Rupee surges on RBI measures

July 16, 2013

RBI_measuresMumbai, Jul 16: The rupee on Tuesday gained a hefty 64 paise to 59.25 in early trade at the Interbank Foreign Exchange market on fresh dollar selling by exporters after the RBI announced a slew of measures to stem the local currency’s volatility.

Forex dealers said measures announced by the RBI on Monday night, including hiking the lending rates for banks and sucking up of Rs. 12,000 crore to stem the continuing fall of rupee, supported the local currency.

Under the measures announced, RBI raised lending rates to commercial banks by 2 per cent to 10.25 per cent making the loans costlier.

The rupee had lost 33 paise, the most in a week, to close at 59.89 against the dollar on Monday on fresh demand from banks and importers amid disappointing industrial production, a fall in exports and higher inflation.

Meanwhile, the BSE benchmark index Sensex plunged by 368.91 points, or 1.84 per cent, to 19,665.57 in early trade on Tuesday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 6,2020

May 6:The Congress on Wednesday said it is "economically anti-national" to fleece Indians of Rs 1.4 lakh crore by raising taxes on petrol and diesel, and urged the Centre to share 75 per cent of this revenue with states so that people are not burdened.

Congress chief spokesperson Randeep Surjewala said when the entire country is fighting the COVID-19 pandemic and its poor, including migrants, shopkeepers and small businessmen, were virtually penniless, the government of India was "fleecing" 130 crore Indians by insurmountably raising prices of petrol and diesel.

"To fleece people of India in this fashion is economically anti-national," he told reporters at a press conference through video conferencing.

Surjewala alleged that the manner in which "illegally and forcibly" this recovery is being made is "inhumane, cruel and insensitive".

"The government should transfer 75 per cent of this money so collected through raise in taxes to states. This will ensure there is no further burden on people of India, by way of more taxes on petroleum products by states," he said.

He said the issue was discussed at a meeting of the chief ministers of Congress-ruled states with party president Sonia Gandhi, where everyone besides former prime minister Manmohan Singh and Congress leader Rahul Gandhi expressed deep concerns.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 9,2020

New Delhi, Feb 9: Calling India a "long-standing friend", Sri Lankan Prime Minister Mahinda Rajapaksa on Saturday thanked Prime Minister Narendra Modi for visiting his country in the aftermath of last year's Easter Sunday terror attacks and outlined that New Delhi has always helped Colombo in its fight against terrorism.

In a joint press briefing with PM Modi, Mahinda Rajapaksa said he hopes that India will continue to help Sri Lanka fight terrorism.

Mahinda Rajapaksa expressed his gratitude to PM Modi for the neighbourhood first policy and the priority India gives to Sri Lanka.

"We had agreed that our cooperation is multifaceted and priority is given to a number of areas including security, economy, culture and social sectors. Part of our discussions centered on cooperation with regard to the security of the two countries. India has always assisted Sri Lanka to enhance our capacity, capabilities in intelligence and counter-terrorism. We look forward to getting continued support in this regard," he said.

"I thank the Prime Minister for visiting Sri Lanka in the aftermath of the Easter Sunday terror attacks that provided us with immense strength to come to terms with the tragedy. We also appreciate Prime Minister Modi's $400 million line of credit to enhance the economy of Sri Lanka and another $50 million line of credit for fighting terrorism," he added.

The Sri Lankan president urged PM Modi to consider further assistance to expand housing projectS all over Sri Lanka to benefit people from rural areas.

"The Prime Minister and I discussed how Sri Lanka and India can work together in the field of economy. India is among the world's fastest growing economies. I discussed with PM Modi how Sri Lanka could benefit from certain economic sectors where India is in a strong position," he said.

Concluding his statement, Mahinda Rajapaksa said, "India is our closest neighbour and a long-standing friend. The close historical links...provided a solid foundation to our ties."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 12,2020

New Delhi, Mar 12: TMC MP Saugata Roy said Home Minister Amit Shah should resign for "failing" to control the riots in Delhi and demanded a judicial inquiry by a sitting Supreme Court judge.

Participating in a discussion on the violence in Delhi in Lok Sabha, Roy said the Delhi riots happened 72 years after Mahatma Gandhi was killed by a Hindu fanatic.

"Gandhiji has been murdered again in Delhi by, you know who," Roy said while addressing the Chair.

Taking on BJP MP Meenakshi Lekhi for defending BJP leaders for their controversial remarks, which he claimed instigated the violence, Roy said he has seldom heard such a communal speech ever.

Dubbing the BJP MP as "Devil's Advocate", Roy said, "She spent five minutes defending the most hated man. May I quote (William) Shakespeare and call her the Devil's Advocate?...She is the best Devil's Advocate possible. She has also been an advocate for the Delhi Police which has shown total inaction and ineptness in this whole riot in Delhi."

Thereafter Roy trained his gun at Shah, who was present in the house while the TMC MP was speaking.

He said that when the riots started on February 24, Home Minister Shah was sitting in the front row at Motera Stadium (in Gujarat) welcoming US President Donald Trump.

"When Mr. Shah should have been in Delhi Police control room, he was welcoming Mr. Trump at Motera. There was no order to the police. Then on 25th, things went out of control. Armed mobs fought with each other on the streets of Delhi," Roy said.

Demanding resignation of Shah, Roy raised questions on NSA Ajit Doval's visit to the riots-affected areas on February 26 and asked what was the Home Minister doing.

"Is it NSA's business to control ordinary law and order situation? Why was the Home Minister absent in action? There is no explanation for the same," he said.

The TMC leader said he feels bad standing face-to-face with Shah.

"He is still young, he has a good future. He should acknowledge responsibility for his failure to control or stop Delhi riots and bring peace in three days. In the name of God, go and do not stay in the Home Minister's position," Roy said, adding he is the man who could not prevent riots in Delhi, at a place 10 kilometres away from the Home Ministry.

Roy demanded a judicial inquiry into the riots by a sitting Supreme Court judge and complete rehabilitation for all the riot victims.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.