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Rupee breaches 93 against USD for the first time amid Iran ‘war’

 The rupee plunged 2313.65 paise to a record intraday low of 27 versus the US dollar during early trading on Friday, driven by further strengthening of the greenback and relentless FII outflows amid the persistent West Asia conflict. File: An installation of the Rupee logo and Indian currency coins outside the Reserve Bank of India (RBI) headquarters in Mumbai (REUTERS). High global crude oil prices exerted additional strain on the local currency, though a upbeat start in domestic stock markets mitigated a steeper decline, forex traders said. In the interbank forex market, the rupee began at 83.19 versus the US dollar, then surpassed the 83-mark for the first time to trade at 83.08, down 19 paise from the prior close. The rupee had plunged 49 paise to end at a record low of 82.89 against the dollar on Wednesday. Forex markets remained shut on Thursday due to Gudhi Padwa. The rupee appears vulnerable, with the RBI as the sole defender preventing a further decline by selling dollars. FPIs were net sellers on Thursday amid a drop in Sensex and Nifty to their lowest levels in 21 months, said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP. Meanwhile, the dollar index—measuring the greenback’s strength against a basket of six currencies—was up 73% at 100.25. Brent crude, the global oil benchmark, fell 1.64% to $106.9 per barrel in futures trading. In domestic equities, the Sensex recovered from Thursday’s plunge, climbing 960.67 points (1.29%) to 75,167.91, while the Nifty rose 311.50 points (1.35%) to 23,313.65. Foreign institutional investors offloaded equities worth ₹7,558.19 crore net on Thursday, per exchange data. 

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Politics

‘Targeting of commercial shipping unacceptable’: India’s big message amid Strait of Hormuz blockade, Iran-US war

 In the midst of surging oil prices, a worldwide energy crisis, and escalating tensions in the Middle East from the ongoing Iran-US conflict, India has denounced attacks on commercial vessels in international waters and urged de-escalation via dialogue and diplomacy. An Indian LPG carrier, Shivalik, has reached Mundra Port after transiting the Strait of Hormuz (REUTERS). At the 36th extraordinary session of the IMO Council in London, Indian envoy Vikram Doraiswamy highlighted the importance of freedom of navigation and seafarer safety, while voicing concerns about the blockade of routes in the Strait of Hormuz—a vital channel carrying one-fifth of global oil shipments. The strait has experienced disruptions since the Iran-US war began, causing a sharp global rise in oil prices and worries in nations like India. Follow live updates on the US-Iran war here. “Targeting commercial shipping and attacks on civilian maritime infrastructure is unacceptable.” These attacks have caused the deaths of innocent people, injuries, and increased dangers, including to seafarers. India ranks among the top three countries supplying seafarers, accounting for about 13 percent of the world’s seafaring workforce. “We remain deeply concerned about the safety and welfare of all seafarers,” said Doraiswamy, the Indian High Commissioner to the UK, as quoted by news agency ANI. “The exercise of navigational rights and freedom by merchant and commercial vessels in accordance with international law must be respected,” he added. Indian ships stuck at sea. Although numerous Indian-flagged vessels have received clearance to pass amid the ongoing war, many continue to be stranded at the vital strait in the Persian Gulf. A Bloomberg report states that 22 India-flagged vessels are stranded in the Persian Gulf, including six LPG carriers, one liquefied natural gas ship, and four crude oil tankers. However, some fuel carriers have proceeded to India under escort, as India deploys additional warships to the Gulf of Oman to ensure their safe passage, according to an earlier HT report. India anticipates that Iran will permit safe ship movements despite its conflict with the US. External affairs minister S Jaishankar previously noted there is no “blanket arrangement” for ship movements, and Iran receives “nothing” in return. Iran insists the vital waterway remains accessible to all operators except those from the US and Israel. Will the oil crisis intensify? 

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Politics

‘Targeting of commercial shipping unacceptable’: India’s big message amid Strait of Hormuz blockade, Iran-US war

 Amid a spike in oil prices, a global energy crisis and the ongoing Iran-US war sparking tensions in the Middle East, India has condemned the targeting of commercial shipping in international waters, and called for de-escalation through dialogue and diplomacy.. An Indian liquefied petroleum gas (LPG) carrier, Shivalik, arrives at Mundra Port via the Strait of Hormuz (REUTERS). Addressing 36th extraordinary session of the Council of the IMO in London, Indian envoy Vikram Doraiswamy emphasised freedom of navigation and the safety of all seafarers and expressed concern over the blockade of routes along the Strait of Hormuz, a key waterway used to transport one-fifth of the world’s oil.. The passage has been facing disruptions ever since the beginning of the ongoing Iran-US war, triggering a big spike in oil prices globally and raising concerns across countries, including India.. Follow live updates on the US-Iran war here.. “Targeting of commercial shipping and attacks on civilian maritime infrastructure is unacceptable. Such attacks have resulted in the loss of innocent lives, injuries, and heightened risks, including to seafarers. India is among the top three seafarer-supplying nations, contributing approximately 13 per cent of the global seafaring workforce. We remain deeply concerned about the safety and welfare of all seafarers,” Doraiswamy, the Indian High Commissioner to UK, said, as quoted by news agency ANI.. “The exercise of navigational rights and freedom by merchant and commercial vessels in accordance with international law must be respected, ” he added.. Indian ships stuck at sea. While many Indian-flagged vessels have been cleared for passage despite the ongoing war, many of them still remain stranded at the key strait in the Persian Gulf. According to Bloomberg report, there are 22 India-flagged vessels stranded in the Persian Gulf, including six LPG carriers, one ship carrying liquefied natural gas and four crude oil tankers.. However, a few fuel carriers have headed to India under their watchful eyes as India is deploying more warships to the Gulf of Oman for their safe passage, as reported by HT earlier.. India expects Iran to allow the movement of ships safely amid its ongoing conflict with the US. However, external affairs minister S Jaishankar had earlier clarified that there was no “blanket arrangement” for the movement of ships and that Iran got “nothing” in exchange. Iran maintains that the key passage is open for operations to all, except American and Israeli carriers.. Oil crisis to escalate?. The blockade of the Strait of Hormuz is no longer the sole focal point of global energy concerns. Escalating tensions, marked by US and Israeli strikes on Iran’s critical energy infrastructure and Tehran’s retaliatory attacks on oil and gas facilities across the Middle East, have heightened fears of a prolonged and widening crisis.. The South Pars Gas Field, with forms part of the world’s largest gas field and is a cruci 

