Rupee hits an all-time low against US dollar; Gita Gopinath exclusive; and more

The rupee depreciated 16 paise to close at a fresh lifetime low of 96.86 against the US dollar on Wednesday as elevated global crude prices amid the West Asia crisis stoked inflation worries. Meanwhile, a council of ministers will meet tomorrow to review the West Asia conflict's fallout on supply chains, inflation, and potential fuel price hikes. Political opposition has criticised the government's economic handling following a bilateral meeting in Italy. Simultaneously, a severe cooking gas shortage in northern India forces citizens to wait overnight for supplies. In a central state, legal proceedings continue regarding a dowry death investigation and autopsy protocols. Environmental reports highlight extreme heatwaves and water scarcity in rural villages despite national water mission infrastructure. Furthermore, a state chief minister faces resignation demands after a court-ordered investigation into government contracts awarded to family-linked firms.