National Politics

Chhattisgarh: CM Criticises The Depreciating Rupee

Bhupesh Baghel

Chhattisgarh Chief Minister Bhupesh Baghel on Friday took a dig at the plunging rupee against the US Dollar and shared an incident on Twitter where an octogenarian tell his age equivalent to a โ€œdollarโ€.

Raipur:  Chhattisgarh Chief Minister Bhupesh Baghel on Friday took a dig at the plunging rupee against the US Dollar and shared an incident on Twitter where an octogenarian tell his age equivalent to a โ€œdollarโ€.

Quoting an incident on Twitter, the Congress leader said, โ€œFound an elderly person today โ€“ I asked grandfather, how old are you? He said 1 dollar.

Then his grandson told him from behind that his grandfather had turned 82 years old. I wish him long life.โ€ Earlier in morning trade on Friday, the rupee plunged to an all-time time low of 82.22 against the US dollar in morning trade.

Depending on this, the US Federal Reserveโ€™s stance on monetary policy could also be influenced.
The rupee had closed at 81.88 in the previous session.

Also Read:  Prices Of CNG & PNG Increased From Today

Government bond yields are expected to open higher on Monday, as concerns over debt supplies may resurface after weaker-than-expected demand at a debt auction on Friday. Bond prices and yields are inversely related.

The dollar index, which tracks the greenback versus a basket of six major peers, was little changed at 112.032 following a rally from a two-week low.

Oil prices rose on the back of a โ€œdeepโ€ supply cut by the Organization of Petroleum Exporting Countries (Opec) and its allies, and are set for more volatility. Crude prices are headed for the biggest weekly gain since early Russiaโ€™s invasion of Ukraine this year.

A weak rupee has driven dollar selling by the Reserve Bank of India to support the currency. But this has raised concerns over Indiaโ€™s dwindling foreign exchange reserves.

Last week, RBI also raised its repo rate last week in order to rein in the depreciation of the local currency against dollar.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
Some error occurred

Related posts

National

Due To Heavy Rainfall Several Parts Of Mumbai Face Waterlogging

ANI
Waterlogging

Several parts of Mumbai faced waterlogging due to incessant heavy rainfall on Saturday morning.

Mumbai:  Several parts of Mumbai faced waterlogging due to incessant heavy rainfall on Saturday morning.

โ€œGenerally cloudy sky with moderate to heavy rain/thundershower in the city and suburbs in the next 24 hours,โ€ said the India Meteorological Department on Saturday morning.

Also Read:  Prices Of CNG & PNG Increased From Today

โ€œIsolated heavy falls & thunderstorms/lightning very likely over Gujarat Region 07th-10th; Madhya Maharashtra and Coastal Andhra Pradesh & Yanam from 07th-09th; Marathwada on 7th & 9th; Konkan & Goa and Telangana on 07th; Rayalaseema and Tamil Nadu, Puducherry & Karaikal on 07th-11th; North Interior Karnataka, during 07th,09th & 10th; South Interior Karnataka during 9th โ€“ 11th; Kerala on 9th & 10th October 2022,โ€ the IMD further added.

IMD predicted that Mumbai touched a maximum temperature of 30 degrees Celsius and a minimum temperature likely to be 26-degree celsius.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

Related posts

News Hub