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Rupee Closes At All Time Low Of 77.73 Against Dollar

Rupee

In the fifth record weak close in the last ten trading sessions, the Indian rupee today ended at an all-time low of 77.73 against the dollar. This comes at a time when even the dollar took a breather after heavy gains.

While PTI reported that the currency ended provisionally at 77.72 per dollar, Bloomberg stated that the partially-convertible rupee weakened to its lifetime low close of 77.73.

The rupee, at the interbank foreign exchange market, opened lower at 77.72 against the greenback. The Indian currency ranged between a low of 77.76 and a high of 77.63 in intra-day trading.

On worries over stubborn inflation and economic slowdown, the rupee on Wednesday had closed at a record low of about 77.61 against the greenback.

Despite the rupee closing at a new lifetime-weak level for the fifth time in the last ten days, its losses without the RBIโ€™s intervention would have been much more. 

Since the rupee hit a record low for the first time this year in March, days after Russia invaded Ukraine, Indiaโ€™s central bank has defended the rupee by burning through its foreign exchange reserves.

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Delhi High Court Sets Aside AAP Governmentโ€™s Doorstep Ration Delivery Scheme

Aleesha Sam

New Delhi: The Aam Aadmi Party-led governmentโ€™s doorstep delivery of ration scheme was set aside by the Delhi high court on Thursday, declaring that the Centreโ€™s grain could not be utilized for the scheme.

The scheme for home delivery of rations, according to a bench of Acting Chief Justice Vipin Sanghi and Justice Jasmeet Singh, did not have the lieutenant governorโ€™s consent.

The Delhi Sarkari Ration Dealers Sangh filed a petition contesting the governmentโ€™s doorstep ration delivery plan, which is led by Arvind Kejriwal.

The group of FPS owners has filed a lawsuit challenging the plan and asking that it be ruled ultra vires (beyond oneโ€™s legal capacity or authority).

Due to disputes between the Delhi administration and the Centre, the Delhi governmentโ€™s doorstep delivery of ration scheme has remained blocked.

The scheme was supposed to start on March 25, 2021, but the Union food and consumer affairs ministry wrote to the Delhi government on March 19 to object to two things: the use of the term โ€œmukhyamantri (chief minister)โ€ for a scheme involving the distribution of food grains allocated under the National Food Security Act (NFSA), and the fact that any change in the delivery mechanism would require an amendment to the NSFA, which could only be done by Parliament.

The scheme had become a flashpoint between the BJP government at the Centre and the AAP government in Delhi, with the former claiming that it violated the NFSA and would deprive migrants of foodgrains, and the latter claiming that it would root out the ration mafia and ensure that all beneficiaries received their fair share.

The Supreme Court refused to hear two separate petitions (one by the Centre and the other by FPS owners) challenging a Delhi high court interim order on September 27 that allowed the AAP government to stop supplying foodgrain to fixed price shops for patrons who chose doorstep delivery over physical ration collection. The temporary order of the high court is also effective.

The lieutenant governor had previously opposed the petition, telling the high court that the council of ministers had ignored his repeated advice to the Delhi government to address the violation of the National Food Security Act (NFSA) flagged by the union government in the implementation of the doorstep delivery of ration scheme.

The local government had argued the court that, with the advancement of technology, doorstep delivery of rations had become the norm, and that it should be praised rather than chastised. Everything has been delivered at home for the past two years, according to the report.

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