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Amid Russia Ukraine war, Indian rupee declines to an all-time low against US dollar: How does US Dollar determine the value of Indian currency? All you need to know

India is one such country that is primarily affected by Russia’s invasion of Ukraine. The Indian rupee fell to a record lifetime low of 76.97 against the US dollar.

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Amid Russia Ukraine war, Indian rupee declines to an all-time low against US dollar: How does US Dollar determine the value of Indian currency? All you need to know

The ongoing Russia Ukraine war has not impacted just these two countries’ GDP but also affected the economy globally. India is one such country that is primarily affected by Russia’s invasion of Ukraine. The value of the Indian currency has declined to an all-time low.

The Indian rupee fell to a record lifetime low of 76.97 against the US dollar. It’s due to a significant increase in international crude oil prices, which has threatened to raise imported inflation and deepen the country’s trade and current account deficit.

Global crude oil prices were nearing record highs after reports said that the US and its European allies are considering barring Russian oil imports in response to the country’s invasion of Ukraine. Brent crude oil hit a high of USD 139.13 per barrel, before easing a bit.

Which is the most powerful currency in the world and how does it determine the value of other currencies?

US dollar is the most powerful currency in the world. All the trading in the world is done in US dollars. Each country has its own currency and its value is determined by the economic concept of Demand and Supply.

Read Also: Russia Ukraine War Live Updates: Russia attacks evacuation bus, three wounded, claims Ukraine

The value of a currency that is in higher demand has a higher value. The value of a currency is determined by economic factors such as trade, inflation, employment, interest rates, growth rate, and geopolitical situations.

The concept of currency fluctuation is part of the larger Foreign exchange market.

What is Foreign Exchange Market?

The Foreign Exchange Market is mainly a global market for currency trading. One currency is exchanged for another at a particular rate. The rate at which two particular currencies are exchanged is called the exchange rate.

The value of one country’s currency in relation to another country’s currency is known as the exchange rate.

How does US Dollar determine the value of Indian currency?

The US dollar is in high demand because India imports more goods from the US than it exports. The demand for the US dollar will rise in this situation because more dollars will be paid to the US while purchasing products from them.

To pay for these goods, more dollars will have to be purchased on the foreign exchange market in India. As a result, demand for US dollars will rise compared to the Indian rupee, boosting their value.

Read Also: Russia Ukraine War: These pictures of Ukrainian children caught in midst of war will break your heart

However, if the Indian Rupee’s value plummets dramatically, the government will step in. They will aim to decrease the supply of Indian rupees immediately to compensate for the low demand. They will purchase the Indian rupee on the market with US dollar reserves. As it buys more Indian currency with US dollars, the supply of Indian currency falls while the supply of US money rises, resulting in an increase in the rupee’s value and a reduction in the dollar’s value.

If the oil prices keep increasing at this rapid rate then the Indian currency could head towards 79 per dollar soon.

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Russia Ukraine War Live Updates: Russian military action will stop in a moment is Ukraine meets conditions, says Kremlin

Bihar news

BPSC 70th prelims result 2024 out: Here’s direct link to check

The BPSC has also released the cutoff marks for the CCE, providing candidates with valuable insight into the performance benchmarks. The cut-off scores vary across different categories, reflecting the commission’s commitment to inclusivity and equal opportunity. 

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The Bihar Public Service Commission (BPSC) released the results for the 70th Preliminary Examination on January 23, 2025. Candidates can view their results on the official BPSC website, bpsc.bih.nic.in. The results include those for the Combined Competitive Examination (CCE), Finance Administrative Officer, and Child Development Project Officer positions.

This year’s examination covered a wide range of posts, including those under the Combined Competitive Examination (CCE), Finance Administrative Officer (FAO), and Child Development Project Officer (CDPO). The release of these results marks a significant step forward for thousands of candidates pursuing careers in public service within Bihar.

The BPSC 70th Preliminary Examination, conducted on December 13th and January 4th, 2025, witnessed a massive turnout of 328,990 candidates. This substantial number underscores the immense competition and the high stakes involved in securing a government position in Bihar. The results, however, reveal a more selective outcome.

A total of 21,581 candidates successfully cleared the preliminary round for the CCE, demonstrating their competence and readiness to progress to the subsequent stages of the recruitment process. For the specialized roles of FAO and CDPO, a considerably smaller, yet still significant number of candidates qualified. 61 individuals successfully passed the preliminary examination for FAO positions, while 144 candidates qualified for CDPO posts.

The BPSC has also released the cutoff marks for the CCE, providing candidates with valuable insight into the performance benchmarks. The cut-off scores vary across different categories, reflecting the commission’s commitment to inclusivity and equal opportunity. 

Cut-off Marks:

  • Unreserved: 91
  • Unreserved Female: 81
  • EWS: 83
  • EWS Female: 73
  • SC: 70
  • SC Female: 55
  • ST/ST Female: 65

How to Check Your Results:

  1. Go to bpsc.bih.nic.in.
  2. Locate and click the “BPSC 70th Prelims Result 2024” link.
  3. A PDF containing the results will open. Download and save a copy for your records.

