WORLD

The US dollar continued to set new records on Tuesday as it rose to Rs212 against the local currency during early morning trade in the interbank market.

According to the Forex Association of Pakistan (FAP), the rupee depreciated by over Rs2 to reach an all-time low of Rs212 against the dollar from Monday's close of Rs209.96. Yesterday, the greenback appreciated by a sharp Rs1.21 — a trend persisting for over a week now.

According to Mettis Global — a web-based financial data and analytics portal — the rupee has incurred a colossal loss of Rs6.4 during five consecutive sessions last week.

Israel's weakened coalition government decided Monday to dissolve parliament and call a new election, the country's fifth in three years.

The vote, expected later this year, could bring about the return of a nationalist religious government led by former Prime Minister Benjamin Netanyahu or another prolonged period of political gridlock.

In a nationally televised news conference, Prime Minister Naftali Bennett said it wasn't easy to disband the government, but he called it "the right decision for Israel."

French President Emmanuel Macron on Sunday lost his parliamentary majority after major election gains by a newly formed left-wing alliance and the far right, in a stunning blow to his plans for major second-term reform.

The result threw French politics into turmoil, raising the prospect of a paralysed legislature or messy coalitions with Macron forced to reach out to new allies.

Macron, 44, now also risks being distracted by domestic problems as he seeks to play a prominent role in putting an end to Russia's invasion of Ukraine and as a key statesman in the EU.

The US is there for India, the Biden administration has said, reiterating that New Delhi's relationship with Moscow developed over several decades when Washington was "not prepared or able to be a partner of choice" for the Indian government.

State Department spokesperson Ned Price's remarks came in response to a question about whether the US is talking with the Indian authorities as India and other Asian nations are becoming an increasingly vital source of oil revenues for sanctions-hit Russia, despite strong pressure from America.

"We have had a number of discussions with our Indian partners, and the point that we have made is that every country is going to have a different relationship with Moscow," State Department spokesperson Ned Price told reporters at his daily news conference on Thursday.

On Wednesday, Russian energy giant Gazprom said it would further reduce the capacity of gas supplies via the Nord Stream 1 pipeline to 67 million cubic meters (2,366 million cubic feet) per day - less than half the previous rate.

The decision comes into effect at 01:30 a.m. Moscow time on Thursday, Gazprom said, adding that the halt was due to the "technical condition of the engine" at a compression station.

The company had announced on Tuesday that it was curbing supplies through the same undersea pipeline to up to 100 million cubic meters per day, down from 167. Gazprom initially blamed the delayed return of equipment that had been sent to German company Siemens for repairs.