Rush Hour: Rupee breaches 94-mark, bill to amend foreign funding law introduced and more
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The Indian rupee fell to a record low, breaching the 94-mark against the United States dollar. The currency slumped 29 paise to close at a record low of 94.05 as the outflow of foreign funds continued amid the conflict in West Asia.
A drop in global crude oil prices and positive sentiments in the domestic equity markets also did not provide any respite to the local unit.
In the domestic equity market, the benchmark Sensex surged by 1.63% while Nifty was up 1.72%. Brent crude, the global oil benchmark, was trading 4.33% lower at $99.97 per barrel in futures trade. Read on.
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The Union government introduced the 2026 Foreign Contribution Regulation Amendment Bill in the Lok Sabha. The amendments would enable the government to act against organisations using foreign funds for activities such as forced religious conversions or actions “against the spirit of the Constitution, the law and the interest of the country”, said Union minister Nityanand Rai.
Among other key provisions of the bill is one that allows the government to take control of an NGO’s foreign funds and assets if its FCRA registration lapses.
Opposition MPs opposed the proposed law, describing it as “dangerous” and “draconian”....