Indian Rupee slumps 52 paise to all-time low of 77.42 against US dollar

News Network
May 9, 2022

New Delhi, May 9: The rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and unabated foreign fund outflows.

At the interbank foreign exchange, the rupee opened at 77.17 against the American dollar, then lost ground to quote at 77.42, registering a fall of 52 paise from the last close.

On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar.

The Indian rupee opened weaker on Monday against the dollar as weakness in global equities on concerns over economic outlook and rising bond yields weighed on sentiments, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Forex traders said, risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by the global central banks.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.35 per cent higher at 104.02, tracking rising US yields and fears about higher interest rates.

Moreover, Asian and emerging market peers started weak this Monday morning and will weigh on sentiments.

On the domestic equity market front, the 30-share Sensex was trading 737 points or 1.34 per cent lower at 54,098.58 points, while the broader NSE Nifty declined 220.25 points or 1.34 per cent to 16,191.00 points.

Global oil benchmark Brent crude futures rose 0.14 per cent to USD 112.55 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data.

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News Network
June 22,2022

Mumbai, June 22: Amid political crisis in Maharashtra, Shiv Sena leader Sanjay Raut said that talks were underway with rebel party MLAs who are in support of Eknath Shinde adding that “ we might lose power but we'll continue to fight,” reported news agency ANI. 

Speaking to reporters, Raut said, “Talks are underway with MLAs who are with Eknath Shinde, everybody will stay in Shiv Sena. Our party is a fighter, we'll struggle consistently, atmost we might lose power but we'll continue to fight.”

Regarding senior party leader Eknath Shinde who turned against the party, Raut said, “Eknath Shinde is our very old party member, he is our friend, we've worked together for decades. It's neither easy for him nor for us to leave each other. I had a conversation with him for an hour this morning & the party chief was intimated about it.” 

Meanwhile, 40 Maharashtra MLAs — 33 Shiv Sena legislators and 7 Independents — have signed a letter of support to Eknath Shinde, reported news agency ANI quoting its sources. 

The news agency further reported that the rebel legislators may write to Governor Bhagat singh Koshiyari requesting him for a floor test in the Maharashtra Legislative Assembly. 

Eknath Shinde, along with the 40 rebel MLAs arrived in Guwahati on Wednesday. They were received by Assam BJP MLA Sushanta Borgohain and BJP MP Pallab Lochan Das amid speculations of Shinde joining the Bharatiya Janata Party along with his supporting MLAs to topple the Maha Vikaas Aghadi (MVA) government. 

Shinde along with Shiv Sena and independent legislatures was staying in a hotel in Gujarat's Surat following the cross-voting in Maharashtra Legislative Council (MLC) polls and took flight earlier today to reach Guwahati.

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News Network
June 29,2022

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Mumbai, June 29: Uddhav Thackeray resigned as the Chief Minister of Maharashtra on Wednesday night. 

Thackeray (61), who headed the Shiv Sena-NCP-Congress alliance, resigned after a rebellion from his own party members, headed by Eknath Shinde, triggered a political crisis in the state.

Thackeray also resigned as member of Maharashtra Legislative Council. 

After the Maha Vikas Aghadi government collapsed, Uddhav said that he would start sitting in the Shiv Sena Bhavan and rebuild the party. 

According to sources, the BJP is expected to form government in Maharashtra on July 1.

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News Network
June 26,2022

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Mumbai, June 26: Shiv Sena rebel leader Eknath Shinde met BJP's Devendra Fadnavis in Gujarat last night to discuss possible government formation in Maharashtra, sources have said. Team Thackeray, meanwhile, said it will "not forget the betrayal" done by the rebels.
    
Latest development

>> This morning, Sena's spokesperson Sanjay Raut took a swipe at the rebels, camping in BJP-ruled Assam. "How long will you hide in Guwahati," he asked in his tweet which included image of Deputy Speaker Narhari Zirwal, who has served notices to 16 rebel MLAs on the Sena disqualification plea.

>> Eknath Shinde flew to Vadodara on a special flight last night from Assam's Guwahati where he is camping with nearly 40 rebel MLAs. Home Minister Amit Shah was also in Vadodara last night, people with direct knowledge of the matter said.

>> After talks with Mr Fadnavis, Mr Shinde returned to the main city in BJP-ruled Assam. Mr Shinde and the rebels want to ally with their former partner, BJP, which they claim is a "natural ally" of the Sena.

>> "We are traditionally the rivals of NCP and Congress, they are our primary challengers in constituencies. We requested CM Uddhav Thackeray that natural alliance should be done," said rebel MLA Chimanrao Patil in a video tweeted by Eknath Shinde.

>> The rebels have said that they are still with the Shiv Sena and claim that they have a two-thirds majority. Rebel MLA Deepak Kesarkar further demanded recognition of their group 'Shiv Sena Balasaheb' and warned of going to court if it is not done and denied the role of the BJP behind their revolt.

>> Despite being reduced to a minority, Team Thackeray has maintained that it will win in the event of a trust vote. "You already know what was discussed in the meeting, the important thing is that we will not forget the betrayal done by rebel Shiv Sena MLAs. We (Shiv Sena) will win for sure," Aaditya Thackeray after a party meeting in Mumbai.

>> The Shiv Sena passed six resolutions at the National Executive meeting chaired by Uddhav Thackeray on Saturday. At the meeting at Sena Bhavan, Mr Thackeray was authorised to take action against the rebels. His side has also challenged a move by the rebels to call themselves "Shiv Sena Balasaheb Thackeray" in a letter to the Election Commission.

>> The ongoing battle for the control of the Shiv Sena between Uddhav Thackeray and Eknath Shinde played out on the streets of Maharashtra on Saturday with the cadres loyal to the Thackerays staging protests against the rebels by defacing their banners, throwing stones, and vandalising the office of an MLA in various parts of the state.

>> The Mumbai police has deployed its personnel at the city-based offices of various political parties and leaders, including ministers, MLAs and MPs, and their residences as a security measure, an official said on Saturday.

>> The prohibitory orders issued by the Mumbai police in the first week of June will continue to remain in place till July 10. It bans the assembly of five or more persons at one place.

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