Top headlines: Rupee heading for all-time low, food inflation set to worsen

Rupee heading for its all-time low, likely to hit 77/$ level: Poll

Posting its worst weekly loss in 11 months, the rupee on Friday breached the 76/$ level despite heavy dollar selling by state-run banks on behalf of the Reserve Bank of India, slowing the pace of depreciation. The currency weakened 1.15 per cent against the dollar this week. Dealers estimated the central bank’s intervention on Friday to the tune of $1-1.5 billion. Read more

Exporters bear the brunt as Russia-Ukraine crisis takes its toll

Amid growing uncertainty due to the ongoing conflict between Russia and Ukraine, exporters have already started witnessing a decline in the number of export orders from Europe. The apparel and engineering sectors have already witnessed the trend in the past one week. Read more

India’s food inflation set to worsen as Russia-Ukraine crisis intensifies

The Russia-Ukraine crisis has pushed up prices for almost all global commodities, but edible oils, wheat and grains, fertilisers, crude oil, and metals have been hit particularly hard. In India, retail and wholesale food inflation has been rising, with the most recent data available showing that WPI food was 10.33 per cent and CPI-food was 5.43 per cent as of January 2022.Going forward, the rising global prices of edible oils, grains, cotton, fertiliser, milk, sugar and other commodities will likely make the Centre’s inflation management highly challenging. Read more

Won’t rest until last one is out from war-hit Ukraine, says MEA

With around 20,000 Indian students already evacuated from Ukraine, the government reckons there are between 2,000 and 3,000 Indians left in the conflict-hit country and around 300 in Kharkiv where the heaviest fighting is on. “We will not rest until we have got the last one out. Evacuation flights will continue till every Indian is out from the country,” said Arindam Bagchi, the spokesman for the Ministry of External Affairs. Read more

Reliance Industries opens country’s ‘largest biz, commerce hub’ in Mumbai

Reliance Industries (RIL) announced the opening of the country’s largest business, commerce and cultural destination — the Jio World Centre — spread across 18.5 acres at Bandra Kurla Complex in Mumbai. The initial launches are the Dhirubhai Ambani Square, the musical Fountain of Joy and The Jio World Convention Centre. The Jio World Centre will have a phase-wise opening over the course of the current and the next year. Read more

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