Stories from Mumbai · India

The Indian rupee has fallen to a record low against the US dollar. Rebecca Bunden reported on the factors driving the currency's decline from Mumbai. The movement is linked to broader regional instability. Pressure on the currency is driven by India's heavy dependence on energy imports, requiring the sale of rupees to purchase oil and US dollars. Additionally, a hawkish tone from the US Federal Reserve has weighed on the rupee. While the Federal Reserve held interest rates steady at its latest meeting, it signaled that rates could remain higher for longer, increasing the attractiveness of US assets. The central bank has attempted to curb speculative activity by capping banks' net open rupee positions. Foreign investors have withdrawn more than 20 billion from the market. Speculation suggests the RBI may need further interventions to support the currency.

The state of Maharashtra will develop AI cities across five innovation areas. Initiatives include the establishment of a state AI Data Exchange and the Maharashtra Advanced Center for Artificial Intelligence training.

The Adani Group plans to invest Rs 1 lakh crore into its aviation sector. The company has grown from having no aviation presence in 2017 to operating nine airports in less than a decade.

Prada announced it will collaborate with local Indian organizations to support the comparative industry following backlash after its overseas collection launch last year.

The Melinda Music Foundation has been established in Mumbai to support young classical music talent. The initiative aims to honor the legacy of a local figure through musical education.

The Sensex index dropped over 100 points during trading, while the Nifty 50 fell below the 25,800 level. Indian stock markets and brokerage shares declined following the central bank's decision to tighten lending regulations. The market reaction followed new rules implemented by the central bank.

The vessel Mubarak turned off its Automatic Identification System (AIS) in late March. The ship began transmitting signals again on April 28 while off the coast of India. Experts suggest the vessel may have passed Ebiens Homus on April 18 and 19.

The wealthiest family in India is valued at nearly $100 billion. The family's wealth was acquired legally, according to the report. The son and heir of the family held a wedding last year.

Mumbai's metro system is seeing significantly lower demand than initially projected, with estimates suggesting only about one-tenth of the capacity is being utilized. The decline occurs amid rising petrol prices and anticipated inflation.

An Emirati gas tanker owned by Abu Dhabi National Oil Company (ADNOC) has been spotted off the coast of India. The vessel is expected to transit the Strait of Hormuz. This movement follows a period where transit levels in the Strait were significantly lower than the previous average of 120 to 140 vessels. This movement is considered for traffic in the Strait, although current transit levels remain at normal volumes. The tanker's presence follows recent developments regarding maritime movement in the region. The tanker is reportedly transporting between 120 and 140 units of gas. The International Maritime Organization president noted that approximately 20,000 sailors remain affected by tensions in the Strait of Hormuz.