New Delhi: Amid rupee falling to a record low level of 87.29 to a dollar, Finance Secretary Tuhin Kanta Pandey on Monday said there is no concern over rupee value and the Reserve Bank of India is managing the volatility of the local currency.

“There is no concern about the value of the rupee. The volatility in rupee is being managed by the RBI,” Pandey told reporters.

He said the Indian rupee is “free-float” and no control or fixed rate is applicable on the currency.

He said the exchange rate is facing pressure amid unabated foreign fund outflows.

The rupee depreciated 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday after Trump Tariffs on Canada Mexico and China triggered fears of a broad trade war.

Donald Trump slapped Canada and Mexico with 25 percent duties and China with a 10 percent duty, The move was the first strike in what could usher a destructive global trade war, forex traders said.

In 2025, the Indian rupee depreciated 1.8 percent from the 85.61 to a dollar level on December 31, 2014.

The rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets due to unabated dollar demand from oil importers and weak risk appetite.

The rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices.

At the interbank foreign exchange, the rupee opened at 86.12, and moved 1 paisa during intraday to 86.11 before closing the session with a loss of a staggering 66 paise at its lowest-ever level of 86.70 against the greenback.

The fall of 66 paise in one session was the steepest since February 6, 2023 when the unit had lost 68 paise.

The Indian currency has witnessed the deepest plunge of more than Re 1 in the past two weeks from the closing level of 85.52 on December 30.

Rupee had breached the 85-per-dollar mark for the first time on December 19, 2024.

On Friday, the local currency had declined 18 paise to settle at 86.04 against the US dollar, a day after registering a marginal gain of 5 paise. In the preceding back-to-back sessions on Tuesday and Wednesday, it had plunged 6 paise and 17 paise, respectively.

The unprecedented fall was attributed to the relentless chase of the US dollar by investors, which also led to a massive withdrawal of foreign capital from Indian equities.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,892.84 crore on Monday.

According to analysts, the Reserve Bank of India has allowed the fall in rupee’s exchange rate versus US dollar amid dwindling forex reserves and declining emerging market currencies.

“RBI will allow the weakness as demand keeps moving up and supplies dwindle,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

The Reserve Bank of India on Friday said the country’s forex reserves dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3.

At the same time, the dollar strengthened on better-than-expected job growth in the US market, which also fuelled the rising benchmark treasury yields amid expectations of a slower interest rate cut by the Federal Reserve, analysts said.

Besides, the US has imposed more sanctions on Russia, resulting in Brent oil prices higher to USD 81 per barrel. This comes at a time when investors are already cautious in anticipation of restrictive trade measures by the new regime under President Donald Trump.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee hit a fresh low on strong dollar and weak global markets. FIIs continue to remain as net sellers, while crude oil prices rose nearly 2 per cent.

Going ahead, Choudhary said, rising crude oil prices and risk aversion in global markets may weigh on the rupee. “USD-INR spot price is expected to trade in a range of 86.25 to 86.80,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading up 0.24 per cent to its over two-year-high level of 109.91.

Brent crude, the global oil benchmark, surged 1.14 per cent to USD 80.67 per barrel in futures trade.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, the rupee marked its lowest level amid a rapid fall of over 1 per cent in the past week. The decline is attributed to higher crude prices, following sanctions on Russia by the Biden administration in the US.

“Elevated crude prices have further widened India’s import bill, adding pressure on the rupee. The trading range for the rupee is seen with support near 87.00 and resistance around 86.25, as participants keep a close eye on geopolitical developments and commodity trends,” Trivedi added.

In the domestic equity market, the 30-share BSE Sensex crashed 1,048.90 points, or 1.36 per cent, to settle at 76,330.01 points, while the Nifty tanked 345.55 points, or 1.47 per cent, to 23,085.95 points.

On the domestic macroeconomic front, retail inflation eased to 5.22 per cent in December, from 5.5 per cent in November, 2024.

