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Rupee falls to lowest ever, just 7 paise away from 70 a dollar

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Rupee falls to lowest ever, just 7 paise away from 70 a dollar

The Indian rupee (INR) on Monday, August 13 crashed to a record low against US dollar (USD), tumbling 109 paise to close at 69.93: just 7 paise away from 70 a dollar mark.

On Friday, the rupee had closed at 68.84 against the US dollar.

A report in The Economic Times (ET), quoting Gaurang Somaiya, Currency Analyst, Motilal Oswal Securities, said, “Rupee fell to fresh record low levels after Turkey’s widening diplomatic spat with the US prompted fresh turmoil in the market. Strength in the dollar against its major crosses is also weighing on the Asian currencies including the rupee.”

This year, rupee has been among the weakest currencies amongst the Asian peers, and is down by over 7 per cent on year-to-date basis.

The rupee is expected to fall further, beyond 70 a dollar. Mint reported that in a note forex advisory firm IFA Global said, “The psychological 70 mark is now in sight.”

“We expect that weakness for the currency could extend further. However, losses could be capped around 70.80 levels in the short term,” said ET quoting Somaiya.

The slump came as emerging-market currencies weakened amid concern over the risk of contagion from Turkey’s financial-market turmoil.

Investors rushed to safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower. The Sensex also fell sharply today, ending 224 points lower.

In the wake of weakness across the board, “the RBI may be less keen to intervene. It may do so just to curb volatility and desist speculators,” IFA Global was reported to have said.

Turkey’s lira tumbled nearly 45% so far this year largely over worries about President Tayyip Erdogan on the weekend pushed back on raising rates and showed no signs of backing down in a standoff with the US administration.

On Friday, US President Donald Trump imposed higher tariffs on imports from Turkey, with a 20% duty on aluminum and 50% on steel, as tensions mount between the two NATO allies over Ankara’s imprisonment of an evangelical pastor and other diplomatic issues.

So far this year, the rupee has weakened 8.67%, while foreign investors have sold $200.10 million and $5.20 billion in equity and debt markets, respectively.

Other emerging market currencies have also slumped. Turkey’s lira posted its biggest weekly loss in more than 17 years, Russia’s rouble was among the week’s worst performers, falling to a two year low, Chinese yuan extended losses for a ninth week, Malaysian ringgit dropped for an 8th straight week, Brazil’s Rial had its worst week since November 2016, Mexican peso had its worst week since June, Russia’s Rouble lost more than 6%, South African rand weakened past 14 a dollar to the lowest since November, Argentina’s peso lost 6.7% on the week to close at 29.25 a dollar, just shy of record low 29.45 per dollar.

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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