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Indian Rupee: One Of The Worst Performing Currencies

The rupee is still overvalued, according to the 36-country Real Effective Exchange Rate calculation after adjusting for inflation

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Indian Rupee: One Of The Worst Performing Currencies. flickr

The Indian rupee’s plunge to an all-time low of 69.09 against the US dollar, compared to the previous low of Rs 68.865 in November 2016 reflects the ill-effects of US President Donald Trump’s disastrous economic policies on the world at large. Indeed, American protectionism through higher import duties coupled with the consequences of renewed US sanctions against Iran is indeed playing havoc with economies across the world. That the rupee has fallen by more than eight per cent over the last one year is not good news for India, though, there is a silver lining in terms of the possibility of higher exports. The hard reality is that the rupee is one of the worst performing currencies in the world and the consequences of American policies could make things worse.

Not only have foreign institutional investors been pulling out funds from the Indian market, having withdrawn a whopping Rs 46,197 crore in three years, the spectre of higher crude prices due to the sanctions against Iran could disturb the applecart further considering that India depends heavily on crude imports to meet its oil needs. If there is any consolation at all for the rupee’s plunge, it is that most emerging market currencies are crashing.

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Indian currency notes. Pixabay

Also read: Crores of rupees being spent on defunct websites of Municipal Corporation of Delhi

The Reserve Bank’s prop by selling US$400 to 500 million in one-month futures contracts has saved the day for India. Almost an equal amount has been sold through Mint Street. Mercifully, a weak rupee need not be necessarily bad for the Indian economy. The rupee is still overvalued, according to the 36-country Real Effective Exchange Rate calculation after adjusting for inflation. As of May, the over-valuation was 14.67 per cent. This could give exports a boost which is a silver lining. There is also a Moody’s report which says that India is one of the five countries that are least vulnerable to currency pressures amid strengthening of the US dollar due to low dependence on external capital. But the downside is that as US interest rates go up, investors who borrowed at a cheaper rate would find returns from investing in India not worth the risk. On balance, major economic challenges lie ahead of India meeting with would be no mean task. (IANS)

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Uber Receives 3,045 Cases of Sexual Assault in U.S. in Year 2018

"We are partnering with RAINN, the nation's largest sexual violence organisation, to design and implement this programme," Uber added

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Ride-hailing giant Uber has released its first safety review which contains thousands of sexual assault reports. The company has also revealed the changes it was making to make rides safer for its passengers and drivers.

The two-year safety review contains almost 2,936 reports pertaining to sexual assault that Uber received in 2017 and 3,045 it received in 2018.

Notably, the cab aggregator categorises sexual assaults into five subcategories, which are non-consensual kissing of a non-sexual body part, non-consenual touching of a sexual body part, attempted non-consensual sexual penetration, non-consensual kissing of a sexual body part and non-consensual sexual penetration.

In the last sub category, which is rape, the cab hailing major received 229 reports of rape in 2017 and 235 reports of rape in 2018. Throughout 2017 and 2018, the reported incidents occurred on 0.00002% of trips, according to the company.

“Confronting sexual violence requires honesty, and it’s only by shining a light on these issues that we can begin to provide clarity on something that touches every corner of society,” Tony West, Uber’s Chief Legal Officer, said in the review.

“And, most importantly, by bringing hard data to bear, we can make every trip safer for drivers and riders alike.”

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Uber app. Pixabay

The ride hailing major long been under fire for its safety practices.

In its response to making rides safer for its passengers, Uber mentioned developments like its “in-app safety button”.

“We’re rolling out new features that allow riders to verify their driver with a secure PIN code, send a text message directly to 911 operators, and report safety incidents to Uber even before their trip is over,” the company said.

Also Read: Elon Musk Wins in Defamation Trial Over his ‘Pedo Guy’ Tweet

In 2020, the cab aggregator will expand sexual misconduct and assault education to all the US drivers.

“We are partnering with RAINN, the nation’s largest sexual violence organisation, to design and implement this programme,” Uber added. (IANS)