Rupee marks lowest level as investors flee

May 22, 2012

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Mumbai, May 22: India's rupee fell past 55 per dollar to a record low as concern Europe's debt crisis will worsen prompted investors to pull money out of emerging-market assets.

"It has been touching lows quite regularly, said Subir Gokarn, a deputy governor at the Reserve Bank of India. "There is clearly a strong pressure on the rupee to depreciate. This is coming from a number of factors. One is clearly the current account deficit, demand from oil has been strong and the capital flows are not matching that," he said.

"We have done a number of things and will continue to do things that we think will have the impact of stabilizing the currency. But ultimately capital flows are going to be the main determinant of how the currency behaves.''

Sweeping declines

The MSCI Asia-Pacific Index of shares lost 10 per cent this month as global funds pulled $6.2 billion (Dh22.76 billion) from the stock markets of India, Indonesia, South Korea and Taiwan, according to the latest exchange data.

German and French leaders meet this week to discuss a revised plan for the euro amid concern Greece is close to an exit from the monetary union. The rupee is also weakening because India's fiscal policy is "too loose" and that is widening the current-account deficit and spurring inflation, according to BNP Paribas.

"An improvement in the situation in Europe and firmer global risk appetite is a necessary, although not sufficient, condition for the rupee to stabilise," Richard Iley, the Hong- Kong based chief economist for Asia at the French bank, wrote in a research note released yesterday. "Fiscal laxity is the root of the problem."

The rupee dropped 1.1 per cent to 55.0350 per dollar in Mumbai, according to data compiled by Bloomberg. It touched an all-time low of 55.0550 and has slumped 7.6 per cent this quarter in Asia's worst currency performance.

India's budget deficit widened to 5.9 per cent of gross domestic product in the fiscal year ended March 31, compared with a target of 4.6 per cent. finance minister Pranab Mukherjee aims to narrow the shortfall to 5.1 per cent this fiscal year.

Rising volatility

The rupee's one-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 13 per cent. It touched this year's high of 13.27 per cent on May 18.

The central bank cut the amount of overseas income companies can hold in foreign currency this month to 50 per cent from 100 per cent, in a bid to boost dollar inflows and stem the rupee's slide.

On May 4, policy makers raised interest rates on non-rupee deposits by as much as 300 basis points and freed up borrowing costs on foreign-exchange loans to exporters.

Gold: Debt crisis dims allure

Gold declined in New York as concerns that Europe's debt crisis is worsening boosted the dollar and curbed the appeal of precious metals as alternative investments.

The euro fell as much as 0.4 per cent against the dollar as German and French officials meet today to discuss ways to contain Europe's financial turmoil. Before today, gold declined 4.3 per cent this month, while the dollar climbed 3.2 per cent against a basket of six currencies.

"The flight is towards the dollar," Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. "The softness in the euro is keeping gold under pressure."

Gold futures for June delivery fell 0.3 per cent to $1,587.70 an ounce at 10:01 am on the Comex in New York.

Demand for bullion in India, the world's largest consumer, dropped to the weakest since late March on May 18, UBS said in an emailed report on Monday.

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News Network
February 3,2020

New Delhi, Feb 3: Union minister Prakash Javadekar on Monday said Delhi Chief Minister Arvind Kejriwal had called himself an "anarchist" and there is not much of a "difference between an anarchist and a terrorist".

His remarks come a few days after the Election Commission issued a show cause notice to BJP MP Parvesh Verma for allegedly calling Kejriwal a "terrorist".

Addressing a press conference here, Javadekar raked up the issue of Kejriwal "staying a night at the Moga residence of Khalistan Commando Force chief Gurinder Singh during the Punjab Assembly polls".

"You knew it was a militant's house. Still, you stayed there. How much more evidence do you need?" he said.

"Kejriwal is now asking with a sad face, 'am I a terrorist?' You are a terrorist and there is a lot of evidence to prove that. You yourself had said you are an anarchist. There is not much of a difference between an anarchist and a terrorist," the senior BJP leader said.

Flanked by Delhi BJP chief Manoj Tiwari and Union minister Anurag Thakur, Javadekar said the Aam Aadmi Party (AAP) was supporting Shaheen Bagh, where slogans of "Assam ko azadi", "Jinnah wali azadi" were being raised. "Supporting such slogans is also terrorism".

He alleged that Kejriwal stood with Jawaharlal Nehru University (JNU), where "anti-India slogans were raised, and did not grant sanction to prosecute (those who raised the slogans)".

"On January 26, you threatened that you would stop their prosecution. How much more proof do you need? The people of Delhi now know that you are the chief of liars, you are an anarchist and sympathise with terrorists.

"You are supporting Shaheen Bagh, JNU, the slogans being raised there and all such anarchists...then you are definitely a terrorist. This is your identity, no matter how innocent face you make," he said.

On Thursday, the Election Commission had issued a show cause notice to Verma, the BJP MP from West Delhi, for allegedly calling Kejriwal a "terrorist".

He was earlier barred from campaigning for 96 hours (four days) for making controversial remarks at a poll meet recently.

An emotional Kejriwal had later said it was for the people of Delhi to decide whether they consider him their son, brother, or a terrorist.

"How have I become a terrorist? I've arranged for medicines...did so much for the needy. I've never thought of myself or my family... am ready to give my life for the nation," he had said at a press conference.

Comments

Abdul Gaffar Bolar
 - 
Tuesday, 4 Feb 2020

RSS is a terrorist organization and they made agreement with another terrorist BODO organization.

Fairman
 - 
Monday, 3 Feb 2020

Kejrival or others no need to clarify these goons.

