English हिन्दी
Connect with us

India News

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.

Published

on

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.

https://www.facebook.com/watch/?extid=NS-UNK-UNK-UNK-IOS_GK0T-GK1C&v=1124262888399116

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

India News

UN backs PM Modi’s push for urgent UNSC reform

The UN has backed PM Modi’s call for urgent Security Council reform, saying its current structure no longer reflects 21st-century realities.

Published

on

The United Nations has backed Prime Minister Narendra Modi’s call for urgent reform of the UN Security Council, with a spokesperson for UN Secretary-General António Guterres saying the Council’s existing structure no longer reflects the realities of the 21st century.

UN Secretary-General spokesperson Stéphane Dujarric was responding to PM Modi’s remarks at the 18th BRICS Summit in New Delhi, where the Prime Minister said reform of the Security Council “can no longer be delayed”.

Dujarric said there is a fundamental need to reform the Security Council as well as other international institutions.

He pointed to the Council’s current composition of five permanent members and said it does not adequately represent the world as it exists today. He argued that international institutions need to adapt to the realities of 2026 rather than continue reflecting the circumstances of 1945.

Modi calls for time-bound UNSC reform

Addressing the BRICS session on inclusive global governance and strengthening multilateralism, PM Modi criticised the concentration of power and decision-making in the existing global governance system.

He said countries of the Global South are often at the forefront of global crises but have limited influence over decisions that affect them.

Modi proposed that BRICS countries prepare 10 proposals for global governance reforms, which could subsequently form a BRICS Reform Roadmap at the next summit.

The roadmap, he said, should focus on three broad areas — representation, responsiveness and rule-making.

On representation, Modi specifically called for reform of the UN Security Council, saying the process should be linked to a fixed timeframe and clear outcomes.

BRICS backs greater representation

The New Delhi Declaration adopted at the 18th BRICS Summit also reaffirmed the grouping’s support for reform of global governance institutions.

BRICS called for a more representative and equitable international system and stressed the need for greater participation of developing countries in global decision-making.

On Security Council reform, the grouping backed comprehensive changes aimed at making the body more democratic, representative, effective and efficient, with greater representation for developing countries.

The declaration also said Security Council reform should strengthen the voice of the Global South.

China and Russia, the two permanent members of the Security Council within BRICS, reiterated their support for the aspirations of India and Brazil to play a greater role in the UN, including the Security Council.

UN highlights India’s role

Dujarric also said India has an important role to play in addressing conflicts and helping parties communicate.

He said Guterres and PM Modi discussed conflicts including those in the Middle East and Ukraine during their meeting.

According to Dujarric, the UN Secretary-General believes India can act as a bridge builder and contribute to efforts aimed at helping conflicting sides communicate and reach peaceful settlements.

Dujarric also congratulated Modi on India’s BRICS presidency and said the adoption of a joint declaration was a credit to India’s leadership of the grouping.

India is hosting the 18th BRICS Summit in New Delhi on September 12-13. The summit is being held under India’s chairship with the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.

Continue Reading

India News

PM Modi-Xi meeting: Xi says India, China can learn from each other’s strengths

PM Modi and Xi Jinping held bilateral talks on the sidelines of the BRICS Summit, with discussions focused on border peace, bilateral relations and cooperation.

Published

on

China President Xi Jinping

Chinese President Xi Jinping said India and China can learn from each other’s strengths and support one another as he held bilateral talks with Prime Minister Narendra Modi in New Delhi on Saturday.

The meeting took place on the sidelines of the BRICS Summit 2026 during Xi’s two-day visit to India. It was his first visit to the country in seven years. The discussions covered bilateral relations, border issues, trade and investment.

PM Modi stresses importance of border peace

Prime Minister Narendra Modi emphasised that peace and tranquillity in the border areas are essential for the continued development of India-China relations.

