DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE THURSDAY, DECEMBER 26, 2024, NEW DELHI, LATE CITY, 18 PAGES As rupee hits new lows, real effective exchange rate soars to an all-time high HARISH DAMODARAN NEW DELHI, DECEMBER 25 THE RUPEE is hitting fresh lows againsttheUSdollareachday,yet itsexchangeratehasscaledanalltime-highin“realeffective”terms. The real effective exchange rate (REER) index of the rupee touched a record 108.14 in November, strengthening by 4.5 percentduringthiscalendaryear, according to the latest Reserve Bank of India (RBI) data. The REER measures the rupee’s value vis-à-vis not only the dollar,butotherglobalcurrencies aswell.Inthiscase,itisaweighted average of the rupee’s exchange rateagainstabasketof40currencies of countries that account for about88percentofIndia’sannual exports and imports. The REER alsoadjustsforinflation differentials between India and each of these trading partners. The rupee’s REER — an index Why this hurts exports RUPEE VALUE above 100 as per REER signifies overvaluation and exchange rate not falling enough to offset higher domestic inflation. To that extent, it is overvalued, making imports cheaper but exports less cost competitive. similar to that for consumer prices or industrial production, with2015-16asthebaseyearand currency weights derived from thesharesoftheindividualcountries in India’s total foreign trade — fell from 105.32 in January 2022 to 99.03 in April 2023. But since then, it has been on an appreciating trajectory, climbing to 107.20 in October and 108.14 in CONTINUED ON PAGE 2 BATTLE FOR DELHI ESCALATES Delhi govt disowns AAP’s new schemes, Kejriwal targets BJP Fraudulent and unauthorised, say depts; CM Atishi warns of action NEW DELHI, DECEMBER 25 IN AN unprecedented move, senior officers in the Delhi government released public notices and disowned the registration processstartedbyChief Minister Atishi and her predecessor, EXPLAINED LOOKING AT 2025:LAW KEY QUESTIONS OF RELIGION,SOCIETY, LAW PAGE 13 LUCKNOW, DECEMBER 25 A HURRIEDLY executed survey of an ancient masjid, protests leading to the death of five, the finding of several “closed” temples since, and an intensified anti-power theft drive around thecontestedmosque,whichresulted in a notice among others The Sambhal mosque at the centre of the row. File to the local Samajwadi Party MP — Sambhal, a town in western Uttar Pradesh, has not been out of the news for the past month. Allthishas,inturn,coincided withtherulingBJP’sfocusonthe town as the site where Kalki, the 10thandfinalincarnationof Lord Vishnu, is supposed to appear. Western UP has long remained out of BJP reach, and the CONTINUED ON PAGE 2 Need to counter Cong on Ambedkar: BJP to its allies; TDP seeks Opp-like coordination Arvind Kejriwal, for two schemes announced by the ruling AAP in the national capital. The move once again underlinesthetenuousrelationshipbetween the bureaucracy and the elected Delhi government. After an amendment to the GovernmentofNationalCapitalTerritory of Delhi Act, the services departmentcomesunderthecontrolof the Lieutenant Governor. EXPRESS NEWS SERVICE What lies beneath: BJP hopes to gain ground in new battleground Sambhal MAULSHREE SETH `7.00 (`8 BIHAR & RAIPUR, `15 SRINAGAR) WWW.INDIANEXPRESS.COM SINCE 1932 NDA leaders meet at the residence of BJP president J P Nadda in New Delhi on Wednesday. PTI MORE REPORTS EXPRESS NEWS SERVICE CONTINUED ON PAGE 2 AAP leaders Arvind Kejriwal and Manish Sisodia with Delhi CM Atishi at a press conference in New Delhi, Wednesday. ANI M T Vasudevan Nair, Malayalam literature and film doyen, dies PAGE 4 BUSINESS AS USUAL BY UNNY MEMBERSOFtherulingNDAmet WednesdayattheNewDelhiresidenceofBJPpresidentandUnion MinisterJPNaddatodiscussways to put up a united front countering theOpposition“narrative”on the issue of the Constitution and Dr B R Ambedkar. CONTINUED ON PAGE 2 At river-link project site, PM hails Ambedkar role in water works, slams Cong SHAJU PHILIP THIRUVANANTHAPURAM, DECEMBER 25 RENOWNED MALAYALAM writer M T Vasudevan Nair died on Wednesday at a private hospitalinKozhikode,wherehewas admittedfollowingheartfailure. He was 91. One of Kerala’s most celebrated writers, Madath Thekkepat Vasudevan Nair — or MT, as he is popularly known — leaves behind an indelible mark in the fields of literature and films, with a career spanning more than seven decades. NEW DELHI, DECEMBER 25 The TDP, a key partner of the BJP, underlined the need for betterNDAcoordinationonthelines of what the INDIA bloc has been doing to attack the government andtherulingalliance,especially afterUnionHomeMinisterAmit Shah’s remark in Rajya Sabha whichtheCongressclaimedwas an “insult” of Ambedkar. Hours after paying tribute to ANAND MOHAN J BHOPAL, DECEMBER 25 M T VASUDEVAN NAIR 1933-2024 His works drew inspiration from the agrarian life along the banks of the river Nila, also CONTINUED ON PAGE 2 THE WORLD KAZAKHSTAN: 38 DIE IN PLANE CRASH AFGHANISTAN: PAK AIRSTRIKES KILL 46 PAGE 16 AS HE laid the foundation stone of the inter-state Ken-Betwa riverlinkingprojectinKhajuraho on Wednesday, Prime Minister Narendra Modi invoked Dr B R Ambedkar, accusing the Congress of ignoring his (Ambedkar’s) contribution to CONTINUED ON PAGE 2 Prime Minister Narendra Modi addresses an event in Khajuraho, Wednesday. ANI