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
June 17,2020

New Delhi, Jun 17: Police Surender Jeet Kaur, Assistant Commissioner of Delhi Police Surender Jeet Kaur, has held herself responsible for the death of her husband Charan Jeet Singh, who succumbed to Covid at a hospital in Delhi.

“My husband didn’t step out of the house when the lockdown started, but I went out daily because of my job… I will never be able to forgive myself,” Kaur on Tuesday, a day after losing her husband.

54-year-old Singh, a resident of Lajpat Nagar and a businessman, is survived by his wife and their 26-year-old son who lives in Canada.

Kaur, 57, ACP (Crimes Against Women) in the South-East district of the Delhi Police, is also ACP (Covid Cell) of the district. On May 20, five days after Kaur tested positive for the virus, her husband Singh tested positive, followed by the ACP’s 80-year-old father on May 24.

All of them had symptoms and while Kaur and Singh were admitted to Indraprastha Apollo hospital, her father was admitted to Max hospital in Saket. On May 26, Kaur returned home after recovering from the virus.

Kaur said, “I last spoke to my husband on May 22 night, when we were both admitted in the hospital in different wards. The doctor called me and said that my husband needs to be put on ventilator support. I had a video call with my husband. He was breathless and told me that his oxygen level was dropping. He showed me the monitor, the doctors in the room, and then said he was having trouble speaking and that he would send me WhatsApp messages.”

A day after he passed away, Kaur recalled the messages that Singh sent her just before being put on ventilator support. “He started sending me details of our finances, accounts… I told him to stop and asked him why he was telling me all this. He said I needed to know… Maybe he feared he wouldn’t come back. I prayed every day, at temples, mosques, churches and gurdwaras for him. I am devastated that he’s gone. We were to move to Canada to live with our son in 2023 after my retirement. We had so many plans.”

Kaur’s brother Maninder Ahluwalia said the hospital tried plasma therapy but Singh didn’t respond to the treatment. “He had diabetes and high BP, but those were always under control. We were hopeful,” he said.

The couple’s son joined on video call from Canada to watch his father’s last journey from the ambulance to the entrance of the crematorium. “My son couldn’t attend his father’s last rites because there are no flights… It’s so unfortunate,” said Kaur.

Friends and family remember Singh as a “jolly, disciplined and brave man”, while Kaur said he was the “perfect partner”. She said, “When I was an SHO-rank officer, I would work for 36 hours straight some days, and he would handle the house and our son who was growing up. I would miss family functions and important occasions but he would always go and make up for my absence. I was able to do this job for decades because of his support.”

On Tuesday afternoon, Singh was cremated in the presence of close family and members of the police fraternity. “The DCP and the Joint CP called me daily to enquire about my husband, other police officers too. I am grateful for their support. They didn’t let me feel alone for a single day,” said Kaur.

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News Network
February 14,2020

Feb 14: India will never forget the martyrdom of the security personnel killed in last year's Pulwama attack, Prime Minister Narendra Modi said on Friday.

He termed the slain security personnel were "exceptional individuals" who devoted their lives to serving and protecting the nation.

On February 14 last year, a convoy of vehicles carrying security personnel on the Jammu-Srinagar National Highway was attacked by a vehicle-borne suicide bomber at Lethpora in Pulwama district of Jammu and Kashmir. Forty Central Reserve Police Force (CRPF) personnel were killed in the attack.

"Tributes to the brave martyrs who lost their lives in the gruesome Pulwama Attack last year. They were exceptional individuals who devoted their lives to serving and protecting our nation. India will never forget their martyrdom," tweets PM Modi one year since the Pulwama attack.

"I pay homage to the martyrs of Pulwama Attack. India will forever be grateful of our bravehearts and their families who made supreme sacrifice for the sovereignty and integrity of our motherland," tweets Union Home Minister Amit Shah.

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Agencies
June 4,2020

New Delhi, Jun 4: CSIR Director-General Shekhar Mande said on Thursday that the World Health Organisation's (WHO) decision to halt hydroxychloroquine (HCQ) drug trial was taken in haste and the global body should have actually analysed the data before making the decision.

"I firmly believe that WHO decision was taken in haste it was a kind of knee jerk reaction they should have actually analyse the data on their own before temporarily suspend the trials that is my personal opinion," Mande said.

India's nodal government agency ICMR (Indian Council of Medical Research) overseeing the country's response to the coronavirus pandemic last month wrote to the WHO citing differences in dosage standards between Indian and international trials that could explain the efficacy issues of HCQ in treating COVID-19 patients.

In addition, Dr Sheela Godbole, National Coordinator of the WHO-India Solidarity Trial and Head of the Division of Epidemiology, ICMR-National AIDS Research Institute also wrote a letter via an email to Dr Soumya Swaminathan, Chief Scientist at World Health Organisation.

In a letter, Dr Godbole stated: "There was no reason to suspend the trial for safety concern," attributing it to the current RECOVERY data which differs significantly from the non-randomised assessment by Mehra et al, a scientific paper.

Referring to the letter, the CSIR head said, "We don't know what actually happened behind the scenes but the hypothesis is that because of the paper published in Lancet. It is a very well known journal and if Lancet has done due vigilance in publishing the paper. 

Therefore, the WHO thought the paper's findings are right that's why WHO hold based on what is published on Lancet. The WHO shouldn't have accepted it immediately this should have taken their own due vigilance to find out that study is right or not."

DG CSIR said because there is a global outcry it must have put pressure on both Lancet as well as WHO and both of them now retracted from their original position. "WHO has started a trial again and Lancet has put an expression of concern on their website both of these are very welcome development for science," he said.

"So I am pretty sure that Lancet would have published the reports only after seeing somewhere the drug failed to work," Mande said.

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