Examination Results: The Bihar prelims exam, held on December 13th and January 4th, 2025, saw 328,990 candidates. The following number passed:

  • Combined Competitive Examination: 21,581
  • Finance Administrative Officer: 61
  • Child Development Project Officer: 144

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India News

Har Jarurat Hogi Puri: Congress releases campaign song ahead of Delhi elections

Congress leaders, including Delhi Chief Devendra Yadav and national spokesperson Pawan Khera, expressed confidence in the anthem’s impact, emphasising its ability to capture the public mood and convey the party’s commitment to resolving Delhi’s pressing issues.

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The Congress party launched its campaign anthem, “Har Jarurat Hogi Puri, Dilli Mein Congress Hai Jaruri” (“Every Need Will Be Fulfilled, Congress is Essential in Delhi”), on Thursday, marking a significant step in its strategy for the upcoming Delhi Assembly elections.

The 2-minute 48-second song serves as a potent weapon in the party’s arsenal, aiming to capture the attention of Delhi’s electorate and sway their votes in its favour.

The anthem’s lyrics directly confront the ruling Aam Aadmi Party (AAP) and the opposition Bharatiya Janata Party (BJP), highlighting the prevalent disillusionment among Delhi’s residents regarding the current governance.

It boldly addresses critical local issues, painting a vivid picture of the city’s shortcomings under AAP’s rule. The polluted Yamuna River and the subpar quality of drinking water serve as central themes, with the powerful line “Yamuna Saaf Nahi, Pani Na Saaf Hai” (The Yamuna is not clean, the water is not clean) encapsulating the public’s growing discontent.

Beyond highlighting the existing problems, the Congress anthem meticulously outlines its own vision for Delhi, presenting a compelling alternative to the incumbent AAP government. The party pledges free electricity for households consuming up to 300 units, a promise designed to resonate with the city’s residents struggling with rising energy costs.

The ambitious “Pyari Didi Yojana,” promising a monthly allowance of Rs 2,500 to women from low-income families, aims to further strengthen the Congress’ appeal among the electorate.

Addressing the widespread concern about women’s safety in the city, the anthem criticizes the AAP government’s perceived lack of focus on this crucial issue, arguing that despite promises, women continue to feel unsafe. This pointed critique underscores the Congress’ commitment to addressing this critical aspect of governance, distinguishing its approach from its rivals.

The release of the anthem is strategically timed, closely following the BJP’s launch of its campaign song, “Jo Ram Ko Lekar Aaye Unka Raj Hoga Dilli Mein” (“Those who carry Ram will rule Delhi”). The timing underscores the intensity of the upcoming electoral battle, with both the Congress and BJP vying for the support of Delhi’s voters.

Congress leaders, including Delhi Chief Devendra Yadav and national spokesperson Pawan Khera, expressed confidence in the anthem’s impact, emphasising its ability to capture the public mood and convey the party’s commitment to resolving Delhi’s pressing issues.

The anthem’s release signifies the Congress party’s full-fledged entry into the electoral fray, setting the stage for a closely contested election on February 5th, with results due on February 8th. Over 1.5 crore voters will play a crucial role in deciding the fate of the 70-member Delhi Assembly.

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India News

ChatGPT outage affects thousands of users globally, OpenAI reacts

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

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On January 23, OpenAI’s popular AI chatbot, ChatGPT, suffered a significant global outage, leaving millions of users unable to access the service. The disruption affected multiple access points, including the web interface, the mobile application, and even integrations on social media platforms like X (formerly Twitter). This widespread failure quickly drew significant attention, with reports flooding in from users worldwide.

The outage tracking website, Downdetector, registered a surge in user reports, exceeding a thousand complaints within a short period. This volume underscored the scale of the disruption and the significant impact on ChatGPT’s user base.

The majority of these reports indicated a complete inability to use the chatbot, highlighting the severity of the problem. A smaller percentage of users reported encountering difficulties with the website or API, suggesting a less comprehensive but still noticeable impact.

OpenAI swiftly acknowledged the outage, publishing updates on their dedicated status page. This transparency, while offering little in the way of immediate solutions, served to reassure users that the company was actively addressing the situation.

The official statements consistently described the problem as “degraded performance” and “elevated error rates” within the API, hinting at underlying technical issues that required investigation. However, specific details regarding the root cause remained undisclosed, pending a more thorough examination.

According to reports, the outage commenced around 5 PM IST and persisted for several hours. The lack of a definitive timeline and the ongoing nature of the disruption underlined the complexity of the problem and the challenges faced by OpenAI’s engineering teams in resolving the issue.

As of the latest updates, the exact cause of the outage remains under investigation by OpenAI. The company is actively working to restore full functionality and provide a more comprehensive explanation once the underlying problem has been identified and rectified.

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