In the forex market today, the rupee depreciated by 58 paise to close at a record low of 92 rupees and 33 paise against the US dollar. The dollar index, which indicates US dollar’s strength against a basket of six other leading currencies, was trading at 99.26 in intra-day trade.

Global crude oil prices surged to nearly 120 US dollar per barrel mark in early trade today, hitting levels not seen since 2022. The jump in prices was largely due to supply cuts by some major producers.

Fears of prolonged shipping disruptions also weighed heavily on the market sentiment. Brent Crude was trading 10.5 per cent higher at 102 US dollars and 45 cents per barrel and WTI Crude was trading nearly 11 per cent up at 100 US dollars and 77 cents per barrel, when reports last came in.

In a written reply in Lok Sabha today, Finance Minister Nirmala Sitharaman said that the medium-term impact of the global crude oil price rise on inflation depends on several factors, including exchange rate movements, global demand and supply situation, monetary policy transmission and the extent of the indirect pass-through.

She said that the price of both global crude oil and the Indian basket has been on a declining trajectory for the past one year, till the geopolitical clashes commenced in West Asia on the 28th of last month. Mentioning the Monetary Policy Report of the Reserve Bank of India (RBI), she said the report estimated that if crude oil prices are higher by 10 per cent than the baseline assumptions, and assuming full pass-through to domestic prices, inflation could turn out to be higher by 30 basis points.

In a written Reply in the Rajya Sabha today, Minister of State for Petroleum and Natural Gas Suresh Gopi said that the proven reserves are 423.1 MMT for crude oil and 595.4 BCM for natural gas. He said the Government has taken multiple steps to mitigate risk of supply disruption and to maintain uninterrupted energy supply chains during geopolitical uncertainties.

This includes diversifying crude oil import sources, bypassing conflict zones and strengthening diplomatic engagements with major oil-producing countries and international organisations like the International Energy Agency (IEA), the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Forum (IEF).

The development has ensured the continued supply of essential commodities to Kargil and Ladakh during the holy month of Ramadan.  Brigadier Rahul Oberoi, Chief Engineer of Project Vijayak, said that keeping the Zojila Pass open for such a long duration is a major strategic and logistical achievement.

He said that a decade ago, passes used to remain closed for nearly five months during winter, isolating Ladakh from the rest of the country. Brigadier Oberoi said that with the induction of modern technology, new snow-clearance equipment and better operational planning, the Border Roads Organisation has been able to extend the operational period of the pass.

He said that despite heavy snowfall and avalanche threats, the road had to be closed for only four days this winter. Highlighting the strategic importance, he said that Ladakh has only two major road connections with the rest of India – through the Srinagar-Kargil-Leh axis via Zojila and the Manali-Leh route. Keeping at least one axis open ensures uninterrupted movement of supplies and reinforcements.

It asked the passengers to visit the official website of the airport for real-time flight information. The Airport further highlighted that all the other flights are operating as scheduled. 

Meanwhile, Indigo Airlines said that some of its flights may take longer routes or experience diversions amid the current situation. The flight operator informed that flight operating from Delhi to Manchester, had to return to its origin due to last-minute airspace restrictions.

It added that the airline is working with the relevant authorities to explore the possibilities of resuming the journey.

The Minister said, Prime Minister Narendra Modi is continuously monitoring the emerging developments, and relevant ministries are coordinating to ensure effective responses. Dr Jaishankar said the conflict has continued to intensify, and the security situation in the West Asia region has deteriorated significantly. He said the conflict has spread to other countries, with mounting destruction and normal life and activities are affected.

The External Affairs Minister said that this ongoing conflict is of particular concern to India as it is a neighbouring region. He said, there are one crore Indians who live and work in the Gulf nations and few thousand Indians are in Iran for study or employment. Dr Jaishankar said the region is key to India’s energy security and includes many important suppliers of oil and gas.

The Minister said, MEA has set up a dedicated special control room to monitor the situation and respond to queries. He said, as of yesterday, almost 67 thousand Indian nationals have returned to the country. He made the statement amidst opposition uproar as they were demanding a discussion on this issue.  Dr Jaishankar made a similar statement in the Rajya Sabha also. 

Mr Yadav informed that with the arrival of these cubs, the total cheetah population in India has now reached 53. He also called the birth of the cubs a historic and heart-warming moment for wildlife conservation. The Minister prayed that Jwala and her cubs grow strong and race ahead, carrying India’s cheetah story to even greater heights.

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