The rupee weakened further on Friday and settled below $75 per dollar for the first time in 2022, after U.S. inflation accelerated to a 40-year high of 7.5 percent year-on-year in January, spooking global markets.
The rupee weakened after the Reserve Bank of India (RBI) announced a “super dovish” policy on Thursday, and weakened further on Friday on a stronger global dollar.
“The rupee fell against the dollar after U.S. inflation rose sharply in January. U.S. consumer prices rose steadily in January, leading to the largest annual increase in inflation in 40 years, fueling financial market speculation that the Federal Reserve will raise interest rates sharply next month. Motilal Gaurang Somaiya, currency and gold analyst at Oswal Financial Services, said the dollar rose against major crosses after inflation picked up.
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The rupee settled below the 75/$ mark for the first time in 2022 at 75.38, compared to Thursday’s close of 74.94. This is the lowest closing price for the domestic unit since December 22, 2021.
The level was breached by 75 following the release of U.S. inflation data, a currency trader said. “Rupee weakened in early trade due to broad dollar strength,” a trader said.
There was no central bank intervention in foreign exchange markets on Friday, traders said. The local currency is likely to come under pressure in the coming days as international crude oil prices hover above $90 a barrel. External conditions have been exacerbated by high crude oil prices as India imports more than 80% of its crude oil needs.
“We expect the dollar to trade in the 75.05 and 75.80 range,” Somaiya said.
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Among the global factors, one of the main concerns is inflation, which could affect Indian units. Goldman Sachs has now included a forecast of seven Fed rate hikes of 25 basis points this year, up from five such hikes. The update comes after January’s inflation data. Domestically, crude oil prices will be one of the factors affecting the rupee.
Unlike past 2013 Fed tapering “tantrums” that led to a currency crisis in India, this time is different. The country’s foreign exchange reserves are much higher — $632 billion versus $275 billion — and the current account deficit is much smaller. Inflation also remained within the RBI’s 2-6% target range, albeit closer to the ceiling. The central bank expects inflation to cool from the second half of next financial year, as it expects CPI inflation to come in at 4.5% in FY23.
According to the latest data from the Reserve Bank of India, the country’s foreign exchange reserves stood at nearly $632 billion in the week to February 4. Since peaking in September 2021, the country’s foreign exchange reserves have fallen by about $10 billion.
Archana Puran Singh, a Bollywood actor, was injured during a film shoot in Mumbai. She fractured her wrist during the shoot and was taken to Nanavati Max Super Speciality Hospital. Singh apologised to Rajkummar Rao for leaving the shoot midway and expressed her gratitude for the surgery.
She also shared the visible swelling around her lips and the lessons she learned from the incident. Singh was discharged after the surgery and is now back at work. She was last seen in Vicky Vidya Ka Woh Wala Video, which starred Rajkummar Rao, Triptii Dimri, Mallika Sherawat, and Vijay Raaz. The film failed to perform well at the box office, collecting only ₹58.03 crore worldwide.
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Veteran actress Archana Puran Singh recently suffered a wrist fracture while shooting for her upcoming film alongside actor Rajkummar Rao. The incident occurred around 5 a.m. on the film set, leading to immediate medical attention. She was promptly taken to Nanavati Max Super Specialty Hospital in Vile Parle, Mumbai, where she underwent surgery for the injury.
Rajkummar Rao, known for his versatility and dedication to his craft, has expressed his concern and support for Archana during this challenging time. The two actors share a professional camaraderie, having previously collaborated on various projects. Their mutual respect and understanding have been evident in their past interactions.
Archana Puran Singh, a seasoned actress and television personality, has been a prominent figure in the Indian entertainment industry for decades. She is widely recognized for her roles in films such as “Kuch Kuch Hota Hai,” “Maine Pyaar Kiya,” and “Baadshah.”
In addition to her film career, she is a beloved judge on the popular television show “The Kapil Sharma Show,” She was promptly taken to for the injury. where her infectious laughter and warm demeanor have won the hearts of audiences.
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Rajkummar Rao, on the other hand, has established himself as one of the most talented actors of his generation. His performances in films like “Newton,” “Stree,” and “Roohi” have garnered critical acclaim and numerous awards. Known for his commitment to diverse roles and his ability to bring depth to his characters, Rajkummar continues to be a significant presence in the Indian film industry.
The upcoming film featuring Archana Puran Singh and Rajkummar Rao has generated considerable excitement among fans and industry insiders. Details about the film’s plot and release date are currently under wraps, but the collaboration between these two esteemed actors has piqued interest.
In the meantime, Archana is focusing on her recovery, following medical advice and undergoing necessary physiotherapy sessions. She has expressed gratitude for the support and well-wishes from her fans and colleagues. Her resilience and positive attitude during this period are commendable, and she remains committed to returning to work once she has fully healed.
The incident serves as a reminder of the physical demands and risks associated with the entertainment industry. It highlights the importance of safety measures on set and the need for prompt medical attention in case of injuries. Both Archana and Rajkummar have demonstrated professionalism and dedication, ensuring that the production continues smoothly despite the unforeseen circumstances.
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Fans eagerly await updates on Archana’s recovery and the progress of the film. The collaboration between these two talented actors is anticipated to bring a compelling and engaging story to the screen, further enriching the Indian film landscape.
For more insights into Archana Puran Singh’s journey and her experiences in the entertainment industry, you can watch the following video
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