📰 Today’s Highlights – 24 July 2025
India and the UK signed a landmark Free Trade Agreement during Prime Minister Modi’s UK visit, offering broad tariff reductions on goods—including cars, EVs, whisky, textiles—and mutual market access. India has also resumed issuing tourist visas to Chinese nationals after a five-year hiatus following the 2020 border clashes. On the currency front, the rupee and equities gained briefly on global risk appetite and recent US trade deal momentum, though cautious investors warn gains may be transient amid weak inflows. Meanwhile, RBI intervened in May by buying USD 1.7 billion to tame rupee appreciation.
Daily Current Affairs – MCQs (24 July 2025)
-
**Which pact was signed by PM Modi today?**A) India-US trade dealB) India-UK Free Trade AgreementC) India-EU investment treatyD) India-ASEAN connectivity pactAnswer: B) India-UK Free Trade AgreementExplanation: The historic FTA was signed during Modi’s UK visit, offering wide tariff cuts on key goods.
-
**Which UK export will benefit from tariff reduction under the FTA?**A) SmartphonesB) Scotch whiskyC) Education servicesD) Aerospace equipmentAnswer: B) Scotch whiskyExplanation: Tariffs on whisky are being slashed from 150% to 75% immediately, reducing further later.
-
**Which Indian exporters gain zero-duty access to the UK?**A) Oil & gasB) Textiles & EVsC) AutomobilesD) PharmaceuticalsAnswer: B) Textiles & EVsExplanation: Indian textile and EV manufacturers enjoy zero-duty market access under the pact.
-
**What significant visa change occurred today?**A) India opened e-visas for AfricaB) Tourist visas_resume for Chinese nationalsC) UK revoked student visas for IndiansD) US relaxed business visa normsAnswer: B) Tourist visas_resume for Chinese nationalsExplanation: India resumed tourist visa issuance for Chinese visitors for the first time since 2020 border tensions.
-
**What will support the rupee's opening today?**A) RBI rate hikeB) Global risk appetite from US trade dealsC) Sharp oil price dropD) India-China summitAnswer: B) Global risk appetite from US trade dealsExplanation: The rupee is set to open stronger based on positive cues from US-Japan and EU trade developments.
-
**What capture suggests limited persistence in rupee gains?**A) High volatilityB) Weak foreign inflowsC) Large fiscal deficitD) Political instabilityAnswer: B) Weak foreign inflowsExplanation: Analysts caution gains may fade quickly due to tepid inflows and import hedging.
-
**How much did RBI intervene in May to tame rupee?**A) USD 700 millionB) USD 1.7 billionC) USD 3 billionD) USD 10 billionAnswer: B) USD 1.7 billionExplanation: RBI bought $1.7 billion net in the forex market in May to curb rupee appreciation.
-
**Which currencies supported the rupee by showing relative strength?**A) EuroB) YenC) Offshore Chinese yuanD) British poundAnswer: C) Offshore Chinese yuanExplanation: A stronger yuan helped cushion the rupee’s strength yesterday.
-
**What range is the rupee expected to open in today’s NDF market?**A) 86.00–86.10B) 86.20–86.22C) 86.34–86.36D) 86.50–86.55Answer: C) 86.34–86.36Explanation: The 1-month NDF indicates opening in that range.
-
**What factor helped begin today’s currency turnaround?**A) OPEC output cutB) US-Japan trade deal announcementC) RBI policy shiftD) India's PMI data releaseAnswer: B) US-Japan trade deal announcementExplanation: Improved market mood followed news of U.S.–Japan trade agreement, lifting Asian equities and currencies.
✅ Summary:
Today’s quiz covers the India–UK free trade pact and its tariff benefits, resumption of Chinese tourist visas, RBI currency intervention, and global trade talks boosting the rupee—while caution remains due to weak inflows.
0 Comments