Business
Rupee hits new all-time low as dollar index rises to 20-year high

The Indian rupee has depreciated to the record low since the morning trade after the dollar index surged to 20-year high and 75 basis points rate hike by the US Fed, and hint at more rate hikes in the future.
Rupee’s previous record low against the greenback was 80.12 reached late in August.
At the interbank foreign exchange market at 12.30 p.m., rupee was trading at 80.71 against the dollar, which was sharply lower than its previous close.
“With the US Fed increasing rates by 75 bps and hinting at more rate hikes in the future, we believe the dollar index can see a significant increase, implying that most major market currencies, including INR should be under pressure. If we start seeing INR depreciating, then from a USD returns perspective for FPIs, India becomes unattractive,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.
The US dollar index hit a fresh 20-year high on Thursday after the US Fed warned about aggressive rate hikes in the future. The dollar index jumped to 111.530 on Thursday during the afternoon trade.
The local currency as well as dollar index also got hurt due to escalating geopolitical tensions after Russia ordered a partial mobilisation of military forces in Ukraine.
Kulkarni also added that we could also witness a reversal of FPI flows in the near to medium term, which will increase market volatility. Higher interest rates in the US will force major central banks, including India, to increase interest rates to stem the pressure on their domestic currencies and with increased interest rates and cost of capital, market multiples can contract. We believe in the near term, Indian equity markets can witness increased volatility.
Kunal Sodhani, Vice President, Global Trading Center, Shinhan Bank in a note said that considering the technical charts DXY can test 112.50, EURUSD can test 0.9720/50 levels, GBPUSD can test 1.1180 levels, USDJPY can test 145.20 levels.
“For USDINR, 79.60 acts as a good base while a break of all-time high of 80.13 on a closing basis, can open doors for 80.50 levels as a lot of option sellers may trigger stop losses,” Sodhani added.
After the rate hike by the US Fed, overseas stocks tumbled which was followed by domestic equities. At 12.30 p.m., Sensex was down 608.78 points or 1.02 per cent at 58,848.00 and Nifty was 165.75 points or 0.94 per cent at 17,532.95.
National
CM Nitish meets Bihar Governor Arif Mohammad Khan, discusses key issues

Patna, July 3: Ahead of the Bihar Assembly elections, Chief Minister Nitish Kumar met Bihar Governor Arif Mohammad Khan at Raj Bhavan on Thursday, and reportedly discussed key issues.
CM Nitish reached Raj Bhavan around 11 a.m., and the meeting lasted for about 30 minutes, during which several important administrative issues were discussed.
According to sources, the meeting primarily focused on the appointments of Vice Chancellors in universities across Bihar.
“This meeting was not political but related to higher education and the appointment of Vice Chancellors and other officials in the state’s universities,” sources said.
The Bihar government, ahead of the Assembly elections, is working to resolve issues across departments, including Higher Education, ensuring timely appointments, fund releases, and smooth educational activities.
The appointment of Vice Chancellors is considered crucial to avoid administrative bottlenecks during the election period.
Bihar Assembly elections are expected to be held in October-November this year, and the Election Commission of India may announce the schedule soon.
Before the elections, the Nitish Kumar-led government is keen to clear pending administrative issues to ensure smoother governance and to prevent disruptions in universities during the election season.
Several universities in Bihar are awaiting appointments and transfers of Vice Chancellors, registrars, examination controllers and other officials. The Governor, as Chancellor of state universities, along with the Chief Minister, play a key role in these appointments.
Arif Mohammad Khan took charge as the Governor of Bihar in 2025 after serving as the Governor of Kerala from 2022 to 2025.
A senior politician, Khan has previously held important positions in the Central government as a BJP leader.
This meeting holds significance as the state gears up for elections, with the government looking keen to complete critical institutional appointments before the Model Code of Conduct comes into effect.
National
AAP’s decision to go solo in Bihar polls draws ‘publicity stunt’ jibe from INDIA bloc ally

