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Rupee falling towards 75 a dollar, markets crash further while RBI keeps interest rate unchanged

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Rupee falling towards 75 a dollar, markets crash further while RBI keeps interest rate unchanged

The falling rupee touched a new low, breaching the 74-mark against US dollar on Friday, the Sensex plunged by 484.11 points or 1.38 per cent while the Reserve Bank of India (RBI) kept the repo rate (key lending rate) unchanged at 6.5 per cent.

The hit came as global oil prices continued to rise. Investors remained concerned over sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices, said media reports.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark, said reports.

The 30-share Sensex traded at 34,685.05, down 484.11 points or 1.38 per cent and the Nifty50 was at 10,410.80, with a loss of 188.45 points or 1.78 per cent on Friday afternoon. This came on the back of Thursday’s fall of 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.

Oil-marketing companies led the fall in the Nifty pack after they were asked to absorb Re 1 per litre in petrol and diesel price cut out of a total of Rs. 2.5 a litre announced by the government on Thursday. Hindustan Petroleum, Bharat Petroleum and Indian Oil Corporation plunged between 14.59 and 23.61 per cent on the Nifty50 index.

The RBI kept the repo rate (key lending rate) unchanged at 6.5 per cent. Meanwhile, rupee breached the 74-mark against US dollar for the first time, hitting a new low of 74.15 against the dollar soon after the RBI announced its monetary policy.

RBI Governor Urjit Patel said that the rupee fall is moderate in comparison to emerging markets peers.

Experts had largely expected the central bank to hike the repo rate by 25 basis points or 0.25 per cent. Five of the six panel members voted to leave the rate unchanged. The reverse repo rate or the rate at which RBI borrows from commercial banks also remained unchanged at 6.25 per cent.

Anticipation of a rate hike had increased in the past month as oil prices climbed, the rupee’s slide accelerated and concerns on liquidity emerged. The RBI had last raised interest rates in two successive policy reviews in August and June this year.

The RBI retained GDP growth estimate at 7.4 per cent for fiscal year ending in March 2019.

India News

Congress to challenge Meenakshi Natarajan’s Rajya Sabha nomination rejection in Madhya Pradesh High Court

Congress leader Meenakshi Natarajan has announced that the party will challenge the rejection of her Rajya Sabha nomination in the Madhya Pradesh High Court, alleging the decision was legally flawed and that the Election Commission failed to follow a consistent approach.

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The Congress is preparing to challenge the rejection of senior leader Meenakshi Natarajan’s Rajya Sabha nomination before the Madhya Pradesh High Court, shifting the dispute from the political arena to the legal forum.

Weeks after her nomination was rejected ahead of the Rajya Sabha elections, the former Member of Parliament asserted that the decision was not the result of any lapse by Congress leaders, legal experts or those involved in preparing the nomination papers. Instead, she claimed the rejection was based on an incorrect legal interpretation.

Congress to file election petition

Natarajan said the party would file an election petition within the prescribed time and contest the entire process before the High Court. She also alleged that a deliberate narrative was created to portray the rejection as a consequence of negligence within the Congress, thereby diverting attention from the Election Commission’s role.

According to her, the Returning Officer rejected her nomination citing non-disclosure of information related to a pending case. However, she argued that Form-26, which candidates are required to submit along with their nomination papers, does not contain any specific provision requiring disclosure of such information.

Natarajan said she has contested multiple elections in the past and maintained that experienced legal experts within the Congress have handled nomination papers for years, making such an oversight highly unlikely.

Questions raised over Election Commission’s approach

The Congress leader also questioned the Election Commission’s handling of the matter, alleging that it failed to apply uniform standards in similar cases.

She referred to the case of Rajya Sabha candidate Parimal Nathwani in Jharkhand, claiming he was given 24 hours to rectify issues in his nomination papers, whereas she was not provided a similar opportunity. According to Natarajan, the differing treatment raises concerns about consistency in the poll body’s decision-making process.

Congress sources said the party’s legal cell is preparing the election petition under the guidance of senior lawyers. The dispute had earlier reached the Election Commission and subsequently the Supreme Court, but the party will now pursue the legal remedy available after the election process through the High Court.

The Congress has also alleged that the Election Commission did not act impartially during the proceedings. Party leaders claimed senior Congress representatives and lawyers reached the poll body on time to present their arguments, but the proceedings were delayed. They further alleged that the Election Commission had the authority to overturn the Returning Officer’s decision but chose not to intervene.

BJP rejects Congress allegations

The Bharatiya Janata Party dismissed the Congress’ allegations, attributing the controversy to internal issues within the opposition party.

BJP state spokesperson Ajay Yadav said the rejection of Natarajan’s nomination was the result of internal infighting in the Congress. He also claimed that the senior leader had been sidelined within her party and suggested that the Congress should introspect instead of blaming the Election Commission.

Natarajan, however, rejected claims that the Congress was responsible for any lapse leading to the rejection of her nomination.

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Heavy rain triggers flash floods and landslides across Jammu and Kashmir, damaging roads and property

Heavy rainfall triggered flash floods and landslides across Jammu and Kashmir, damaging infrastructure, disrupting traffic and prompting authorities to issue a weather advisory.

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Monsoon in Jammu and Kashmir

Heavy rainfall across several parts of Jammu and Kashmir triggered flash floods and landslides, causing widespread damage to roads, vehicles and residential property. The adverse weather also disrupted traffic in multiple areas, prompting authorities to advise people to remain vigilant.

