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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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Kunal Kemmu Reveals Crucial, Heartbreaking Struggle of Being Jobless

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Kunal Kemmu Reveals Crucial, Heartbreaking Struggle of Being Jobless

The glamour and glamour of Bollywood can mislead us to the hard, cold reality that lies behind the velvet curtains. We see the flashing cameras, beautiful attire, and thunderous ovation, but we rarely see a gifted artist’s quiet anguish as he waits for the phone call.

Recently, the immensely adaptable Kunal Kemmu shattered this shiny façade by revealing a terribly difficult period in his career. Despite his established acting talent and irresistible charm, the actor disclosed a heartbreaking truth that many in the creative business covertly face.

He openly discussed being unemployed for six months to a year. This devastating revelation serves as a sharp reminder that in the entertainment industry, success is dangerously transitory and rejection is an ever-present shadow.

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The Toxic Illusion of Industry Advice

When a picture fails to do well at the box office, the implications for an actor can be swift and severe. Kunal Kemmu described how a single project’s failure entirely halted his momentum, severing a blossoming career and leaving him stuck at home.

During this dark and alienating era, well-meaning strangers and business insiders raced to offer him advice. However, the nature of this advise emphasises the superficial, performance mentality that pervades the entertainment industry.

Instead of being told to improve his skills or patiently wait for a story that matched his talent, he was subjected to odd societal demands. People sincerely recommended him to hire aggressive public relations personnel, hold lavish parties, network tirelessly, and give expensive presents to key persons in order to remain relevant.


Rejecting the Performative Circus

For an actor who has always prioritised depth above theatrics, this trite counsel felt completely out of place. Kunal Kemmu said that, while such transactional approaches may work for some people, they do not accord with his underlying principles.

The strain to play an off-camera role can be just as stressful as presenting a complex character on stage. Kunal chose not to participate in the superficial lifestyle of mailing gifts or throwing fictitious gatherings only to get a film role.

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Instead of feeding a frantic public relations narrative, he chose to maintain his personal dignity while emphasising his artistic ability. This modest disregard of industry standards demonstrates the enormous mental strength required to endure the unpredictable nature of Indian cinema.


The psychological toll of being creative while unemployed is a significant problem that few celebrities openly mention. Kunal Kemmu did not hold back while recounting the extreme uneasiness and paralysing worry that overwhelmed him throughout his year-long forced leave.

When you are entirely out of employment, a corrosive loop of self-doubt will inevitably take over your head. The actor admitted to continually worrying if he’d ever get the opportunity to appear in front of a camera again.

This great vulnerability reveals a universal reality about the performing profession. Whether you are a famous superstar or a struggling newbie, the frightening unpredictability of the entertainment industry spares no one.

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The Actor’s Ultimate Dilemma

Aside from the emotional discomfort, a protracted lack of work throws an artist into a corner, posing a significant ethical quandary. Actors are constantly torn between waiting for high-quality scripts and accepting substandard assignments solely for financial survival.

Kunal Kemmu acknowledged the agonising struggle that most creative professionals undergo at certain stages in their careers. The fear of being forgotten by the public drives many artists to make significant compromises to their artistic integrity.

It takes a lot of patience and self-belief to say no to subpar job when your calendar is empty. Kunal’s tale demonstrates that following your intuition can be extremely painful but eventually beneficial.


Embracing the Ever-Changing Acts of Life

Today, Kunal Kemmu is experiencing a stunning professional renaissance, juggling acting commitments, hosting a major reality program, and celebrating directing success. Nonetheless, he remains delightfully grounded, acutely aware that the current spotlight is not certain to last forever.
Asian Horizon Network

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He sees his career as a long film that unfolds brilliantly through distinct acts, rather than a constant apex. This realistic viewpoint enables him to enjoy his current hectic schedule without getting arrogant or complacent.
tennews.in

Kunal has brought consolation to other artists who are going through their own silent challenges by revealing his difficult period of unemployment. His narrative demonstrates that genuine genius does not require transactional gifts or contrived parties to achieve its proper position in the light.


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