PM Modi shares pic with Priyanka and Nick, wishes them ‘happy married life'

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

New Delhi, Jun 19: After the recent sudden demise of Sushant Singh Rajput, actor Kangana Ranaut who went public slamming nepotism in the Hindi film industry, has now revealed that she faced similar struggles like that of Sushant.

In a new statement, the "Queen" actor alleged that she was asked to apologise to Hrithik Roshan's family in order to survive. Both Kangana and Hrithik had been in the public spotlight in the year 2016 over their alleged former relationship and legal battle.

The 'Queen' actor said: "Once Javed Akhtar had called me to his house and told me that Rakesh Roshan and his family are very big people. If you don't apologise to them, you will have nowhere to go. They will put you in jail, and eventually, the only path would be that of destruction...you will commit suicide. These were his words. Why did he think if I don't apologise to you will have nowhere to go. They will put you in jail, and eventually, the only path would be that of destruction...you will commit suicide. These were his words. Why did he think if I don't apologise to Hrithik Roshan, I would have to commit suicide? He shouted and yelled at me. I was shaking in his house,"

She further continued, "Were there people calling Sushant? Were there people putting such thoughts into his mind? I have no idea, but obviously, he was in a similar situation. In his interviews, he had said that nepotism cannot co-exist with talent because they don't allow the right talent to come up. I can relate to it, and hence I am raising questions. I want to know who played the catalyst in this situation?"

Kangana adds, "I know Sushant had a big fallout with Aditya Chopra also. When I refused Sultan, he had threatened he would never work with me. Ever since our industry ganged up on me. I remember so many times feeling really lonely and feeling what will happen to me..."

The 'Manikarnika' star also revealed that all this not only happened to her professionally but personally as well it hampered her relationships. "They are very insecure about things. Despite what they did to me, there was a guy who wanted to get married to me. But he distanced himself, they made sure he ran away. With no surety about my career, my love-life completely has gone awry, with six court-cases against me, they're still trying to put me in jail."

Kangana also talked about herself: "I'm a different person; I'm very expressive. I went out there, and I just vented it out. Sushant was not a person like that at all. He just bottled it up. Media too has played a considerable part in this--the kind of monster image that was given to him. Everybody who knew him closely agrees that he was a soft and emotional person. I think that after a point it really got to him. I can understand it because even I have been portrayed as a witch and as a stalker."

Sharing that the bullying and outbursts had a psychological impact on her life situations, Kangana says, "I remember initially when people used to come to my home, I felt so embarrassed to even offer them water. Forget having a relationship or going on a date post the disaster of a relationship I had. I can only imagine that even during Manikarnika what they did to me."

Talking about the 'Kai Po Che' star, she added, "But perhaps he was just not able to vent. In fact, all these constant jibes on these petty show that he should be killed and which rated him as the least efficient... his films have done more business than your Gully Boy. People like Salman Khan said who Sushant Singh Rajput? It was after M.S. Dhoni: The Untold Story, everybody knew who Sushant was. We need to stop these."