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Rupee hits all-time low; analysts expect fall to 95 if Iran war drags on

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Rupee hits all-time low; analysts expect fall to 95 if Iran war drags on
The Indian rupee fell to a lifetime low on Friday, strained by worries over how the Iran war-spurred surge in oil prices will impact the growth-inflation dynamics and capital ‌flows for the ⁠South Asian ⁠economy.

A prolonged Middle East conflict could significantly worsen the rupee’s outlook, analysts said, warning that persistently high energy prices may push the currency beyond 95 per dollar.

The rupee dropped to 92.4325 per dollar, eclipsing its previous all-time low of 92.3575 hit on Thursday. It was down about 0.2% on the day and has lost 1.5% since the Iran war broke out.

It would likely have fallen further if not for central bank intervention across the spot, non-deliverable forwards and futures markets. ⁠The central ‌bank was active again on Friday, bankers said.

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Investors are bracing for a prolonged conflict, with Middle East war approaching the two-week mark and Iran’s new Supreme Leader Mojtaba ⁠Khamenei vowing to keep the Strait of Hormuz shipping lane shut.


In addition to the disruption to energy supplies, the war has triggered foreign investor selling of Indian equities worth nearly $5 billion so far this month, compounding the rupee’s woes.
India’s benchmark equity index Nifty 50 has declined 7% since the U.S. and Israel launched strikes on Iran on February 28, and was down more than 1% on Friday.

WEAKENING TRAJECTORY

Economists and analysts at HDFC Bank, Elara Securities, QuantEco Research and MUFG expect the rupee to remain under pressure in ‌the near term.

If oil prices hold around $100 per barrel, their current level, MUFG expects the currency to weaken to about 95.50 by the end of the year. Elara Securities largely concurred, forecasting a range ⁠of 94-95.

“In a left tail risk scenario,” MUFG said in a note, referring to extreme negative events, “if oil sustains at $120/bbl coupled with meaningful energy shortages, we think USD/INR at 97.50 and even higher will look achievable.”

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HDFC Bank expects the rupee to trade in a 92-95 range in the coming months if the conflict persists. Economists at QuantEco Research are more pessimistic, forecasting the currency weakening to 98.5 by the end of March 2027 under a $100-per-barrel oil scenario.

Oil prices at $80 per barrel could cap the rupee’s weakness around 93.50 through the end of 2026, MUFG said.

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Buckle earnings beat by $0.07, revenue topped estimates

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Buckle earnings beat by $0.07, revenue topped estimates

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Government launches gigabit broadband postcode checker to track Project Gigabit rollout

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Government launches gigabit broadband postcode checker to track Project Gigabit rollout

The UK government has unveiled a new online tool designed to help households and businesses track the rollout of gigabit-capable broadband across the country, offering greater transparency over when faster connectivity will reach local communities.

The new address checker allows users to enter their postcode and see whether their property is scheduled to receive an upgrade through the government’s Project Gigabit programme or through separate commercial full-fibre deployments. Officials say the tool is intended to provide rural communities and businesses with clearer visibility of broadband infrastructure plans, particularly in areas where connectivity improvements have historically been slow.

The launch forms part of the government’s wider effort to accelerate the delivery of high-speed broadband across the UK, with particular emphasis on rural and hard-to-reach regions that have traditionally struggled with poor digital infrastructure.

According to the Department for Science, Innovation and Technology, more than 750 homes and businesses are now gaining access to gigabit-capable broadband every day through Project Gigabit. The programme is designed to deliver full-fibre connectivity to areas that are unlikely to be served by commercial investment alone.

Officials estimate that more than one million additional premises will benefit from live government contracts currently being rolled out across rural England and Wales. These include major infrastructure agreements with broadband providers aimed at expanding fibre networks into remote towns, villages and agricultural communities.

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The government argues that improving digital connectivity is critical to supporting economic development outside major cities. Faster broadband access is expected to enable remote working, improve access to digital public services and strengthen sectors such as agriculture, tourism and rural small businesses.

However, campaigners warn that improving infrastructure alone will not eliminate the UK’s digital divide.

Elizabeth Anderson, chief executive of the Digital Poverty Alliance, said that while expanding gigabit broadband coverage is an important milestone, affordability remains a major barrier for millions of people.

“The continued rollout of gigabit-capable broadband and improved mobile coverage in rural communities is a welcome step towards closing long-standing connectivity gaps across the UK,” she said.

