# Dollar

• The rupee hit a new low of 78.28 in intraday trade and closed below the 78 level for the first time on Monday.
• Weakening of rupee is due to sell off in the equity markets by foreign investors over fears that the US fed may hike interest rate further.
• It was not just the rupee, many other currencies including the Japanese yen, Australian dollar and UK pound fell against the dollar.

# Agnipath Scheme

• The government is now all set to announce the ‘agnipath scheme’ to recruit bulk of its soldiers only for four years.
• This a step towards slashing the ballooning salary and pension bills, amid major concerns the move will adversely impact the professionalism, military ethos and fighting spirit of armed forces.
• The exact contours of the agnipath scheme, which was earlier called the tour of duty, are likely to be announced with the army, IAF and Navy.
• Sources said the agnipath scheme will see around 45000 youngsters in the age group of 17.5 to 21 being annually inducted into the armed forces for four years duration.
• The induction will include six months of basic training with a monthly salary of Rs 30000-40000 including allowances.

# Indian premier League

• At ₹23,575 crores for TV and and ₹20500 crores for digital, BCCI sold two packages of IPL rights in India to two bidders on Monday.
• The digital bid went to Viacom 18 led JV and the other bidder will be revealed on Tuesday.
• For a total of 410 matches and at a base price of rupees 49 crore per match on Television and rupees 33 crore per match on digital, the two packages allowed the cricket board to rake in ₹44075 crore.

# Retail inflation

• Retail inflation eased marginally in May due to a statistical base effect from the near eight year high in April and moderation in food and some non food prices .
• But it still remained above RBI’s upper tolerance level of 6% for the fifth consecutive months.