Business & Finance

Rupee At Record Low As It Crosses 79 Per Dollar Mark For First Time Ever

Rupee

The rupee reached a new all-time low on Wednesday as it breached the 79 mark against the dollar, making it the sixth session in a row of historically low levels.

On Wednesday, the rupee crossed the critical level of 79 against the dollar for the first time ever, marking the sixth session in a row of all-time low levels as concerns over rising inflation and oil prices came back to the fore and impacted emerging market assets.

According to PTI, the rupee crossed the 79-to-a-dollar mark on Wednesday. According to the article, the currency depreciated 19 paise to a provisional record low closing of 79.04 per dollar, hurt by ongoing foreign capital outflows brought on by flight-to-quality bets.

The rupee opened weakly versus the dollar at 78.86, then declined to conclude the session provisionally at 79.04, its lowest point ever.

According to Bloomberg, the rupee’s intraday low was quoted at 78.985 to the dollar, just shy of the 79-to-a-dollar threshold. The rupee had lost 48 paise on Tuesday, falling to a record low of 78.85.

Every single session over the preceding six, including the most recent one on Wednesday, saw the currency conclude at a fresh record low.

Recently, the Reserve Bank of India intervened in the market to support the rupee.

However, given the rupee’s drop is being hastened by the RBI’s present intervention method in the future market, Reuters, citing analysts and traders, said that the RBI would need to adjust its tactics to reduce the pressure on the currency. Since shattering the 78-to-a-dollar rate this month, the rupee has fallen to a number of all-time lows and is now dangerously close to 79 as worries about growth, portfolio outflows, high global petroleum prices, and continuing inflation weigh.

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Blow To Owaisi As 4 Out Of 5 AIMIM MLAs Join RJD In Bihar

Tejas Joshi

The Bihar AIMIM legislators planned to join the RJD since they are apprehensive that the Bihar voters may dismiss them in the 2025 Assembly elections.

Bihar: As political upheaval raged in Maharashtra, four of Asaduddin Owaisi’s five MLAs joined the Rashtriya Janata Dal on Wednesday, creating additional upheaval in Bihar.

With 79 MLAs, the RJD topped the Bharatiya Janata Party (BJP) to become the single largest party in Bihar.

The four Legislators are purportedly Shahnawaz, Izhar, Anjar Nayani, and Syed Rukundin. The only state president that remained loyal to Owaisi’s All India Majlis-e-Ittehadul Muslimeen is Akhtarul Iman.

Four AIMIM MLAs were in contact with the RJD, per a previous report by news agency IANS. This is because they are concerned about their future after the 2021 Uttar Pradesh Assembly elections, wherein the Owaisi-led party drafted nominees for more than 90 seats but struggled to follow through successfully on even a single seat.

It’s worth noting that in at least 20 constituencies during the 2020 Bihar Assembly election, the AIMIM, which is mostly endorsed by Muslim voters, decimated the RJD’s core base. The Muslims in UP, however, did not endorse the Hyderabad-based party.

The Bihar AIMIM legislators planned to join the RJD since they are apprehensive that the Bihar voters may dismiss them in the 2025 Assembly elections.

If AIMIM MLAs join the ruling party, the RJD, which currently has 76 MLAs, could take over as the only major political party in Bihar.

In the Bihar Assembly, the Bharatiya Janata Party now has 77 MLAs courtesy to the series of legislators from the Vikassheel Insaan Party (VIP) that switched over to the BJP.

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