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South Pars, Ras Laffan: World’s largest gas reserve in crosshairs of US-Iran war, what it means for India

 Israeli attacks on Iran’s South Pars gas field inflicted damage on vital infrastructure, leading Iran to retaliate with strikes on Gulf energy facilities, including Qatar’s Al Laffan LNG complex at the opposite end of the shared gas field. File photo: An Iranian man strolls through phase 15-133 of the South Pars gas field complex in the southern Iranian port city of Assaluyeh along the Persian Gulf coast on January 22, 2014 (AFP). The gas field spans a total area of 9,700 square kilometers. The world’s largest gas field lies beneath the Gulf and is jointly held by Iran and Qatar. On the Iranian side, it is known as South Pars, while on the Qatari side, it is called North Field or North Dome. Iran depends on the field to fulfill its domestic energy needs, whereas Qatar leverages it for worldwide LNG exports. South Pars: Iran’s domestic energy lifeline | Key numbers. 1990: The year the field was discovered. Gas production commenced in 2002. 

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Supreme Court quashes FIR against YouTuber Elvish Yadav in snake venom case

 New Delhi: On Thursday, the Supreme Court quashed the criminal case against YouTuber Elvish Yadav, who was accused of using snake venom during video shoots and participating in drug-fueled rave parties, ruling the FIR legally unsustainable. Simultaneously, the court clarified that its order does not constitute a full exoneration, while allowing competent authorities to launch independent proceedings under the Wildlife (Protection) Act. Elvish Yadav was charged in 2023 and taken into custody in 2024 over claims of using snake venom at a rave party. The bench comprising Justices MM Sundresh and N Kotiswar Singh limited its examination to two key issues—the relevance of provisions in the NDPS Act, 1985, and the legitimacy of actions under the Wildlife (Protection) Act, 1972. The court ruled the case, as currently framed, legally unsustainable on both counts. ALSO READ | ED seizes properties worth over ₹58 lakh belonging to Elvish, Fazilpuria. Addressing the NDPS Act first, the bench observed that the substance allegedly recovered from a co-accused was not listed in the schedule of psychotropic substances under the statute. The court acknowledged that the items recovered from the co-accused do not fall under the scheduled psychotropic substances. It also considered the argument that no recovery was made from Yadav—represented by advocate Raman Yadav—with the prosecution’s case relying mainly on claims that he placed orders via an associate. Without any contraband substance recovered and no direct seizure from the accused, the court ruled that proceedings under the NDPS Act could not be upheld. ALSO READ | Pankit Thakker: I am perplexed to see Elvish Yadav’s social media influence. Regarding the Wildlife Protection Act, the bench identified a more fundamental legal flaw. It emphasized that Section 55 of the Act requires prosecution to be initiated solely upon a complaint from a duly authorized officer. 

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PM Modi’s key dialogue with Qatar, Oman, Jordan, France amid Iran-US war: ‘Attacks on energy condemnable’

 On Thursday, Prime Minister Narendra Modi held discussions with the leaders of Qatar, France, Jordan, Oman, and Malaysia, voicing concerns about the West Asia situation and calling for actions to de-escalate the conflict. He also denounced the assaults on the region’s energy infrastructure. In separate phone calls with the five leaders, the prime minister urged dialogue and diplomacy to restore peace. (AFP). The prime minister urged dialogue and diplomacy in separate phone calls with the five leaders to restore peace, security, and stability as soon as possible. He also addressed the importance of guaranteeing safe and unrestricted passage through the Strait of Hormuz. Get live updates on the Iran-US war here.. ALSO READ | India directs oil and gas companies to share data during crisis, activates Essential Commodities Act. Prime Minister Modi holds discussions with leaders of Qatar, France, Jordan, Oman, and Malaysia. Qatar. In his discussion with Qatar’s Amir, Tamim bin Hamad Al Thani, the prime minister affirmed New Delhi’s support for Doha and strongly denounced the assaults on the region’s energy facilities. He expressed thanks for the attention and assistance given to the Indian community and wished for peace and stability in the area. He stated, “We support safe and unrestricted passage through the Strait of Hormuz.” Follow live updates on Dubai news here. Jordan. 

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