Rupee crashes below 56 level to new low against US dollar

May 23, 2012

Rs_56Mumbai, May 23: Continuing free-fall for the sixth day in a row, rupee today crashed below the psychological level of 56 against US dollar to yet another all time low on heavy demand for the American currency from importers, especially oil refiners, amid foreign fund outflows and weak equities.

At the Interbank Foreign Exchange (Forex) market, the domestic unit recorded its steepest fall ever by dipping below the crucial levels of Rs 55 and Rs 56 per dollar within a span of two days, forex dealers said.

After a lower start at 55.82, the rupee continued its downward journey by losing 74 paise at 56.13 at 1350 hrs.

The dollar has also gained against the Euro and other leading currencies following ratings agency Fitch's downgrading Japan's sovereign rating by one notch to A+ with a negative outlook.

Strong dollar demand from importers pulled rupee down to a record low of 56.13, placing the domestic currency, which has lost over 12 per cent since March this year.

Forex dealers said the American currency remained in demand even as the Reserve Bank imposed restrictions of forward contracts by banks and arbitrage trading.

They said capital outflow of foreign funds from falling markets remained a major driver behind the rupee's fall as dollar surges because investors are finding the American currency a safer bet amid concerns that Greece might exit euro-zone.

Data from market regulator Sebi showed that FIIs sold stocks worth Rs 283 crore yesterday.

Meanwhile, the BSE benchmark Sensex dropped below the 16,000 level by losing over 179 points.

Finance Minister Pranab Mukherjee had said yesterday: "The government is taking a series of steps. However, managing rupee is market-related...There is a lot of volatility.

"As and when RBI will consider necessary they will intervene. It depends on the market forces and market forces are uncertain," he said.

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News Network
March 29,2020

New Delhi, Mar 29: The total number of COVID-19 positive cases rose to 1024 in the country, said Ministry of Health and Family Welfare on Sunday.

"The total number of COVID-19 positive cases rise to 1024 in India including 901 active cases, 96 cured/discharged/migrated people and 27 deaths," Ministry of Health and Family Welfare said.
Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown to stem the spread of COVID-19, which has left thousands dead around the world.

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News Network
May 9,2020

Thrissur, May 9: Five people were arrested for allegedly conducting congregational prayers at a mosque here in violationofthe COVID-19 lockdown norms.

A case was registered against five people for conducting evening prayers on Friday, police said.

We received information that prayers were being conducted in the mosque, they said adding they were held at Eriyad Masjidul Bilal mosque here.

On Friday, four people, including the president of a local temple trust, were arrested for allegedly conducting a religious recitation in a temple here in violation of lockdown restrictions.

Though lockdown conditions have been eased in accordance with the Centre's guidelines, public gatherings, including functions, weddings, political events and religious gatherings were not allowed.

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News Network
May 18,2020

May 18: The Central Board of Secondary Education (CBSE) on Monday announced the date sheet for the pending class 10 and 12 board exams, which will now be held from July 1 to 15.

The exams were postponed due to the nationwide lockdown imposed on March 25 to contain the spread of COVID-19.

The Class 10 board exams are pending only in the North East Delhi.

"The Class 10 exams will be staggered on four dates, starting July 1. The first paper will be Social Science, while the next day students will be required to appear for the Science exam,” said Sanyam Bhardwaj, the Controller of Examination, CBSE.

“On July 10, exams will be conducted for both courses of Hindi and on July 15 for both courses of English," he said.

On health guidelines for students, Bhardwaj said that they will be required to carry their own sanitiser bottles and wear masks to examination centres.

"Parents will have to ensure that their ward is not sick and candidates will have to strictly follow physical-distancing norms," he said.

For Class 12, the Home Science exam will be held on July 1, followed by both courses of Hindi the next day.

The Class 12 Business Studies exam has been scheduled for July 9, followed by Biotechnology on July 10 and Geography on July 11.

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