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“However, infrastructure alone will not solve digital poverty. Around 19 million people in the UK experience some form of digital exclusion, and government figures show that around 1.6 million people are still living entirely offline.”

She added that the cost of broadband services and suitable devices continues to prevent many households from accessing digital services.

“We estimate around two million people lack connectivity because of affordability, and gigabit broadband is frequently out of reach due to higher costs,” Anderson said.

“While faster networks are important, they only make a difference if people can afford to use them. Connectivity must be not only available, but affordable and accessible for everyone.”

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Alongside fibre expansion, the government is also investing in improved mobile connectivity through the Shared Rural Network, a joint initiative between government and the UK’s major mobile network operators.

The programme aims to extend 4G coverage into rural “not-spots”, areas where reliable mobile signals have historically been unavailable. Recent upgrades have already expanded coverage significantly across parts of the UK countryside.

Industry leaders say these improvements are essential as demand for digital services continues to grow rapidly across both consumer and business sectors.

Jennifer Holmes, chief executive of the London Internet Exchange (LINX), said the continued expansion of gigabit broadband and mobile coverage represents a key step in strengthening the UK’s digital infrastructure.

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“As demand for online services continues to grow, the networks that underpin the internet must be resilient, efficient and capable of supporting increasing volumes of data,” she said.

“Strong infrastructure is essential not only for everyday connectivity, but also for supporting innovation, economic growth and the UK’s wider digital ambitions.”

Holmes added that modern digital networks now underpin almost every part of the economy, from cloud computing and artificial intelligence to e-commerce and public services.

“Investment in faster and more reliable connectivity will help ensure that businesses, public services and communities can fully participate in an increasingly digital economy,” she said.

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The new postcode tool is intended to give consumers and businesses clearer information about when gigabit broadband will reach their homes or workplaces, particularly in areas where rollout timelines have previously been unclear.

By providing greater transparency over rollout plans, ministers hope the tool will help local communities better plan for the future and encourage businesses to invest in rural areas with improved connectivity.

Project Gigabit remains one of the UK government’s flagship infrastructure initiatives, aimed at ensuring that the vast majority of UK premises have access to gigabit-capable broadband by the end of the decade.

But as rollout accelerates, policymakers and campaigners alike warn that bridging the digital divide will require more than infrastructure alone. Ensuring that connectivity is affordable, accessible and supported by digital skills programmes will be crucial if the benefits of the UK’s digital transformation are to be shared across every community.

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Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Form 8K Picard Medical Inc For: 13 March

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Form 8K Picard Medical Inc For: 13 March

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Wall Street Breakfast Podcast: Adobe Beats, CEO Exits

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Wall Street Breakfast Podcast: Adobe Beats, CEO Exits

Adobe headquarters in San Jose, California, USA

JHVEPhoto/iStock Editorial via Getty Images

Listen below or on the go via Apple Podcasts and Spotify

Adobe (ADBE) slips despite record Q1 results; long-time CEO reveals plan to step down. (00:13) U.S. grants 30-day waiver for purchases of Russian oil stranded at sea. (01:22) Meta Platforms (META) delays rollout of new AI model ‘Avocado’ amid performance concerns, NYT reports. (02:34)

This is an abridged transcript.

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Adobe (ADBE) is down 9% in premarket action after reporting its first quarter fiscal 2026 financial results.

Adobe also revealed that its CEO Shantanu Narayen plans to step down after 18 years.

For the quarter ended February 27, Adobe reported adjusted earnings per share of $6.06 versus the consensus estimate of $5.87.

Revenue for the first quarter increased 12% year over year to $6.4B, which was more than the $6.28B consensus.

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Looking ahead, Adobe expects second-quarter revenue to range from $6.43B to $6.48B, with a midpoint of $6.455B, which is more than the $6.43B consensus. The company expects adjusted EPS to range from $5.80 to $5.85 versus the $5.68 estimate.

Narayen plans to remain as CEO until a successor has been appointed. He will retain his position as chair of the board.

The United States has issued a 30-day waiver allowing countries to purchase sanctioned Russian oil and petroleum products already stranded at sea, expanding a temporary exemption granted last week to India alone.

The move aims to ease pressure on global oil prices as the war in the Middle East continues.

