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Rupee hits lowest-ever intraday level of 95.80 against US dollar

Mumbai, May 13 (PTI) The rupee touched its lowest-ever intraday level of 95.80 against the US dollar, weakening for the fourth consecutive session on Wednesday due to elevated crude oil prices and fear of a prolonged global trade disruption amid the West Asia crisis. According to forex analysts, in the backdrop of surging crude oil prices, the government’s move to raise import duties on gold and silver may not be enough to ease the overall demand for the safe-haven greenback. Effective May 13, the government raised import tariffs on gold and silver to 15 per cent from 6 per cent

Air India cuts international flights amid airspace restrictions, high fuel costs; suspends services on 6 overseas routes

New Delhi, May 13 (PTI) Air India on Wednesday announced reduction of international flights and temporary suspension of services on six routes, including Delhi-Chicago, amid airspace curbs and high jet fuel prices. The loss-making airline, which has already reduced flights on certain routes, said the latest announced rationalisation of services will be in place during the June-August period. A combination of factors, including continued airspace restrictions over certain regions and record high jet fuel prices for international operations, are significantly impacting the commercial viability of certain planned services, Air India said in a statement. The loss-making airline will be temporarily

TVK regime wins trust vote in TN Assembly, AIADMK rebel group backs govt

Chennai, May 13 (PTI) Chief Minister C Joseph Vijay-led TVK government won the trust vote in the Tamil Nadu Assembly on Wednesday with support from parties including the Congress, VCK, and the AIADMK rebel faction led by leaders SP Velumani and C Ve Shanmugam. As soon as the House convened, Chief Minister Vijay moved a vote of confidence resolution, and the MLAs belonging to all parties spoke on the motion. Speaker JCD Prabhakar, after conducting division-wise voting, declared that the resolution moved by the chief minister seeking vote of confidence of the Assembly has won, and as many as 144

Gold, silver futures rally 7 pc after govt raises import duty on bullion

New Delhi, May 13 (PTI) Gold prices rallied by Rs 9,723 to Rs 1.63 lakh per 10 grams in futures trade on Wednesday, while silver soared 7 per cent to approach the Rs 3 lakh per kilogram mark after the government hiked import duties on precious metals to 15 per cent. The move is aimed at curbing precious metals imports amid a rising import bill due to the ongoing West Asia crisis. On the Multi Commodity Exchange (MCX), gold futures for the June delivery appreciated by Rs 9,723, or 6.34 per cent, to Rs 1,63,165 per 10 grams. Silver prices

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