India Rupee at record low as US dollar surges globally, domestic markets fall

Indian Rupee fall by 80 percent against the dollars; On 19^th July 2022, the Indian Finance Ministry said at the Lok Sabha, “Global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial conditions are the major reasons for the weakening of the Indian rupee against the US dollar,

The rupee weakened to a fresh low against the US dollar on Tuesday as the greenback surged to a 20-year high globally and domestic equities suffered losses, dealers said.

The rupee was Tuesday morning trading at 79.61 against the US dollar versus its close of 79.44 on Monday.

The US dollar index, which measures the unit against six major currencies, was at 108.42 this morning, as against 107.67 on Monday. The index was at levels last seen around August 2002, Bloomberg data showed.

At 10:40 am IST, the BSE Sensex and the NSE Nifty were trading 0.3 per cent and 0.4 per cent lower, respectively.

The dollar has been on a strengthening spree of late as worries over slowing global economic growth amid an energy crisis in Europe and aggressive rate hikes by the Federal Reserve have sent investors rushing to the safety of the US currency.

In 2022, the US dollar index has gained 13 per cent. The rupee has depreciated 6.6 per cent versus the dollar over the same period.

The broad dollar strength comes at a time when record outflows of overseas investment and elevated crude oil prices have rendered the outlook on India’s current account deficit unfavourable.

The Reserve Bank of India (RBI) has announced a slew of measures to ease pressure on the rupee, but currency traders predict an unfavourable near-term outlook for the domestic currency amid global headwinds.

The RBI, on Monday, permitted the international trade settlement in rupees, a move that could be aimed at facilitating transactions with Russia, analysts said. Last week, the central bank announced relaxations in overseas investment in government securities as well as sums raised abroad through External Commercial Borrowings.

“In the recent past, RBI has taken steps that could ease the pressure on the rupee viz-a-viz country’s deficit. However, so far the positive impact of the same hasn’t yet been translated into the USDINR pair given by overpowering glooms and the risk-averse environment globally,” said Amit Pabari, managing director at CR Forex Advisors, in a note.

“The given fundamentals shall likely sustain its pressure on the rupee keeping the upside open well in place. As the pair breaks its crucial 79.50 levels, it’s a little far from the next big figure 80.00 levels that could be seen in the short run,” he said.

ALSO READ

• Facts & Figures: The 11 Greatest Economic Achievements of President Museveni as economy expanded to UGX128 trillion.
• Reasons why Museveni has been declared the Great Lakes Region Peace Champion as Italy builds Momentum to ensure Responsible Investment in Uganda
• Causes and Best Natural Remedy for Weak Erection, and Premature Ejaculation 
• The 72 key points and recommendations for comprehensive review and restructuring of government ministries, departments and agencies (MDAS)
• Does your company/Organization Quality to be accredited with the Uganda Economic Development Mark of Excellence and to be rated on the list of Uganda Great50 Companies
• Here are the 13 tangible Achievements of President Museveni
• Here are the top 46 most powerful personalities working very closely with President Museveni.
• The Certified Best 20 Hotels in Uganda 2021
• 5 Reasons Women Don’t Enjoy Sex — and How to Overcome Them
• Here are the top 46 most powerful personalities working very closely with President Museveni.

ABOUT PUBLIC OPINIONS
Public Opinions was founded by Makerere University students in 2004 in Lumumba Hall Makerere University and it operated as a study group on students welfare as well as Networking.

In 2008 it was incorporated as a company Limited by Guarantee by the Uganda Registration Services Bureau (URSB).

Public Opinions work towards attainment of Uganda Vision 2040 and the  United Nations Sustainable Development Goals (UN SDGs).

CORE SERVICES

• Issues Research
• Document Processing
• Public Awareness and Advisory Services
• Information Dissemination
• Public Relations
• Personal and Corporate Profiling
• Corporate Branding and Printing
• Training and Mentorship
• Investment Advisory Services
• Study Tours and Exchange Programs