The industrial production (IIP) growth accelerated to a six-month high of 5.2 per cent year-on-year in November 2024, riding on the increased festive demand and pick-up in the manufacturing sector.

Mumbai: The Reserve Bank on Wednesday said 98.12 per cent of the Rs 2000 banknotes have been returned to the banking system, and only Rs 6,691 crore worth such notes are still with the public. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation.

The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, declined to Rs 6,691 crore at the close of business on December 31, 2024, RBI said. “Thus, 98.12 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a statement.

The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank. From October 9, 2023, the RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. Further, members of the public can also send Rs 2000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts. The Rs 2000 banknotes continue to be legal tender.

The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. The Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes.

Imphal : SpaceX founder Elon Musk said Starlink satellite beams were turned off over India, reacting to claims that its device was being used in restive Manipur.

The security forces recently seized some internet devices along with arms and ammunition during a raid in Keirao Khunou in Imphal East district.

The Spear Corps of the Indian Army had shared photos of the items seized on X, and social media users were quick to note that one of the devices had a “Starlink logo” on it.

Pointing to it, an X user posted, “@Starlink is being used by terrorists. Hope, Elon @elonmusk looks into it and help control misuse of this technology.”

Musk replied, “This is false. Starlink satellite beams are turned off over India.”

Among the items seized from Keirao Khunou were “one internet Satellite Antenna, one internet Satellite Router and 20 meters (approx.) of FTP cables”, according to the state police.

The recovery of the Starlink-like device has also prompted agencies to investigate how the equipment found its way to the strife-torn state, officials had said.

Musk’s Starlink, which provides satellite internet services, does not have a licence to operate in India.

More than 250 people have been killed and thousands rendered homeless in ethnic violence between Meiteis and Kuki-Zo groups in Manipur since May last year.

IT industry veteran and Infosys founder NR Narayana Murthy

Kolkata: IT industry veteran and Infosys founder NR Narayana Murthy on Sunday emphasised the need for using advanced technologies, including Artificial intelligence (AI), in India, stating that technology is a “great leveller”.

Technology can help reduce the gap between the well-to-do and the not-so-well people, Murthy said while speaking at the centenary celebration of the Indian Chamber of Commerce here.

“Technology is about reducing cost. It’s about increasing revenues and profitability. So technology has a lot of value. It also does something that most people don’t realise. Technology is a great leveller. So we need technology in India if we want to reduce the gap between the well-to-do and the not-so-well. That’s what financial inclusion has done,” he said.

“My personal view is there are areas where we cannot do without AI,” Murthy said.

He said AI can be used in areas like automatic cars, precision operations, disease detection and hazardous operations in which human beings may be exposed to high risk.

Murthy stressed the need for hard work and performance to earn respect for oneself and for the country.

“I urge the youngsters to understand that we have a great responsibility to fulfil the pledge of our founding fathers (of the nation). We have greater responsibility as enunciated by scriptures. We have to show fairness and justice to create opportunities for the less fortunate one. That is why we have to work hard,” he said.

Murthy also asked entrepreneurs to embrace “compassionate capitalism” which is practising capitalism while combining it with the best aspect of liberalism and the best aspect of socialism.

Bareilly (UP): Three people died when their car fell into the Ramganga river from a partially constructed bridge here on Sunday, police said, adding that they suspect the driver was misled by its navigation system into taking the unsafe route.

The accident occurred around 10 am on the Khalpur-Dataganj road when the victims were travelling from Bareilly to Dataganj in the Badaun district, they said.

“Earlier this year, floods had caused the front portion of the bridge to collapse into the river, but this change had not been updated in the system,” Circle Officer Ashutosh Shivam said.

The driver was using a navigation system and did not realise that the bridge was unsafe, driving the car off the damaged section, the police said.

There were no safety barriers or warning signs on the approach to the damaged bridge, leading to the fatal accident, Shivam said.

Upon receiving information, police teams from Faridpur, Bareilly and Dataganj police station rushed to the spot. They recovered the vehicle and the bodies from the river, Shivam added.

