Rupee falls 43 paise to 74.11 against the US dollar in early trade

Agencies
October 31, 2018

Mumbai, Oct 31: The rupee dropped by 43 paise to 74.11 against the US dollar in early trade Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

Forex traders said, the US dollar's strength against some currencies overseas and concerns around the rift between the government and the RBI also weighed on the local unit.

At the interbank foreign exchange, after opening lower at 73.91, rupee weakened further to quote at 74.11 against the dollar registering a fall of 43 paise over its pervious close.

The rupee Tuesday depreciated 23 paise to close at 73.68 against the US dollar.

A stable crude oil prices, however, restricted the rupee fall to some extent, forex traders said.

Globally, Brent crude, the international benchmark, was trading 0.62 per cent up at USD 76.38 per barrel.

Meanwhile, the Reserve Bank of India has said that it will inject Rs 40,000 crore into the system in November by buying government bonds through open market operations (OMO) for maintaining liquidity in the market.

On a net basis, foreign investors pulled out Rs 1,592.02 crore from equity markets Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex opened on a higher note up 158.99 points, but soon pared the gains and was trading at 33,627.83, down 263.30 points or 0.78 per cent at 1020 hrs.

Comments

Indian
 - 
Wednesday, 31 Oct 2018

India ki economy ki apmaan hora hai

 

 

Hey baath maine nahee kaha a tho sushma swaraj ji ne kaha tha ab kahaan gaye ho

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News Network
June 23,2020

Jun 23: The U.S. government on Monday restricted charter flights from India, accusing the nation of "unfair and discriminatory practices" by violating a treaty governing aviation between the two countries.

Air India Ltd. has been making flights to repatriate its citizens during the travel disruptions caused by the Covid-19 outbreak, but also has been selling tickets to the public, the Transportation Department alleged.

At the same time, U.S. airlines have been prohibited from flying to India by aviation regulators there, the DOT said in its order. The situation "creates a competitive disadvantage for U.S. carriers," the agency said in a press release.

Air India is advertising a schedule that is more than half of pre-virus operations, the department said. "The charters go beyond true repatriations, and it appears that Air India may be using repatriation charters as a way of circumventing" that nation's flight restrictions, the U.S. agency said.

The order becomes effective in 30 days, the department said.

Indian airlines must apply to the DOT for authorization before conducting charter flights so that it can scrutinize them more closely, it said. The department will reconsider the restrictions once India lifts restrictions on U.S. carriers.

The action against India follows weeks of DOT restrictions against Chinese airlines after the U.S. agency accused that nation of unfairly banning American carriers in the wake of the virus. On June 15, the U.S. announced it would agree to allow four flights a week from China after it allowed the same number by U.S. carriers.

Attempts to reach Air India and the Indian embassy in Washington after business hours were unsuccessful.

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News Network
June 8,2020

Jaipur, Jun 8: An inquiry has been initiated against staff of a private hospital in Rajasthan's Churu district after receiving screenshots of a purported WhatsApp chat in which they allegedly discussed about not attending to Muslim patients affected by COVID-19, police said on Sunday.

Screenshots of the chat between the hospital staff had gone viral following which an investigation has been initiated, they said.

Dr Sunil Choudhary, who runs the Srichand Baradiya Rog Nidan Kendra in Sardarshahar and whose staff purportedly wrote the messages, apologised through a Facebook post, saying the hospital staff did not have any intention to hurt any religious groups.

"We have received a complaint following which we are taking action to register FIR in the matter," Churu Superintendent of Police Tejaswini Gautam said.

Sardarshahar police station SHO Mahendra Dutt Sharma said the police control room had received a complaint regarding screenshots of the chat being circulated on social media. "We are inquiring into the matter. An FIR will be registered against the names mentioned in the WhatsApp chat," Sharma said.

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Agencies
May 4,2020

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

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