Indian rupee crashes to new low amidst US trade tariff tensions

Agencies
February 3, 2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

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News Network
March 20,2025

Bhagalpur: A violent clash between two nephews of Union Minister Nityanand Rai in Bihar’s Bhagalpur resulted in one death and another critically injured on Thursday.

The incident occurred in Jagatpur under Parvatta police station, Navgachia district. The injured nephew is undergoing treatment at Bhagalpur hospital. Following the incident, top district officials rushed to the hospital, and an investigation is underway.

Naugachhia SP Prerna Kumar stated, "Around 7:30 am, we received information that two brothers shot at each other in Jagatpur village. One succumbed to injuries, while the other is critical. Initial reports suggest a dispute over a water tap escalated into gunfire. The deceased has been identified as Vikal Yadav, and the injured as Jaijit Yadav. Prompt action has been taken, and statements are being recorded. We also have information that they are relatives of a Union minister."

According to reports, the altercation between Jagjit Yadav and Vikal Yadav turned violent when one opened fire on the other. The injured man then grabbed the gun and retaliated. Both were taken to Bhagalpur hospital, where Vikal Yadav was declared dead, and Jaijit remains in critical condition.

During the clash, their mother, who tried to intervene, was shot in the hand. She is also receiving treatment at Dr. AK Yadav’s clinic.

Parvatta police station in-charge Shambhu Kumar confirmed that the dispute revolved around water and led to gunfire. Authorities are investigating further to determine the exact cause of the conflict.

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News Network
March 14,2025

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Jaipur: A 25-year-old man was allegedly strangled to death in Rajasthan's Dausa district for trying to stop three men from applying colour on him ahead of Holi, police said on Thursday.

The incident was reported from Ralwas village on Wednesday evening when Ashok, Bablu and Kaluram reached a local library to apply colour on Hansraj, who was preparing for competitive exams there, officials said.

As Hansraj refused to be smeared with colours, the trio kicked him and thrashed him with belts, before one of them strangled him to death, Additional Superintendent of Police (ASP) Dinesh Agarwal said.

The angry family members and villagers later staged a protest with Hansraj's body, blocking a national highway in the area that continued till 1 am on Thursday.

The protesters demanded a compensation of Rs 50 lakh to Hansraj's family, a government job to one member of the family, and immediate arrest of the accused trio.

The body was finally removed from the highway after police assurance.

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News Network
March 18,2025

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New Delhi: Prime Minister Narendra Modi has written a letter to Indian-origin NASA astronaut Sunita Williams, who today began her return journey to Earth from the International Space Station (ISS) after being stranded there for more than nine months.

In a letter dated March 1, which was shared by Union Minister Jitendra Singh on X today, the Prime Minister said he had inquired about the well-being of Ms Williams - who flew to the orbital lab on June 5 last year - when he met President Donald Trump and his predecessor, Joe Biden, during his visits to the United States.

The letter was made public hours after Ms Williams and her colleague, Butch Wilmore, undocked from the ISS for a 17-hour trip back home.

PM Modi recalled that at a meeting with former NASA astronaut Mike Massimino in Delhi this month, her name had come up in their conversation.

"We discussed how proud we are of you and your work. Following this interaction, I could not stop myself from writing to you," PM Modi said.

"1.4 billion Indians have always taken great pride in your achievements. Recent developments have yet again showcased your inspirational fortitude and perseverance," he wrote.

He said her mother, Bonnie Pandya, must be "keenly" awaiting her return.

"I am sure that Late Deepakbhai's blessings are with you as well," the Prime Minister said, referring to her father, Deepak Pandya, who was a resident of his home state, Gujarat, and died in 2020.

PM Modi also said he "fondly" remembers meeting him and her during his visit to the US in 2016.

"Even though you are thousands of miles away, you continue to remain close to our hearts. The people of India are praying for your good health and success in your mission," PM Modi told the 59-year-old astronaut.

"After your return, we are looking forward to seeing you in India. It will be a pleasure for India to host one of its most illustrious daughters," he added.

He also sent his "warm regards" to her husband, Michael Williams.

Sunita Williams and her colleague, Butch Wilmore, flew to the orbital lab on June 5 last year, on what was supposed to be a days-long roundtrip to test out Boeing's Starliner on its first crewed flight.

The spaceship, however, developed propulsion problems and was deemed unfit to fly them back. It instead returned uncrewed.

The two astronauts were then reassigned to the NASA-SpaceX Crew-9 mission, which saw a Dragon spacecraft fly to the ISS in September last year with a team of two -- American astronaut Nick Hague and Roscosmos cosmonaut Aleksandr Gorbunov -- rather than the usual four, to make room for the stranded astronauts.

On Sunday, a relief team -- Crew-10 -- docked with the space station to make the way for Ms Williams and Mr Wilmore's much-awaited homecoming, along with Mr Hague and Mr Gorbunov.

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