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“Rupee Still Stronger In Comparison To Other Currencies”: Analyst Sunil Shah

Shah

“Foreign capital will help in stabilising the rupee,” says Sunil Shah

New Delhi: Market analyst Sunil Shah on Thursday said even though the rupee as a currency has weakened in comparison to the US dollar, but it is still “far stronger” than other currencies.

Shah added that the weakening of the rupee will be stable once the FDI (foreign direct investment) flow increases, which the analyst feels is likely from next month. “Foreign capital will help in stabilising the rupee,” Shah added.

Also Read: Subramanian Swamy Trolls FM Sitharaman Over ‘Rupee Not Weakening’ Comment

For the record, the Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.

On Wednesday, the rupee breached the 83 mark for the first time in its history.

So far this year, the rupee has depreciated around 11-12 per cent, market data showed.

The rising trade deficit, depleting forex reserves, and the latest monetary policy tightening by the US Federal Reserve also triggered the currency’s depreciation. Investors tend to move towards stable markets, such as the US, for better and stable returns amid any tight monetary policy.

Last week, Union Finance Minister Nirmala Sitharaman too defended the rupee’s depreciation saying the currency has performed much better than many other emerging market currencies as geo-political tensions continue to rise.

Speaking at a media briefing during her recent US visit, she explained that it was not the rupee weakening rather US dollar was strengthening.

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

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Uttarakhand: Congress To Start Three-Day Yatra From Mana Village, Chamoli

ANI
Uttarakhand Congress

In the sequence of the Bharat Jodo Yatra, Uttarakhand Pradesh Congress Committee is going to start a three-day yatra from Chamoli District’s Mana village, the last village of the country, on 7th November.

Chamoli:  In the sequence of the Bharat Jodo Yatra, Uttarakhand Pradesh Congress Committee is going to start a three-day yatra from Chamoli District’s Mana village, the last village of the country, on 7th November.

State President Karan Mahara told ANI that in the course of the Bharat Jodo Yatra Congress will take out a yatra from five places in the state.

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The first such yatra is starting from Mana. He said that similarly yatras will be taken out from Kumaon and other parts of Garhwal at different times. Mahara said that apart from the issues of the Bharat-Jodo Yatra, state-level issues will also be included in our padayatra.

He said that these yatras originating from five places in the state would be under his leadership, in which senior party leaders and workers would be involved.
On 31st October, Assam Pradesh Congress Committee (APCC) planned to launch the Bharat Jodo Yatra, from Assam, a mass contact campaign of the Congress Party, on Tuesday with the aim of covering 834 km distance in the state.
Assam will be led by APCC president Bhupen Kumar Borah on Tuesday and plans to cover 834 Km across the state within 70 days. The Bharat Jodo Yatra, Assam will start from Golakganj in the Dhubri district, situated along Assam-West Bengal Border to the Sadiya district, along the Assam-Arunachal Pradesh border.

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

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