Flash flood causes destruction in Doda

A flash flood struck the Thathri sub-division of Doda district after heavy overnight rainfall, leading to significant damage to homes, vehicles and other property.

Floodwaters surged through the Thathri market after water levels in local streams rose rapidly. Large quantities of mud, stones and debris entered residential areas, inundating houses and damaging parked vehicles as water flowed through roads and marketplaces.

Residents said the flooding occurred suddenly, leaving little time to respond. Officials have started assessing the damage, while restoration and relief work is underway.

Local residents alleged that debris from ongoing link road construction is frequently dumped into the Thathri stream. They claimed the accumulated material obstructs the natural flow of water, increasing the risk of flooding during heavy rainfall. Residents urged the administration to take corrective measures to prevent similar incidents in the future.

Doda-Kishtwar highway affected by flash floods

Continuous rainfall also triggered flash floods that damaged the Doda-Kishtwar highway, disrupting vehicular movement on the route.

Officials said floodwaters deposited large amounts of mud, boulders and debris on the highway. A portion of the road was damaged, forcing authorities to suspend traffic until conditions improve.

In neighbouring Kishtwar district, heavy rain triggered a landslide and mudslide near the tunnel area of the under-construction 540 MW Kwar Hydroelectric Power Project, adding to the weather-related disruption in the region.

Administration issues weather advisory

The administration had earlier issued an advisory warning of heavy rainfall, thunderstorms, flash floods and landslides in vulnerable areas across Jammu and Kashmir.

Authorities advised residents, particularly those living near rivers, streams and nallahs, to remain alert and avoid unsafe locations during the ongoing spell of rain.

Samba receives highest rainfall

According to the Meteorological Department, Samba recorded the highest rainfall in the Jammu region during the 24-hour period ending at 8:30 am on Monday, receiving 90 mm of rainfall.

Kathua received 66.2 mm, followed by Katra (44.4 mm), Doda (42 mm), Jammu (41.8 mm), Udhampur (40.6 mm), Bhaderwah (33.6 mm), Kishtwar (24 mm), Reasi (10.5 mm), Batote (4.7 mm), Ramban (4.5 mm) and Banihal (0.4 mm).

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Mumbai-Pune train services remain suspended for second day after landslides, Central Railway issues fresh cancellation list

Heavy rainfall-triggered landslides have disrupted Mumbai-Pune train services for a second consecutive day, with Central Railway cancelling several MEMU services and continuing restoration work.

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Train services between Mumbai and Pune remained suspended for the second consecutive day on Tuesday after heavy monsoon rains triggered multiple landslides in the Bhor Ghat section of the Central Railway network, affecting one of Maharashtra’s busiest rail corridors.

Railway officials continued restoration work across the affected stretch, where mud, rocks and boulders have blocked tracks following persistent rainfall. Authorities said services will resume only after a detailed safety inspection confirms that the route is fit for operations.

Landslides disrupt railway operations in Bhor Ghat

The disruption was caused by multiple landslides in the Karjat-Lonavala section. A major landslide occurred between Thakurvadi and Monkey Hill Loop Cabin (MHLC) on the Up Main Line in the Mumbai division. Another incident was reported on the Middle Line between Khandala and Monkey Hill.

Continuous rainfall has destabilised slopes in the ghat region, resulting in debris falling onto multiple railway tracks and making train movement unsafe.

Teams from Central Railway have been working with heavy machinery to remove debris, inspect the tracks and restore services. However, ongoing rainfall has slowed restoration efforts, prompting authorities to continue the suspension of train operations in the interest of passenger safety.

Central Railway cancels six MEMU services

Central Railway has released a fresh list of cancelled MEMU services for July 7, 2026.

The cancelled trains are:

  • DRD-PNVL MEMU (Train No. 69164), departure 5:25 am
  • PNVL-DSR MEMU (Train No. 69165), departure 9:20 am
  • BSR-PNVL MEMU (Train No. 69168), departure 12:10 pm
  • PNVL-BSR MEMU (Train No. 69167), departure 2:35 pm
  • BSR-PNVL MEMU (Train No. 69166), departure 4:40 pm
  • PNVL-DRD MEMU (Train No. 69161), departure 7:05 pm

Passengers have been advised to check the latest train status through official railway platforms before travelling.

Railway Minister reviews restoration efforts

Union Railway Minister Ashwini Vaishnaw reviewed the ongoing restoration work and directed officials from Central and Western Railway to coordinate efforts to restore services at the earliest without compromising passenger safety.

Railway authorities said operations would resume only after a comprehensive inspection confirms that the affected tracks are safe for regular train movement.

Heavy rain also impacts road traffic

The intense rainfall has also disrupted road transport between Mumbai and Pune. Landslides and waterlogging affected parts of the Mumbai-Pune Expressway as well as the old Mumbai-Pune Highway, causing temporary traffic disruptions before authorities cleared the affected sections.

Meanwhile, the India Meteorological Department (IMD) has issued a red alert for several parts of Maharashtra, warning of continued heavy to very heavy rainfall. Officials cautioned that further showers could trigger additional landslides and delay the restoration of railway services.

Railway authorities said updates on cancellations, diversions and the resumption of train services will continue to be issued as restoration work progresses.

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