He also underlined the need for both countries to follow existing agreements and understandings related to border issues. The two leaders reaffirmed their commitment to pursuing a fair, reasonable and mutually acceptable resolution of the boundary question while keeping the long-term interests of both countries in mind.

The two sides also noted steady progress in bilateral relations since Modi and Xi last met in Tianjin in August 2025.

Modi stressed that differences between India and China should not turn into disputes. He said the relationship should be guided by three principles — mutual respect, mutual sensitivity and mutual interest.

Xi calls for long-term India-China ties

During the meeting, Xi Jinping said China has consistently viewed its relationship with India from a strategic and long-term perspective.

He recalled that he and Modi have met 21 times over the years and said these meetings had helped guide India-China relations towards steady development.

Xi said that despite differences in their national conditions, India and China could learn from each other’s strengths, support one another and pursue common development.

He also highlighted the responsibilities of India and China as two of the world’s most populous countries and important members of the Global South.

Both sides review bilateral relations

The two leaders carried out a comprehensive review of India-China relations and discussed measures to expand engagement.

The talks also highlighted the importance of maintaining peace and tranquillity along the border and continuing cooperation based on mutual respect, mutual sensitivity and mutual interest.

After the meeting, Modi said the two sides had reviewed the full range of India-China relations. He also conveyed India’s best wishes to China ahead of its BRICS presidency next year.

Continue Reading

India News

Bank holiday on September 14: Banks closed in these cities

Banks will remain closed on September 14 in nine cities, including Mumbai, Bengaluru, Chennai and Hyderabad, due to Ganesh Chaturthi and related festival observances.

Published

on

Bank holidays

The bank holiday on September 14 will affect branches in select cities across India as banks observe a regional holiday for Ganesh Chaturthi and related festival observances.

September 14, 2026, falls on a Monday and is listed as a holiday for Ganesh Chaturthi, Ganesh Puja, Varasiddhi Vinayaka Vrata, Vinayakar Chathurthi and Hartalika in certain banking centres.

Bank holiday on September 14: Full city-wise list

According to the holiday listings, bank branches will remain closed on September 14 in the following centres:

CityFestival/occasion
BelapurGanesh Chaturthi/Ganesh Puja/related observances
BengaluruGanesh Chaturthi/Ganesh Puja/related observances
BhubaneswarGanesh Chaturthi/Ganesh Puja/related observances
ChennaiGanesh Chaturthi/Ganesh Puja/related observances
HyderabadGanesh Chaturthi/Ganesh Puja/related observances
MumbaiGanesh Chaturthi/Ganesh Puja/related observances
NagpurGanesh Chaturthi/Ganesh Puja/related observances
PanajiGanesh Chaturthi/Ganesh Puja/related observances
VijayawadaGanesh Chaturthi/Ganesh Puja/related observances

The holiday is therefore not applicable to bank branches across the entire country. Bank holidays in India vary by state and banking centre, depending on local festivals and occasions.

Why are banks closed on September 14?

September 14 marks Ganesh Chaturthi in 2026. The festival falls on Monday this year, with the date confirmed as September 14.

The banking holiday calendar uses different names for the observance across centres, including Ganesh Chaturthi, Ganesh Puja, Varasiddhi Vinayaka Vrata, Vinayakar Chathurthi and Hartalika.

The National Stock Exchange’s 2026 holiday circular also lists September 14 as a trading holiday for Ganesh Chaturthi.

Will online banking services work on September 14?

The closure applies to physical bank branches in the affected centres. Customers can generally continue to use digital banking channels such as mobile banking, internet banking and UPI, although specific services can depend on the bank.

Customers who need to visit a branch for cash deposits, withdrawals, account-related work or other in-person services should check the holiday status of their particular branch before visiting.

What about banks in other cities?

Banks in cities that are not covered by the September 14 regional holiday are not automatically closed because of Ganesh Chaturthi.

The bank holiday calendar is centre-specific, so customers should check their bank’s branch holiday schedule before planning a branch visit.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com