Notwithstanding rapid increases in interest rates by the US central bank, the inflation rate for June came in at 9.1 per cent. This is the highest in 40 years in the US. Many observers have pointed to an inversion of the US yield curve to argue that the US central bank will not be able to achieve a soft-landing for the economy. And yet, the US dollar continues to gain against all other currencies. Now, in what is being seen as a reverse currency war, most central banks across the world are trying to raise their interest rates to counter the Fed’s actions and ensure their respective currency claws back value against the dollar. We write the impact of the global economy.
The southwest monsoon’s revival this month has resulted in the total area sown under kharif crops not only recovering, but even surpassing last year’s coverage for the same period from June to mid-July. However, paddy (rice) acreage, at 128.50 lakh hectares (lh) as of July 15, was 17.4% down from last year’s 155.53 lh. Should that be a cause of worry? We explain.
With the much-talked-about presidential race nearing its end, all eyes are on the person who will occupy the office of the Vice-President, which will fall vacant when the term of M Venkaiah Naidu ends on August 10. Elections for Vice-President are scheduled for August 6, with the last date for filing nominations July 19.