 

Who are these goons to be replied,

They are the worst terrorists on this whole universe.

 

Kerjrival and AAP team,  don't look at these goons, just focus on  your unfinished next work.

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News Network
May 6,2020

New Delhi, May 6: Around 39 crore people have received financial assistance of Rs 34,800 crore amid the COVID-19 lockdown under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on May 5, the government said in a statement.

These people received the assistance, which was announced by Union Finance Minister Nirmala Sitharaman on March 26 to protect them from the impact of the lockdown due to COVID 19, via digital payment infrastructure.

The swift implementation of the free food grain and cash payment package under PMGKP is being continuously monitored by Central and state governments. Also, Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary.

As per the data provided by the government, Rs 16,394 crore front-loaded towards payment of the first installment of PM-KISAN was provided to 8.19 crore beneficiaries.

Rs 10,025 crore credited to 20.05 crore (98.33 per cent) women Jan Dhan account holders as first installment and Rs 2,785 crore credited to 5.57 crore women in the second installment.

Further, Rs 1,405 crore was disbursed to about 2.82 crore old age persons, widows and disabled persons and Rs 3,492.57 crore financial support was given to 2.20 crore building and construction workers.

Moreover, foodgrain has been distributed, covering 60.33 crore beneficiaries in all 36 Union Territories and states till April and 12.39 crore beneficiaries by 22 states/UTs for May. Pulses have been distributed so far to 5.21 crore household beneficiaries out of 19.4 crore such beneficiaries.

Over 5 crore cylinders have been booked under the Pradhan Mantri Ujjwala Yojana (PMUY) and 4.82 crore free cylinders already delivered to beneficiaries.

While 9.6 lakh members of Employees' Provident Fund Organisation (EPFO) has taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to Rs 2,985 crore, 24 per cent EPF contribution transferred to 44.97 lakh employees account amounting to Rs 698 crore.

In the current financial year, 5.97 crore person's man-days of work generated under MNREGA scheme and Rs 21,032 crore were released to states to liquidate pending dues of both wage and material.

Insurance scheme for health workers in government hospitals and health care centres has been operationalised by New India Assurance covering 22.12 lakh health workers.

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News Network
May 19,2020

New Delhi, May 19: The number of coronavirus cases crossed the one lakh mark in the country on Tuesday, while the death toll due to the infection touched 3,163, according to the Union Health Ministry.

A total of 134 deaths and 4,970 COVID-19 cases were reported in the country in the past 24 hours since 8 pm on Monday, it said.

The total number of coronavirus cases has risen to 1,01,139, the ministry said.

The number of active COVID-19 cases stood at 58,802 while 39,173 people have recovered and one patient has migrated, it said.

"Thus, around 38.73 per cent patients have recovered so far," a senior health ministry official said.

The total confirmed cases include foreigners.

Of the 134 deaths reported since Monday morning, 51 were in Maharashtra, 35 in Gujarat, 14 in Uttar Pradesh, eight in Delhi, seven in Rajasthan, six in West Bengal, four in Madhya Pradesh, three in Tamil Nadu, two each in Punjab and Jammu and Kashmir, and one each in Bihar and Telangana.

Of the 3,163 fatalities, Maharashtra tops tally with 1,249 deaths. Gujarat comes second with 694 deaths, followed by Madhya Pradesh at 252, West Bengal at 244, Delhi at 168, Rajasthan at 138, Uttar Pradesh at 118, Tamil Nadu at 81 and Andhra Pradesh at 50.

The death toll reached 37 each in Karnataka and Punjab and 35 in Telangana.

Jammu and Kashmir has reported 15 fatalities due to the disease, Haryana has 14 deaths while Bihar has registered nine and Kerala and Odisha each have reported four deaths.

Jharkhand, Chandigarh and Himachal Pradesh each have recorded three COVID-19 fatalities, while Assam has reported two deaths.

 Meghalaya, Uttarakhand and Puducherry have reported one fatality each, according to the data provided by the ministry.

According to the ministry's website, more than 70 per cent of the deaths are due to comorbidities, the existence of multiple disorders in the same person.

According to the health ministry's data updated in the morning, the highest number of confirmed cases in the country are from Maharashtra at 35,058, followed by Tamil Nadu at 11,760, Gujarat at 11,745, Delhi at 10,054, Rajasthan at 5,507, Madhya Pradesh at 5,236 and Uttar Pradesh at 4,605.

The number of COVID-19 cases has gone up to 2,825 in West Bengal, 2,474 in Andhra Pradesh and 1,980 in Punjab.

It has risen to 1,597 in Telangana, 1,391 in Bihar, 1,289 in Jammu and Kashmir, 1,246 in Karnataka and 928 in Haryana.

Odisha has reported 876 coronavirus infection cases so far, while Kerala has 630 cases. A total of 223 people have been infected with the virus in Jharkhand and 196 in Chandigarh.

Tripura has reported 167 cases, Assam has 107, Uttarakhand and Chhattisgarh have 93 cases each, Himachal Pradesh has 90 and Ladakh has registered 43 cases so far.

Goa has reported 38 COVID-19 cases, while the Andaman and Nicobar Islands has registered 33 infections.

Puducherry has registered 18 cases, Meghalaya has 13 and Manipur has seven cases. Mizoram, Arunachal Pradesh and Dadar and Nagar Haveli have reported a case each till how.

"814 cases are being reassigned to states," the ministry said on its website, adding "our figures are being reconciled with the ICMR".

State-wise distribution is subject to further verification and reconciliation, it said.

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