasi-government bodies to a few favoured law officers.

In contrast, the court noted that Thirumalai’s total claim was “a pittance” considering the large number of cases he had handled.

Background

Thirumalai served as the standing counsel for the Madurai City Municipal Corporation for more than 14 years, from 1992 to 2006. During this period, he represented the corporation in about 818 cases before the Madurai District Courts.

As the former counsel was unable to hire a clerk to obtain certified copies of judgments in all 818 cases, the court directed the District Legal Services Authority to collect the certified copies within two months. The court further ordered the corporation to bear the cost incurred by the DLSA and deduct that amount from the final settlement payable to the petitioner.

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