Gravitas: Putin’s Itch For Victory; Rupee Plunges Record Low

Photo by Maxim Hopman on Unsplash

All eyes were on Russia, as it marked its 77th Victory Day to celebrate the Soviet Union’s triumph over Nazi Germany in WW II. Russian Prez, Vladimir Putin evoked the ‘sweet’ memories of his country’s ‘heroes’ and urged them to once again bring home nothing but victory against the ongoing war with Ukraine.

David and Goliath?

During his annual address, the President went all reminiscent of victory 77 years ago, stating that ít was a show of military strength.

However, the well-choreographed parade provided a stark contrast to the on-ground reality. Russia has faced massive losses (which it refuses to acknowledge) and is struggling to defeat Ukraine, a much-smaller enemy.

Moreover, Putin defended the Ukraine invasion and did not hint about escalating the war as was speculated by geopolitical analysts.

Homeground Concerns

As if the tremors were any less – the rupee has once again dipped by 51 paise to an all-time low of Rs. 77.41 against the US dollar in early trade on Monday. 

Expert Opinion

The reason behind the drop in value of the Rupee could be blamed on the demand for riskier assets. Also, foreign investors continue to dump domestic stocks.

Forex traders said risk appetite has weakened amid mounting concerns about inflation that may lead to even more aggressive rate hikes by the global central banks.

Too long? Here’s a one-liner: Vladimir Putin defends Russia’s unprovoked invasion of Ukraine in annual “Victory Day” speech; Rupee drops by 51 paise to an all-time low of Rs. 77.41

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