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The waiver makes Russian crude and fuel aboard about 30 tankers in Asian waters potentially available for purchase, provided the cargoes were already at sea when the exemption was granted.

According to ship-tracking data compiled by Bloomberg, the vessels are carrying at least 19M barrels of Russian crude and about 310,000 tons of refined products.

The U.S. has taken several steps to curb surging crude and fuel prices since strikes on Iran began two weeks ago. These include plans to release 172M barrels from the Strategic Petroleum Reserve.

Still, Brent crude (CO1:COM) is trading over $100 a barrel, on track for a 9% weekly surge. Crude oil futures (CL1:COM) are at $96 a barrel, on track for a 6% weekly surge.

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Meta’s (META) new foundational A.I. model has reportedly fallen short of the performance of leading A.I. models from its rivals.

The New York Times reported on Thursday, citing sources, that internal tests for reasoning, coding and writing fall short of Google (GOOG) (GOOGL), OpenAI (OPENAI) and Anthropic (ANTHRO).

The model, code-named Avocado, outperformed Meta’s previous A.I. model and did better than Google’s Gemini 2.5 model from March. But they said it has not performed as strongly as Gemini 3.0 from November.

As a result, the people said, Meta (META) has delayed Avocado’s release to at least May from this month. They added that the leaders of Meta’s A.I. division had instead discussed temporarily licensing Gemini to power the company’s A.I. products, though no decisions have been made.

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What’s Trending on Seeking Alpha

Apple cuts App Store commission fees in China to 25%

More tariffs? U.S. launches new trade probes into 60 economies over forced labor

Retail jolt: Amazon plans to move Prime Day into June for the first time

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Dow, S&P and Nasdaq futures are treading cautiously. Crude oil is down 0.2% at $96. Bitcoin is up 1.9% at $71,000. Gold is up 0.2% at $5,093.

The FTSE 100 is down 0.5% and the DAX is down 0.8%.

The biggest movers for the day premarket: Eastman Kodak (KODK) +8% – Shares surged after the company reported Q4 revenue of $290M, up 9% Y/Y, while gross profit jumped 31% to $67M.

Economic calendar:

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  • 8:30 am GDP

  • 8:30 am Personal Income and Outlays

  • 10:00 am Consumer Sentiment

  • 10:00 am JOLTS

  • 1:00 pm Baker Hughes Rig Count

Don’t forget to check out the Seeking Alpha Investment News Quiz!

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Podcast: Stocks Close Mostly Down as Oil Prices Climb

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Here’s What the Big Bank CEOs Got Paid in 2025

Podcast: Stocks Close Mostly Down as Oil Prices Climb

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Stelrad Group falls on lower profit despite margin gains

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Stelrad Group falls on lower profit despite margin gains

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Kinetic IT appoints new chief

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Kinetic IT appoints new chief

One of Australia’s largest privately owned ICT managed services provider Kinetic IT has revealed Dean Langenbach will take the reins after two years leading NRI Australia and New Zealand.

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Thoughts From The Muni Desk

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Thoughts From The Muni Desk

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

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Taylor Swift Reaches $2 Billion Net Worth, Tops Female Musicians on Forbes’ 2026 Celebrity Billionaires List

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Taylor Swift at the 65th Annual Grammy Awards in 2023 -- she's up for six awards at the 2025 gala

Taylor Swift’s net worth has climbed to $2 billion, according to Forbes’ March 2026 celebrity billionaires update, making her the richest female musician and placing her ahead of Kim Kardashian and Rihanna.

Taylor Swift at the 65th Annual Grammy Awards in 2023 -- she's up for six awards at the 2025 gala
Taylor Swift
AFP

Forbes ranks the 36-year-old singer-songwriter at No. 7 on its celebrity billionaires list, up from prior estimates. She first hit billionaire status in October 2023 — the first musician to do so mainly through music earnings, touring and royalties rather than diversified brands.

The bulk of her fortune — nearly $1 billion — comes from royalties, streaming, touring and performance income. Her music catalog is valued at roughly $900 million, boosted by the 2025 repurchase of her first six albums’ masters for about $360 million. Real estate holdings add another $100 million, including properties in Nashville, Los Angeles, New York and Rhode Island.

The Eras Tour, which wrapped in 2024 as the highest-grossing concert tour ever, drove massive gains. Post-tour momentum continued with strong streaming, merchandise sales and the October 2025 release of “The Life of a Showgirl,” which sold over four million copies in its first week.

