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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

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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West Bengal elections: RG Kar victim’s mother says want to contest polls

 Kolkata: On Thursday, the mother of the victim in the RG Kar rape and murder case voiced her intention to run in the forthcoming assembly elections from the Panihati constituency in North 24 Parganas, the family’s hometown. Protesters lit mobile torches during a rally seeking justice for the female doctor victim of RG Kar Medical College & Hospital at Shyambazar in Kolkata on September 8, 2024. Bu uydurma. She stated that she had gotten an offer from the Bharatiya Janata Party (BJP) a long time back but wasn’t ready to decide then. “I got an offer from the BJP long ago, but I wasn’t mentally prepared.” I’ve chosen to run for office to deliver justice for my daughter and protect all women in this state. She claimed, “CPI(M) is indirectly aiding TMC by exploiting my daughter’s death for political gain.” West Bengal BJP president Samik Bhattacharya stayed silent on the matter, though the party’s candidate list excluded the Panihati seat, sparking rumors of a possible future choice. BJP state unit chief spokesperson Debjit Sarkar noted that only the party’s parliamentary committee in Delhi holds decision-making authority. “I saw her on television.” “I sympathize with her personally, but I can’t comment without clearance from our parliamentary committee,” he said. CPI(M) state secretary Md Salim rejected the allegation. “The BJP and RSS exploited the incident, while the CPI(M) supported the family.” Salim said, “Our youth leaders abandoned former chief minister Buddhadeb Bhattacharjee’s funeral procession midway and hurried to assist the family amid an emergency.” 

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Vijayan files nomination papers, declares ₹1.01 cr assets

 Kerala Chief Minister Pinarayi Vijayan submitted his nomination papers on Thursday as the Left Democratic Front (LDF) candidate for the Dharmadam Assembly constituency in Kannur district. (PTI) Chief Minister Vijayan, the first major party candidate to file nomination papers for the upcoming assembly elections, submitted them to Returning Officer Sachin Krishna at the Sub-Registrar Office in Thalassery around 8:03 a.m. He was accompanied by his Communist Party of India (Marxist) colleagues EP Jayarajan, AN Shamseer, KK Rajesh, and P Sasi. Incidentally, Vijayan filed his nomination papers on the 28th death anniversary of EMS Namboodiripad, Kerala’s inaugural chief minister and communist icon. Although the CPI(M) had initially scheduled a roadshow with thousands of supporters from the chief minister’s native village of Pinarayi to the sub-registrar’s office, Vijayan skipped it and went straight to the office. He stayed there for about 15 minutes before heading to Malappuram for party events marking EMS’s death anniversary. This marks the third occasion that Pinarayi Vijayan has submitted nomination papers as a party candidate in the Dharmadam constituency, following victories in 2016 and 2021. He has previously been elected MLA three times from Kuthuparamba and once from Thaliparamba. The two-term CM has disclosed movable and immovable assets totaling ₹1.01 crore in his financial declaration. In the affidavit submitted prior to the 2021 elections, his assets totaled ₹1.18 crore. Vijayan declared movable assets exceeding ₹45 lakh, which included bank deposits and shares in companies such as Malayalam Communications Limited (owner of Kairali TV) and Kannur International Airport Limited. The affidavit also lists immovable property valued at more than ₹56 lakh, comprising a residential property and 78 cents of agricultural land. He owns no gold or vehicles. His wife, Kamala Vijayan, possesses movable assets valued at ₹60 lakh, which include 80 grams of gold, along with immovable assets worth ₹36 lakh. Neither Vijayan nor his wife has any liabilities. CM Vijayan is facing six cases, including one under the Prevention of Corruption Act related to the SNC-Lavalin case and another under ED investigation concerning the masala bonds issued by the Kerala Infrastructure Investment Fund Board. 

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