Rahul Gandhi says Rupee not breaking, is broken
New Delhi, Oct 4 : As the Rupee hit a record low of Rs 73.77 against the US dollar, Congress President Rahul Gandhi Thursday said the Indian currency is not breaking, but is "broken".
The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
"Breaking: Rupee slips to 73.77. It's not breaking - it's Broken," Gandhi said on Twitter.
Gandhi Wednesday hit out at Prime Minister Narendra Modi questioning his silence over the falling value of the Indian Rupee.
He tweeted in Hindi that fuel and gas prices are on the boil and there is an outcry in the public and asked till when the prime minister will be on silent mode.
"The rupee has crossed the 73 mark and price rise is causing an outcry. Fuel and gas prices are on fire and markets are scurrying. Till when will the 56-inch chest be on 'silent mode'," he tweeted and asked what happened to the promise of 'achche din'.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.
State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.
At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.
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Trump’s fresh threat to bomb Iran amid reports of deal to end war
Washington (PTI): US President Donald Trump on Wednesday threatened Iran with more bombing if it doesn't reopen the Strait of Hormuz, amid a report that the warring sides were nearing an agreement to end the war.
US media outlet Axios reported, quoting US officials and two other sources, that the US and Iran were getting close to a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.
The US expects Iranian responses on several key points over the next 48 hours, Axios reported, adding that nothing has been agreed yet. This was the closest the parties had been to an agreement since the war began.
"Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran," Trump said in a post on Truth Social.
"If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump said.
According to Axios, the deal would involve Iran committing to a moratorium on nuclear enrichment, the US agreeing to lift its sanctions and release billions in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz.
It said many of the terms laid out in the memo would be contingent on a final agreement being reached, leaving the possibility of renewed war or an extended limbo in which the hot war has stopped, but nothing is truly resolved.
