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Rupee Now Among Best Performing Asian Currencies, After the Being Worst in 2020

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The Indian rupee, which was the worst performing Asian currency in 2020, is slowly improving with the help of inflows into India’s stock markets, reported Bloomberg.

The report says the rupee is now one of the best performing currencies.

The rupee appreciated 11 paise to 72.54 against the US dollar in opening trade on Monday supported by sustained foreign fund inflows and weakness of the American currency in the overseas market.

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At the interbank forex market, the domestic unit opened at 72.58 against the US dollar and inched higher to 72.54 against the greenback, registering a rise of 11 paise over its previous close. On Thursday, the rupee had settled at 72.65 against the dollar.

The Bloomberg report said that the currency could see a further impetus for more gains on Friday with the latest economic growth figures.

India had forecast robust economic growth of 11% for the coming fiscal year in its annual economic survey, after a massive Covid-19 vaccination drive and a rebound in consumer demand and investments.

The Indian economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in the current fiscal year to March 31, its worst performance in four decades, the government said in its report.

But it predicts the rollout of vaccines against Covid-19, which has killed 153,847 Indians, will re-energise Asia’s third-largest economy next year, putting it on track to post the strongest growth since India liberalised its economy in 1991.

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Airline CEOs, Biden Officials Consider Green-Fuel Breaks

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Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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