MILESTONES/SOME ACHIEVEMENTS OF PUBLIC OPINIONS 

1. In 2009, Public Opinions organised a High Level United NATIONS Millennium Development Goals Dialogue at Hotel Africa Kampala and it attracted stakeholders from the Public and Private Sector, Religious Leaders and Diplomats.
2. In 2009, Public Opinions organised 5 Small and Medium Enterprises Sessions for Youth Leaders such as at Gretton Hotel in Masaka which was addressed by Brig David Muhoozi who was commander of the Armoury Brigade in Masaka. Others Speakers included Prof Maggie Kigozi, Ambassador of ICELAND to UGANDA, Dr Kassim Omar who was Director of East Africa Business Council,etc. The Luwero SMEs Sessions for Youth Leaders organised by Public Opinions was presided over by Katikiro of Buganda JB Walusimbi and Hajji Abdul Nadduli.
3. In 2010, Public Opinions organised the Buganda Youth Leaders Conference on wealth Creation. The conference was held at Katikomu Country Hotel in Kayunga and it was presided over by the Rt Hon Amama Mbabazi who was the minister for Security and Secretary General of the National Resistance Movement (NRM).It was attended by youth leaders from Central Region. Key speakers were from Uganda Investment Authority and Presidential Initiative on Banana Industrial Development (PIBID).
4. In 2011,Public Opinions organised a Kampala Wealth Creation Awareness Conference for Youth Leaders
5. In 2012,Public Opinions organised the 2012 Uganda Responsible Investment Summit and Award Ceremony which was presided over by Rt Hon Amama Mbabazi Prime Minister of the Republic of Uganda
6. In 2012,Public Opinions organised the Uganda Who is Who Summit at imperial Royale Hotel and launched a book titled Uganda Who is Who Book of Records launched by Prime Minister Amama Mbabazi
7. In 2013, Public Opinions organised the Pearl of Africa Lfetime Achievement Award (PALITA Award) in which over 80 High Profile Personalities were awarded and inducted in the Uganda Who is who Book of Records. Rt Hon Amama Mbabazi Prime Minister of the Republic of Uganda Presided over.
8. In 2014, Public Opinions organised the 2014 High Level Uganda Responsible Investmen Summit and Award Ceremony in which 50 Responsible Investments were awarded. The Ceremony was presided over by H.E Yoweri Kaguta Museveni President of the Republic of Uganda, Rt Hon Amama Mbababazi Prime Minister of the Republic of Uganda and Prof Emmanuel Mutebile Governor Bank of Uganda.
9. In 2017,Public Opinions recognised the Embassy of Italy to Uganda with the 2017 Uganda Transformation Award. The Award was received by the Ambassador of Italy .
10. In 2017, Public Opinions recognised the European Union Delegation to Uganda with the 2017 Uganda Transformation award. The Award was received by the Ambassador of European Union Delegation to Uganda
11. In November 2017,Public Opinions recognised the University of Bologna in Italy with the Global Sustainable Development Award as the oldest continuing University in the world. The Award was received by the Rector University of Bologna in his Office in the city of Bologna in Italy. This was followed with a meeting between Rector University of Bologna and Luzindana adam Buyinza Team Leader of Public Opinions.
12. In 2018,Public Opinions in partnership with the Asia Africa Development Council in new Delhi India organised the Asia Africa Development Summit in New Delhi Republic of India.
13. In 2016, Public Opinions and Computer Society of India together with Asia Africa development Council organised the India-Africa ICT Summit. The summit was held in New Delhi Capital of the Republic of India.
14. On 22^nd November 2019, Public Opinions held a High Level Uganda Responsible Investment Summit and Award Ceremony which was presided over by H.E Yoweri Kaguta Museveni and Hon Evelyn Anite Minister of State for Investment and Privatisation. During the Summit, H.E Yoweri Kaguta Museveni was declared the Uganda Peace and Development Champion by Public Opinions and 62 Uganda Responsible Investments were recognised with the 2019 Uganda Responsible Investment Award (URI Award).
15. With the Outbreak of the Global Pandemic the COVID 19, Public Opinions participated in mass social media and field based Public Awareness and Advisory service to senstise the people of Uganda on COVID 19,How its transmitted and how Ugandans can stay Safe.

Since its founding in 2004, Public Opinions as been involved in mass information dissemination across the country,Public Awareness,Research,Training and mentorship of young people and in communities, Business Advisory services to small and medium enterprises in trading centres, etc.

Published and Disseminated by
Public Opinions
5^TH Floor,Impala House
Opposite City Hall KCCA
Kimathi Avenue
Tel:+256701992426
Email:[email protected]
Web:www.publicopinions.net