Police use force to break up protests at university in Turkiye's capital
Istanbul (AP): Police used pepper spray, rubber bullets and water cannons against protesters in Turkiye's capital early Thursday, potentially reigniting tensions after two days of relative calm in the country's biggest anti-government protests in over a decade.
The demonstrations began last week following the arrest of Istanbul Mayor Ekrem Imamoglu, a key rival to President Recep Tayyip Erdogan. Imamoglu, jailed on corruption charges many see as politically motivated, is also accused of supporting terrorism. The government insists the judiciary is independent, but critics say the evidence is based on secret witnesses and lacks credibility.
Early Thursday, student demonstrators tried to march and gathered to read a statement near the gates at Middle East Technical University, pro-opposition broadcaster Halk TV and local media reported. They were met by security forces who deployed pepper spray, water cannons and rubber bullets. A standoff ensued where the students hid behind a barricade made out of trash cans until the police charged to detain the protesters.
Melih Meric, a legislator with the Republican People's Party or CHP, was seen soaked with water and suffering from pepper spray exposure. “My student friends only wanted to make a press statement, but the police strictly did not allow it, this is the result," Meric was seen saying on social media videos.
Officials have not said how many people were detained.
Ozgur Ozel, the leader of CHP to which Imamoglu belongs, had promised lawmakers would stand alongside protesters in hopes of lowering tensions. He also warned that if the police provoked demonstrators after he delivered a speech Tuesday, he would “make a call for 500,000 people to (come to) the place that will disturb” Erdogan the most.
Interior Minister Ali Yerlikaya has said Wednesday that 1,418 people have been detained in the past week over the protests.
Demonstrations have swept across major cities, hundreds of thousands showed up for the protests and CHP rallies outside the Istanbul city hall. A historic aqueduct near the city hall became a daily spot of standoffs between the police and demonstrators that ended with the police charging with pepper sprays, rubber bullets and detentions at the end of the day.
Other major protests were held in the districts of Kadikoy and Sisli, where a government trustee was appointed after the arrest of its mayor last week, on Tuesday and Wednesday as thousands of protesters marched through the neighbourhoods as residents leaned from windows and balconies, clapping and banging pots and pans in support.
Erdogan has accused the opposition of “sinking the economy” and said those responsible for hurting financial stability would be held “accountable."
The opposition has called for a boycott of companies that it says support Erdogan's government. The Turkish president accused the opposition of being “so desperate that they would throw the country and the nation into the fire.”
Meanwhile, Imamoglu, speaking from prison via social media, denounced police violence against protesters, “I cannot call them police because my honourable police would not commit this cruelty to the young children of the nation,” he said.
Turkiye is not due for another election until 2028, but it's possible that Erdogan will call for an early vote to seek another term.
Imamoglu has been confirmed as the candidate for the CHP and has performed well in recent polls against Erdogan. His election as mayor of Turkiye's largest city in 2019 was a major blow to Erdogan and his party.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee rises 10 paise to 92.41/USD; faces risks from rising global tensions
Mumbai (PTI): The rupee appreciated 10 paise to 92.41 against the US dollar in early trade on Friday, even as the USD/INR pair faces risks from rising global tensions, especially the US-Iran conflict.
Forex traders said the rupee is likely to see high volatility intra-day as the deadline for RBI's instructions to banks to curb their overnight positions to USD 100 million closes today.
At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then gained ground to touch 92.41 against the US dollar in initial trade, registering a gain of 10 paise over its previous close.
On Thursday, the rupee settled with a marginal gain of 3 paise at 92.51 against the US dollar.
"An estimated 80–85 per cent of these positions have already been unwound, which means the bulk of this supportive flow is now behind us. In simple terms, the cushion that held the rupee steady is beginning to thin, and this is where the story starts to shift," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that looking ahead, the picture for the rupee appears to be changing. "With most of the NOP-related support now fading and global uncertainties still elevated, the scope for further strength seems limited. USDINR is likely to find a base in the 92.20–92.50 zone, with a gradual move higher towards 93.50–94.00 levels," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.07 per cent at 98.69 as the safe-haven demand has come down after the ceasefire, but as the ceasefire is fragile, the US dollar is getting bids at lower levels.
Brent crude, the global oil benchmark, was trading higher by 0.51 per cent at USD 96.44 per barrel in futures trade, as the ongoing uncertainty over the Strait of Hormuz opening is keeping the oil trade well bid.
Pabari further noted that just as domestic support begins to fade, the global backdrop is turning uneasy again. "The World Bank has flagged that India's growth for FY27, expected at 6.6 per cent, faces risks from rising global tensions, especially the Iran conflict," he said.
According to Pabari, India continues to have strong buffers in the form of forex reserves and a stable banking system, but pressure points are slowly beginning to build.
On the domestic equity market front, the stock markets witnessed a rebound in early trade. The 30-share Sensex jumped 630.08 points to 77,261.73, while the Nifty climbed 203.6 points to 23,978.70.
Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data.
_vb_63.jpeg)