New Delhi, July 3: Aam Aadmi Party (AAP) chief Arvind Kejriwal’s announcement of contesting the upcoming Bihar Assembly elections alone has invited a slew of reactions from political parties. Various parties, its ally or adversary, reacted on expected lines; however, the harshest one came from the Congress party, its erstwhile alliance partner in the INDIA bloc.
From JD(U) to Congress and others, all elicited a common view that AAP remains a non-player in the Bihar electoral landscape and its political plunge will have no impact on the power equations there.
JD(U) leader Rajiv Ranjan said that AAP’s decision to contest all 243 seats in Bihar shows clear and deep cracks in the INDIA bloc.
“This alliance is already in ruins and is now headed for further decline, as Kejriwal has himself said that the INDIA bloc was formed for the 2024 elections,” he said.
He added that AAP’s foray into the Bihar arena will have a bearing on the INDIA bloc partners, including RJD, as Tejashwi Yadav and his party will find it difficult to rally support.
Congress leader Akhilesh Prasad Singh said this looks nothing more than a ‘publicity stunt’.
“AAP has no presence in Bihar, people don’t even know Kejriwal’s party name. By such announcements, he is trying to stay in the news. Kejriwal may be known to people here, but his party is non-existent in Bihar, he said.
Another Congress leader, Tariq Anwar, said AAP was welcome to contest elections in Bihar but warned of more backlash than support.
“Every party is independent to contest elections as per its own choice. AAP can also decide its fortunes in upcoming elections, but it is a fact that AAP has no base in Bihar, it has no elected representative in Bihar, even at the panchayat level,” he said.
“Deciding to take a political plunge in such a situation could incur more losses than benefits,” he added.
Notably, AAP supremo Arvind Kejriwal, addressing a press conference in Gujarat’s Gandhinagar on Thursday, said, “AAP will contest Bihar polls alone. The INDIA bloc was only for the Lok Sabha polls; there is no alliance with Congress now.”
When probed further, he said, “If there was any alliance, then why did Congress contest in Visavadar bypolls. They came to defeat us. BJP sent Congress to defeat us and cut the votes.”
National
Rahul Gandhi questions Maha govt over farmer suicides, BJP counters with facts during Cong-NCP rule

New Delhi, July 3: Leader of Opposition (LoP) in the Lok Sabha Rahul Gandhi on Thursday criticised the BJP-led Maharashtra government over farmer suicides and accused the Centre of ignoring their plight. This prompted a swift response from the BJP, which cited findings and facts about farmer deaths in the state during the Congress-NCP rule to set the record straight.
The political blame game on farmer suicides began over the Fadnavis government’s admission that 767 farmers committed suicide in the state in the past three months. The state government told the Legislative Assembly on Tuesday that 767 farmer suicides were reported in the state, primarily in the Vidarbha region.
The Congress MP used the farmers’ deaths to mount an attack on the Centre, accusing it of callousness and gross indifference to their plight. He said that 767 families have been devastated and shattered, but the government remains unmoved.
“Is this just a statistic? No. These are 767 shattered homes. 767 families that will never recover. And the government? Silent. Watching with indifference,” he asked on X.
Rahul further said the farmers are sinking deeper into debt every day, but the government continues to look away. Their plight remains ignored while there is no government assurance or promise on the Minimum Support Price (MSP) for agricultural products.
BJP IT cell chief Amit Malviya was quick to counter Rahul’s charge with facts and figures of farmers’ suicides, when the state was ruled by Congress-led governments in the past.
Amit Malviya said the Congress leader must think before blurting out baseless charges. He said that Rahul must look at the utter failures and misgovernance of the Congress-NCP governments, which saw a spate of farmer deaths during their reign.
Sharing details of farmers’ deaths, Amit Malviya stated that more than 55,000 deaths took place in the 15-year rule of the Congress-NCP government and asked, ‘Who was accountable for this?’
The graph shared by him, compiled with data gathered from NCRB and P. Sainath, shared details of ‘mass suicides’ in different government tenures, starting from 1999 to 2014.
“From 1999-2004, about 16,512 farmers committed suicide while from 2004-2009, about 20,566 farmers committed suicide while from 2009 to 2014, 18,850 farmers killed themselves,” it pointed out.
Notably, the Vidarbha region in Maharashtra has gained infamy over the years because of an abnormally high number of suicides by farmers. For decades now, the region has been hogging headlines over sorry state of affairs for the farming community.
Rahul Gandhi, further escalating his attack on the Centre, said that farmers’ demand for loan waivers remains ignored, but the Modi government continues to give big loans to corporates and billionaires.
“Modi ji promised to double farmers’ income – today, the reality is that the lives of those who feed the nation are being cut in half. This system is killing the farmers,” Congress MP claimed.
Giving a firm retort, Amit Malviya said that the politics of counting the dead looks repulsive, but it’s important to show Rahul Gandhi and Congress the mirror.
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