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RBI May Recoup Reserves, Strong Inflow of Foreign Funds And Benign Oil Prices Strengthening Indian Currency
A strong inflow of foreign funds and benign oil prices have strengthened the Indian currency but what has worked best for the rupee is the fading impact of war hysteria. Experts now see a chance for the RBI to recoup the reserves it spent in 2018 defending the rupee.
Putting a number to this, Gurang Somaiya, currency analyst at Motilal Oswal, said: “It is possible that RBI may limit some of the appreciation and recoup some of its lost reserves… but it may only come if the rupee strengthens to around Rs 68.20 a dollar.”
Explaining the factors at play, Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said: “Post-Abhinandan (shooting down of the IAF pilot), geopolitical risk has subsided which has boosted investor sentiments.”
Banerjee added that the gains of the rupee will help the Reserve Bank of India recoup reserves which it lost last year in a bid to arrest its fall.
“The rupee appreciated and closed at 70.14 for the last week on the back of strong flows and fading impact of war hysteria,” said Sajal Gupta, Head Forex and Rates, Edelweiss Securities.
In addition, Gupta said that some “big flows are lined up next week. Maybe Arcelor Mittal money can hit the Indian markets which can lead to some more appreciation towards 69.50 unless the RBI intervenes”.
However, the rising dollar index is causing nervousness and any breakout may lead to a reversal in the rupee’s trend, said Gupta. Somaiya said that RBI may choose not to intervene as the central bank’s prime aim was to arrest volatility.
“Yes the rupee is inching below the 70-a-dollar mark but then the (general) election can cause massive volatility. Also, it is seen that a lot of central banks are getting into a dovish stance owing to the fears of global slowdown.”
The RBI had to stop the slump in the rupee late last year after it touched an all-time high of 74.47 on October 11 following the rising crude oil prices.
The Brent Crude touched $86-a-barrel mark in early October but started to ease following the US decision to exempt 8 countries, including India and China, to continue buying oil for six months from Iran despite sanctions.
The decline in crude oil, which accounts for a large import bill for India, directly affects the exchange rates.
A major factor supporting the rupee is the strong prospect of better fund flows from abroad.
“Inflows into India have clearly turned positive since the end of January. The flows in February at Rs 17,720 crore is the highest since November 2017. The trigger for this inflows is the dovish statement that came from the Fed at the end of January,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
India’s foreign exchange reserves stood at $401.78 billion as against $393.13 billion in November last year. As the data suggests, with improving macros, the forex is already on the recovery path. (IANS)
By Devakinanda Ji
Derived from the Sanskrit word muc ("to free"), the term moksha literally means freedom from samsara, release from the cycle of rebirth impelled by the law of karma. The transcendent state attained as a result of being released from the cycle of rebirth.
62) OṀ MOKṢHASĀDHAKABHŨMYAI NAMAH:
OṀ (AUM)-MOK-ṢHA-SAA-DHA-KA-BHOO-MYAI— NA-MA-HA
ॐ मोक्षसाधकभूम्यै नमः
(Mokṣha: Liberation, not returning to saṃsāra; Sādhaka: Seeking, spiritual discipline)
Mokṣha is liberation from the trans-migratory existence and from the cycle of birth and death (what we call saṃsāra). The topic of bandha (bondage) and mokṣha (liberation) has been widely discussed in all the systems of Hindu philosophy. It is the last pursuit of the human goals in life. The synonyms for mokṣha are: mukti, kaivalya and nirvāṇa.
There are other schools which advocate nishkāma karma (action not motivated by selfish desires) or bhakti (devotion to God resulting in His grace) as the means to mokṣha.
Bhārata bhumi is conducive for the practice of one or all the paths enjoined by the Vedas, i.e., Karma yoga, Rāja yoga, Bhakti yoga and Jnāna yoga. To pursue these paths, we have thousands and thousands of temples, puṇyatīrthās, discourses by swamīs and gurus and many others. We have the Vedas, Upanishads, purāṇas, Brahmasūtrās, āgamās and many more sacred texts and literature for answers and clarifications. Beyond showing us the paths to liberation, our scriptures tell us how to be liberated while living. One cannot ask anything better than that. The prayers from the Upanishads, is apt: 'Asatomā satgamayā; tamasomā jyotirgamayā' meaning- 'lead me from unreality to reality and from darkness to light'. Here spiritual ignorance is compared to darkness, and self-knowledge is compared to light.
