Daily Current Affairs Notes for 23 September 2022

The rupee plunged by 83 paise -- its biggest single-day loss in nearly seven months --  touched an all-time low of 80.79 against the US dollar. The rupee touched the psychological level of 80. 

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The rupee plunged by 83 paise — its biggest single-day loss in nearly seven months —  touched an all-time low of 80.79 against the US dollar. The rupee touched the psychological level of 80 per dollar, but closed just below that mark at 79.98, amid foreign fund outflows and the rise in crude oil prices.

Possible Reasons:

• The rupee had opened strong at 79.75 but fell again towards the 80 level, this time on the back of a supportive range from crude as Brent breached the $100 per barrel on less chance of recession in the US, said Jateen Trivedi, VP–research analyst at LKP Securities. “The rupee keeps taking resistance every time it rises towards the 20-day moving average. The rupee range can be seen between 79.75-80.50,” he added.
• Forex reserves have plummeted by $62.4 billion from the record high of $642.45 billion registered on September 3, 2021. A major reason for the decline in forex reserves is capital outflows by foreign portfolio investors (FPIs) as the US Federal Reserve started the monetary policy tightening and interest rate hikes. The valuation loss, reflecting the appreciation of the US dollar against major currencies and decline in gold prices have also played a part in the decline in foreign exchange reserves. The RBI had also occasionally sold dollars from the forex kitty to prevent a major slide.

Max Life Insurance Company Ltd has announced Rohit Sharma, sports icon and captain of men’s Indian Cricket team, and his wife Ritika Sajdeh, as its brand ambassadors.

Overview

Max Life Insurance Company Ltd has announced Rohit Sharma, sports icon and captain of men’s Indian Cricket team, and his wife Ritika Sajdeh, as its brand ambassadors. Max Life has signed a two-year partnership with the cricketing star and his spouse, who are making their debut onscreen together.

• The collaboration will increase the awareness of life insurance among the younger generation and help the company grow further. With the partnership, Max Life Insurance targets the millennial audience and conveys the importance of having life insurance. The aim of the company is to promote the Max Life brand ethos of valuing the ‘self’ to determine the right financial value to protect themselves and their family.

About the Rohit Sharma:

• Rohit Sharma tops the list of most Indian Premier League (IPL) trophies(as a player). He won his first IPL title with Deccan Chargers in 2009, and under his captaincy, Mumbai Indian won 5 IPL titles (2013, 2015, 2017, 2019 and 2020). He was honoured with Arjuna Award for Cricket in 2015 and Major Dhyan Chand Khel Ratna Award for Cricket in 2020.

NCC and UNEP sign an agreement: Rajnath Singh, the defence minister, saw the signing of a Memorandum of Understanding between the National Cadet Corps (NCC) and the UNEP.

Overview

NCC and UNEP sign an agreement: Rajnath Singh, the defence minister, saw the signing of a Memorandum of Understanding between the National Cadet Corps (NCC) and the United Nations Environment Programme (UNEP). A Memorandum of Understanding was inked to use the Tide Turners Plastic Challenge programme and the Puneet Sagar Abhiyan to combat plastic pollution and achieve the objective of clean water bodies. It aims to coordinate initiatives to involve young people in promoting clean water bodies.

NCC and UNEP sign an agreement: Key Points

• The Puneet Sagar Abhiyan was introduced by the NCC on December 1st, 2017.
• The campaign’s objectives are to rid seashores of plastic and other trash and raise public awareness of how important cleanliness is.
• More than 12 million NCC cadets, alumni, and volunteers have collected over 100 tonnes of plastic debris from approximately 1,900 places since the start of the Puneet Sagar Abhiyan.
• The Resident Representative of the UN World Food Programme, Bishow Parajuli, and Director General of the NCC, Lieutenant General Gurbirpal Singh, signed the Memorandum of Understanding.

NCC and UNEP sign an agreement: Attendees

• Ajay Bhatt, the secretary of defence, Dr. Ajay Kumar, officials from the ministry of defence, and UNEP representatives were present at the event.
• The Defense Secretary praised NCC’s efforts in making the “Puneet Sagar Abhiyan” a huge success, calling it one of the finest programmes.
• He claimed that 15 lakh NCC cadets had the power to shape young people’s perspectives all around the world. They will be crucial, he claimed, in turning the campaign into a widespread movement.

Turkey is embroiled in the confrontation on the divided island of Cyprus between its ethnic compatriots who hold the breakaway northern part of it and the Greek Cypriots

Overview

Turkey is embroiled in the confrontation on the divided island of Cyprus between its ethnic compatriots who hold the breakaway northern part of it and the Greek Cypriots. In a tweet after the meeting with Turk Foreign Minister, Jaishankar said they held a “wide-ranging conversation that covered the Ukraine conflict, food security, G20 processes, global order, NAM (Non-aligned Movement) and Cyprus”.

Project "Saaras": An initiative of the Israeli embassy in India in conjunction with NGO Khushii, which aims to raise awareness about menstruation health and cleanliness. 

Overview

Project “Saaras”: The women of Arthala village in Ghaziabad are fond of 27-year-old Uzma Kazmi; it was she who gave them better coping mechanisms for those “uncomfortable days” of the month by bringing affordable and environmentally friendly sanitary napkins, “Saraas,” within their grasp. As part of project “Saraas,” an initiative of the Israeli embassy in India in conjunction with NGO Khushii, which aims to raise awareness about menstruation health and cleanliness and improve skills and capacity for women, the centre was opened by Naor Gilon, the Israeli ambassador to India.

Project “Saaras”: Facility in Arthala village by Israeli embassy

• About 20 kilometres from the national capital of Delhi, the densely populated Arthala hamlet, with its little roads and winding byways crisscrossing its length and breadth, is home to an estimated 200,000 inhabitants, the majority of whom are from lower socioeconomic classes.
• With assistance from MASHAV, Israel’s organisation for foreign development cooperation, this industrial facility was constructed.
• The facility can already produce 10,000 sanitary pads every day and currently has a workforce of 15 women, the most of whom are from Arthala.
• The cost of each pack of 10 is £20, which is significantly less expensive than the equivalent product’s lowest price on the market.

Project “Saaras”: Naturally made Sanitary Pads

• The pads sold under the Saaras brand are likewise entirely natural and do not go through any chemical washing or refining processes.
• The embassy has partnered with an NGO that has the resources and expertise necessary to professionally oversee the initiative and ensure its long-term viability.
• An all-female local team that has received training from the NGO Khushii oversees the entire process, from the initial stage of pad creation to its distribution.