The services on the Supreme Court’s YouTube channel, which was hacked on Friday, has resumed.

“This is to inform all concerned that the YouTube channel of Supreme Court of India is live and up. The services on YouTube channel of Supreme Court of India has been resumed,” said a notice uploaded on the apex court’s website on Friday.

The top court’s YouTube channel was hacked on Friday and showed videos promoting a cryptocurrency developed by US-based company Ripple Labs.

A blank video with the title “Brad Garlinghouse: Ripple Responds To The SEC’s $2 Billion Fine! XRP PRICE PREDICTION” was live on the hacked channel.

Later in the day, a notice posted on the apex court’s website informed that the court’s YouTube channel was taken down.

“This is to inform all concerned that the YouTube channel of Supreme Court of India has been taken down. The services on YouTube channel of Supreme Court of India will be resumed shortly,” said the notice posted on the top court’s website earlier on Friday.

Later, another notice was uploaded on the website, saying the YouTube channel was live and the services have resumed.

The Supreme Court has been using YouTube to stream live hearings of cases listed before the Constitution benches and matters involving public interest.

In a unanimous decision taken by the full court meeting headed by the then CJI UU Lalit, the top court decided to live-stream proceedings of all Constitution bench hearings following a path-breaking verdict on the matter in 2018.

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman chairs the 54th meeting of the GST Council

New Delhi: GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens.

Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have a Group of Ministers (GoM) to look into the GST rate on life and health insurance.

The GoM will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation.

Sitharaman said that new members would be joining the GoM to look into GST on health insurance.

The GoM will be submitting its report by October end, she said.

The issue of taxation of insurance premiums had figured in Parliament discussions with Opposition members demanding that health and life insurance premiums be exempt from the GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue.

Sitharaman in her reply to a discussion on the Finance Bill had said that 75 per cent of the GST collected goes to states and the Opposition members should ask their state finance ministers to bring the proposal at the GST Council.

The GST Council in its meeting on Monday also decided to cut tax rates on cancer drugs to 5 per cent from 12 per cent and namkeens from 18 per cent to 12 per cent.

Sitharaman further said that a GoM will also be constituted to deal with the issue concerning compensation cess which will cease after March 2026.

The Council also deliberated on the GoM’s status report on rate rationalisation and online gaming.

The minister further said that a committee of secretaries headed by Additional Secretary (Revenue) will be formed on the IGST which is currently facing a negative balance. It will look into ways to retrieve the money from states.

Balasore (Odisha): India on Friday successfully test-fired an Intermediate Range Ballistic Missile, Agni-4, from the Integrated Test Range in Chandipur off the Odisha coast, defence sources said.

The launch successfully validated all operational and technical parameters.

It was conducted under the aegis of the Strategic Forces Command, the sources said.

Nitin Gadkari

New Delhi: Union minister Nitin Gadkari on Thursday said there is no need to provide subsidy for electric vehicles (EVs) market as consumers are on their own now choosing EVs or CNG vehicles.

Addressing BNEF Summit, Gadkari said initially costs of manufacturing electric vehicles were high, but as demand has increased, production costs have dropped, making further subsidies unnecessary.

“Consumers are now choosing electric and compressed natural gas (CNG) vehicles on their own and I do not think we need to provide much subsidy for electric vehicles,” the road transport and highways minister said.

The minister pointed out that GST on electric vehicle is lower than petrol and diesel vehicles.

“In my opinion, manufacturing of electric vehicles no longer needs to be subsidised by the government.

“The ask for subsidies isn’t justified anymore,” he said.

At present, 28 per cent GST is levied on vehicles powered by internal combustion engines, including hybrids, and 5 per cent on electric vehicles.

On Wednesday, Union Heavy Industries Minister H D Kumaraswamy had said the government is expected to finalise the third phase of its flagship electric mobility adoption scheme FAME in a month or two.

He said that an inter-ministerial group is working on the inputs received for the scheme, and efforts are being made to address the issues in the first two phases of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme.

FAME 3 will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which is set to expire in September.