The land which teaches us to worship God with 'karmaphala tyāgam, niṣhkāmakarmam, Īsvarārpaṇa buddhi' and attain 'mokṣham' is thus 'Mokṣhasādhaka Bhūmi'.
The Indian space agency is working on a fleet of medium to heavy lift rockets with a carrying capacity ranging from 4.9 ton to 16.3 ton, said a senior official. The five rockets are in the project report stage and would come into operation in the future, said N Sudheer Kumar, Director, Capacity Building Programme Office (CBPO), Indian Space Research Organisation (ISRO). He was speaking at the International Space Conference and Exhibition, organised by Confederation of Indian Industry (CII) in virtual mode recently. When that happens ISRO can not only launch its own communication satellites but also enter the global communication satellite launch market.
Kumar also said ISRO is working on upgrading Geosynchronous Satellite Launch Vehicle-Mk III (GSLV-Mk III) which can carry up to four ton to Geo Transfer Orbit (GTO). Normally rockets eject the communication satellites into GTO. From GTO the satellites will be taken to geostationary orbit by firing their engines. India uses Ariancespace's Ariane rocket to orbit its communication satellites weighing over four ton. According to Kumar, ISRO is also working on upgrading the lifting capacity of GSLV-Mk III to six ton and 7.5 to GTO.
The Indian space agency is working on a fleet of medium to heavy lift rockets with a carrying capacity ranging from 4.9 ton to 16.3 ton, said a senior official. | Photo by Laurent Grattepanche on Unsplash
He said the six ton lift capacity will be achieved by miniaturization of avionics, uprating of its three stages/engines, structural mass optimisation and other means. Kumar said ISRO is on the verge of realising its semi-cryogenic engine - engine fueled by pure kerosene- which will soon power GSLV-Mk III so that the rocket can carry 7.5 ton payload to GTO with an upgraded cryogenic engine. (IANS/ MBI)
Keywords: ISRO, heavy, ton, rockets, GSLV, fleet, India
In the recent past, Kalamkari has suddenly gained prominence in the wardrobes of Indian women. Commercial hubs in the city are filled with mannequins posing in kalamkari blouses, or sarees stretching out for yards on hangers.
As the name suggests, 'kalamkari' means 'craft from a pen'. Artisans draw on cloth with a pen, and colour it in with paints. This art form originated from the Mughal era and many of the scenes that artists choose to draw are scenes from Mughal gardens or palaces.
The Mughals were great patrons of art, and were known for their unique painting techniques. They would use a single haired brush to elaborate scenes from battle or from mythology. This technique was adopted by artisans of Hyderabad, who use a tamarind twig to paint cloth.
An artisan drawing with a tamarind twig on cloth with dyes Image source: wikimedia commons
These days, apart from mythology, kalamkari depicts scenes from everyday life too. The face of the Kathakali dancer, a pair of earrings, and the enlightened face of Buddha are some famous designs that people are seen wearing. The colours are usually dark blue, brown, olive green, or deep red.
Kalamkari, a 23-step dye process, is done in two different ways. The Kalahasti art type was a household form, where a brush is used to manually paint in the designs. Srikalahasti is an important center in Andhra Pradesh for this type of art. The Machilipatnam art form involves block painting, where designs are drawn on wooden blocks, dipped in the dye, and pressed on the fabric.
Kalamkari artist using wooden blocks to stamp designs on a sari Image source: wikimedia commons
One of the reasons why this handicraft has suddenly become popular could be due to the sustainable quality of its dyes and fabric. Kalamkari uses natural vegetable dyes and preferably cotton fabric as the base. It has grown as an art form, and in the fashion industry, it is being revered as an indigenous inclusion of heritage on an international platform.
Keywords: Kalamkari, Mughal, Art forms, Block painting, Andhra Pradesh