Rupee ends near record low amid crash in oil, equities


Mumbai, April 21 | The rupee depreciated on Tuesday to close at a near-record low level of 76.83 per dollar.

The weakness in Indian currency came on the back of the crash in the US oil prices and slump in the domestic stock market, analysts said.

It depreciated 29 paise to close at 76.83 per US dollar. The record low level of rupee is 76.87 which it touched last Thursday.

Financial and commodity markets off late have been on a free fall globally amid the coronavirus crisis.

The historic plunge in crude oil prices is a major factor for the weakness in rupee on Tuesday. On Monday, for the first time ever, WTI crude fell below zero and reached an all time low of -$40.32 per barrel due to a supply glut and declining storage capacity in the US.

The May contract of WTI crude is still in the negative zone and currently is trading at -$8.10 per barrel.

The Indian stock market also slumped on Tuesday with the BSE Sensex losing over 1,000 points. At 3.30 p.m., it provisionally closed at 30,636.71, lower by 1,011.29 points or 3.20 per cent from its previous close.

Source: IANS

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Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.


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