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Rupee slips below 75 against dollar; closes at six-week low

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Rupee slips below 75 against dollar; closes at six-week low

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.

Complete News Source : Business Standard

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Amitabh Bachchan: The Heartbreaking Anxiety of Bollywood’s Greatest Icon

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Amitabh Bachchan: Candid Self-Doubt Confession

Even after five decades of cinematic dominance, Amitabh Bachchan still faces the quiet terrors of the midnight hour. The man who epitomised alpha-masculinity for generations of moviegoers recently made an unexpected confession that shocked his millions of admirers. He continues to have restless nights, locked in a vicious circle of intense self-doubt and crushing work stress.

This revelation is a huge wake-up call for anyone who thinks of him as an invincible acting colossus. It demonstrates that the heavy weight of perfectionism never fully fades, no matter how much celebrity you achieve.



The Haunting Midnight Echoes of Perfectionism

Imagine being a living legend and lying awake at 3 a.m. wondering if your previous performance was a complete failure. Bachchan admitted that he always repeats his sequences in his memory, haunted by the terrible feeling that they “could have been done better.”

This tremendous emotional sensitivity reveals a side of the megastar that the public has rarely seen. Onscreen, we witness the towering demeanour, booming baritone voice, and perfect delivery. But, behind closed doors, he suffers from the same paralysing fear that ordinary people face on a daily basis in the workplace.

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Why the Deepest Passion Breeds Internal Chaos

You might ask why a man who has won every major film award is so concerned about delivering a single sentence. True genius is rarely characterised by serenity of mind. For Bachchan, acting is more than a job; it is a sacred, consuming fire that demands flawless excellence every time.

When you care so deeply about your craft, every creative endeavour feels like a high-stakes bet on your entire legacy. This tremendous artistic drive is a two-edged blade that produces amazing art while completely destroying your mental serenity.


The Heavy Price of an Enduring Legacy

Living under the microscope of the public eye for fifty years has a catastrophic psychological impact. Every move Amitabh Bachchan makes is immediately analysed, criticised, or worshipped by countless millions of people.

That amount of tremendous expectation establishes a distinct, invisible prison of performance anxiety. The dreadful anxiety of disappointing his big audience keeps his thoughts racing long after the cameras stop rolling. It turns out that the view from the very top of the mountain is extremely lonely and filled with perpetual emotional danger.

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Normalizing the Silent Struggle with Mental Health

Bachchan has done an incredible amount to raise worldwide mental health awareness by publicly exposing his personal struggles with work stress. He has effectively removed the heavy veil of shame that typically surrounds the topic of anxiety, particularly among older generations.

If the ultimate “Angry Young Man” of Indian cinema can freely acknowledge to feeling inadequate, then everyone else has the right to be human as well. It is a welcome reminder that being overburdened by your commitments does not imply weakness.


The Relentless Creative Hunger That Never Sleeps

Finally, this severe self-doubt is the secret fuel that drives Amitabh Bachchan to labour continuously at an age when most people have retired. It’s a curious paradox: his severe inner agony serves as the driving reason behind his legendary longevity.

He refuses to rest on his past accomplishments or rely on his immense celebrity to get by. Every sleepless night reveals a man with the raw, eager heart of a novice. He remains gloriously, devastatingly uneasy about his work, which is precisely what makes him an everlasting force in film.

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