Rupee slumps 25 paise to close at 74.15 against U.S. dollar

Local unit fell after U.S. Fed policymakers signalled they will start to raise interest rates in March to combat inflation

The rupee on Friday slumped 25 paise to close at 74.15 (provisional) against the U.S. dollar, as muted domestic equities and elevated crude oil prices weighed on investor sentiments.

Forex traders said the local unit fell following more hawkish comments by Federal Reserve officials.

At the interbank foreign exchange market, the local currency witnessed an intra-day high of 74.05 and a low of 74.21 against the U.S. dollar.

The local unit finally settled at 74.15, down 25 paise over its previous close of 73.90.

U.S. Fed policymakers signalled they will start to raise interest rates in March to combat inflation and this weighed on emerging market currencies.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01% down at 94.78.

Meanwhile, Brent crude futures, the global oil benchmark, advanced 1.01% to $85.32 per barrel.

Foreign institutional investors remained net sellers in the capital market on Thursday, as they offloaded shares worth ₹1,390.85 crore, as per exchange data.

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Opinion | This Isn’t the Presidency Biden Imagined for Himself

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Man shot to death in Denver Saturday evening

A man was shot to death in Denver’s Five Points neighborhood Saturday night, according to Denver police.

The shooting happened at about 5:45 p.m. at the intersection of 29th Street and Arkins Court, according to police. Police spokesman Jay Casillas said Sunday that police initially responded to a call for “an unresponsive person in the street.”

The man who was shot was taken to a hospital where he died, police said. No arrests have been made and Casillas did not release additional information Sunday.

“Investigators are working to gather more information of what led up to the shooting,” he said in an email.

Apple Reportedly Delaying VR Headset Due To Heating Issues

Tech giant Apple Inc. (AAPL) is planning to put of its highly awaited VR headset until the last quarter of 2022, according to a report by Bloomberg.

Since the company has not publicly spoken about the product, there has never been an official launch date for the product but with virtual reality being dubbed as the upcoming tech frontier, it is not unlikely for Apple to try to explore its options. Tech analysts around the world have reported that the company has created a dedicated team named the Technology Development Group to work on the project.

According to the report, the product, which was originally scheduled to release at the developers’ conference, is facing heating and camera issues, forcing the launch behind. According to 9to5Mac, “The headset — a high-end device that blends virtual and augmented reality — was targeted for an unveiling at Apple’s annual Worldwide Developers Conference in June, followed by a release later in the year. But development challenges related to overheating, cameras and software have made it harder to stay on track.”

According to reports, Apple is using its M1 silicon which has garnered kudos from the entire tech world for its impressive performance but the problem is controlling the temperature for the wearer’s comfort. There also are other rumors of the company planning to launch iOS 16 with a system to support the applications of its headsets.

The pricing of the headset is believed to be beyond the $1000 mark, much higher than Meta’s Quest which is sold at $299. The iPhone maker also believes that the product can sell as many as one million units.

Opinion | Failure on Voting Rights Would Be Historic

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Biden picks TV personality Star Jones to lead heritage board

Joe Concha: Media holding the Biden administration accountable is needed ‘more than ever’

Fox News contributor Joe Concha weighs in on Biden’s series of setbacks over the past week.

President Biden has selected lawyer and television personality Star Jones Lugo to lead a U.S. government agency that identifies and protects sites of historic significance to the U.S. in Eastern Europe.

The White House announced Friday that Jones will be the chair of the U.S. Commission for the Preservation of America’s Heritage Abroad, which is tasked with safeguarding sites associated with groups impacted by Nazism, communism and the Cold War.

Jones is a one-time prosecutor and former cohost of ABC’s “The View” and will become a judge on the television show “Divorce Court” this fall.

Biden, who picks seven members to the agency’s unpaid 21-person board, also selected Bill Shaheen, husband of New Hampshire Sen. Jeanne Shaheen, to the commission.