Swift stands out among celebrity billionaires for building her wealth almost entirely through music. In contrast, Kim Kardashian’s $1.9 billion Forbes estimate stems largely from Skims and SKKN by Kim, while Rihanna’s $1.4 billion ties to Fenty Beauty and Savage X Fenty. Beyoncé joins the list at $1 billion from music and business ventures.

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Her success highlights the power of owning masters, direct fan engagement and blockbuster touring. The Eras Tour alone generated billions in revenue, with economic ripple effects dubbed “Swiftonomics” in host cities.

Forbes calculates net worth conservatively, accounting for taxes, debts and market conditions. Some outlets estimate slightly higher figures, but $2 billion aligns with the March update.

As Swift continues releasing music and exploring new projects, her trajectory shows no signs of slowing. Her rise underscores a shift toward artist empowerment in the music industry, where retaining creative control and maximizing live and streaming revenue can yield extraordinary wealth.

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(VIDEO) Collin Morikawa Withdraws from 2026 Players Championship After One Hole Due to Back Injury

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Arsenal have three wins from three and are yet to concede a goal in this season's Champions League

Two-time major champion Collin Morikawa withdrew from The Players Championship on Thursday after playing just one hole, citing a back injury that flared up during a practice swing on the second tee.

Collin Morikawa
Collin Morikawa

The 29-year-old Californian, who entered the week as the FedExCup points leader and one of the tournament favorites, made par on the opening par-4 10th at TPC Sawgrass before experiencing discomfort. On the par-5 11th tee — his second hole — Morikawa grimaced while taking a warmup swing, then stretched and consulted with a trainer. After a few more attempts to swing, he officially withdrew, according to PGA Tour officials and on-course announcers.

“It’s a tough break for Collin and for the tournament,” said PGA Tour commissioner Jay Monahan in a brief statement. “He’s been playing some of the best golf of his career this season, and we wish him a speedy recovery.”

Morikawa, ranked No. 5 in the world, had been in strong form heading into The Players. He won the AT&T Pebble Beach Pro-Am in February, tied for seventh at the Genesis Invitational and finished solo fifth at the Arnold Palmer Invitational. Those results propelled him to the top of the FedExCup standings, giving him momentum as one of the hottest players early in 2026.

The withdrawal comes as a surprise blow to the field at the PGA Tour’s flagship event, often called the “fifth major,” which features a $25 million purse and 750 FedExCup points for the winner. Morikawa was among the pre-tournament picks to contend, with his precision iron play and ball-striking well-suited to the demanding Stadium Course designed by Pete Dye.

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This marks the latest in a history of back issues for Morikawa. He dealt with lingering problems during the 2021 Tokyo Olympics and withdrew from the 2023 Memorial Tournament due to similar discomfort. Back ailments are common in golf due to the rotational stress of the swing, and Morikawa has worked with trainers to manage the condition.

No immediate timeline for his return was provided. The next major is the Masters in April, and Morikawa — a former PGA Championship and Open Championship winner — will likely prioritize recovery to be ready for Augusta National.

The incident overshadowed the opening round at TPC Sawgrass, where play began under partly cloudy skies with light winds. Other top players, including Rory McIlroy, who arrived late after dealing with his own back concerns from the prior week, teed off later in the day. McIlroy called his status a “game-time decision” but proceeded to play after treatment.

Morikawa’s exit opens the door wider for contenders like Scottie Scheffler, Xander Schauffele and Ludvig Åberg, who were grouped with him in the early wave. Åberg and Si Woo Kim continued without their partner after the withdrawal.

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Fans expressed disappointment on social media, with many noting Morikawa’s surge this season made him a must-watch. His iron accuracy ranks among the Tour’s best, and TPC Sawgrass rewards precision on approach shots and around the infamous island-green 17th.

The Players Championship continues through Sunday, March 15, with the cut after 36 holes. Morikawa’s WD means no official score for the week, preserving his FedExCup lead for now, though strong performances by chasers like Akshay Bhatia or others could close the gap.

Morikawa’s team has not commented beyond the official withdrawal. He is expected to undergo further evaluation in the coming days.

The abrupt end to his week highlights the physical demands of professional golf and the fine line between peak performance and injury. For a player who has quietly built one of the most consistent games on Tour, the hope is rest and rehab will have him back swinging soon.

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