Rupee at all-time low, falls to 62.46 per dollar; sensex falls 225 points

August 19, 2013

Rupee_at_all-time_lowMumbai, Aug 19: The rupee dropped to a record low of 62.46 per dollar in late morning trade on Monday on persistent demand for the US currency from banks and importers coupled with capital outflows from foreign funds.

A firm US currency in the overseas market also affected the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 62.30 per dollar as against the last weekend's level of 61.65 at the Interbank Foreign Exchange (forex) Market and dropped further to a new record low of 62.45.

However, it recovered to 62.21 before quoting at 62.34 per dollar at 1045 hours.

It showed a loss of 69 paise, or 1.12 per cent, from its last close.

The US dollar edged modestly higher in the early trade ahead of key Federal Reserve events this week that may offer more signals about when policy makers will begin tapering monetary stimulus.

Sensex tumbled by 225 points

Meanwhile BSE benchmark sensex tumbled by 225 points in late morning trade today on persistent selling pressure in banking, capital goods, auto, PSU and realty sectors triggered by further depreciation of rupee against the dollar.

The rupee hit a record low of 62.45 per dollar in the late morning deals today.

Foreign capital outflows continued to affect the market sentiment. Foreign institutional investors (FIIs) sold shares worth a net Rs 563.23 crore last Friday, as per provisional data from the stock exchanges.

The BSE-30 share index Sensex resumed lower at 18,587.38 points and dropped further to a low of 18,303.20 before quoting 18,373.17 at 1040 hours.

It showed a loss of 225.01 points or 1.21 per cent from its last weekend's level.

The NSE 50-share barometer Nifty also fell by 86 points, or 1.56 per cent, to 5,421.85 at 1040 hours.

Major losers were - M&M (4.94 pc), Bajaj Auto (4.63 pc), ICICI Bank (3.74 pc), Bharti Airtel (3.62 pc), Hero Motocorp (3.12 pc) and L&T (2.11 pc).

Most Asian stocks fell for a third straight day as worries about the Federal Reserve's policy outlook and rising US Treasury yields weighed on sentiment.

Key benchmark indices in Hong Kong, China, South Korea and Taiwan were down by 0.08 to 3.79 per cent, while indices in Japan and Singapore rose by 0.02 to 0.35 per cent, respectively.

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News Network
April 7,2020

New Delhi, Apr 6: Kerala Governor Arif Mohammad Khan on Monday complimented his counterparts in other states for voluntarily accepting a 30 per cent cut in their salaries and allowances in the fight against coronavirus.

Talking to the news agency over the phone, Khan referred to the announcement in this regard made by the Centre on Monday and said he had already written to President Ram Nath Kovind, asking him to reduce his salary and allowances by 30 per cent.

"It is everyone's duty to do this when the country is fighting the pandemic. Even if it is more than 30 per cent of the salary cut, we have to accept it, he said.

The country is fighting an invisible enemy and it is everybody's duty to contribute to meet the challenge, the governor said.

Khan appreciated the LDF government in Kerala and Chief Minister Pinarayi Vijayan for taking "proactive" measures in containing spread of coronavirus.

"The government is keeping me informed about the measures taken by it and I on my part give them suggestions and ideas to tackle the menace," he said.

In Kerala, "We have a capable and competent government and over 80 per cent of patients in the state are those Indians who returned from abroad or foreigners. The community spread cases are very less, he said.

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News Network
May 9,2020

New Delhi, May 9: The Trinamool Congress on Saturday responded to Union home minister Amit Shah’s charge that the Mamata Banerjee-led West Bengal government is not facilitating the movement of stranded migrant workers.

Amit Shah has written to West Bengal chief minister Mamata Banerjee, saying her government is doing “injustice” to migrant workers by not allowing the special Shramik trains to reach the state.

“Union home minister Amit Shah speaks after weeks of silence only to mislead people with lies,” the TMC’s Abhishek Banerjee was quoted as saying by news agency PTI.

“The Centre is lying… West Bengal is running 711 camps for migrants in the state. We are taking good care of them,” Abhishek Banerjee, who is also the chief minister’s nephew, said.

Amit Shah had pointed out in his letter that the Centre was not receiving the “expected support” from the state government in helping stranded migrant workers from West Bengal.

“West Bengal government is not allowing trains with migrants reaching the state. This is injustice with WB migrant labourers. This will create further hardship for them,” Amit Shah had said in his letter to Mamata Banerjee.

The issue of migrant workers is the latest flashpoint between the Centre and the West Bengal government amid a row over the state’s efforts to control the coronavirus disease (Covid-19).

The Centre and the state have exchanged allegations over the criteria for reporting deaths from the infection, and while While Bengal says the Centre is trying to politicise a public health crisis, the Union government maintains that state officials are ignoring repeated warnings to step up the fight against the disease.

Federal officials have said that the region has not conducted adequate tests and that there has been mismanagement over identifying hotspots and containing them.

Union home secretary Ajay Bhalla also slammed the state government for a very low rate of testing and high rate of mortality, 13.2%, by far the highest for any state.

The Centre has also accused the state government of not allowing cross-border movement of goods trucks to Bangladesh.

There are 1,678 Covid-19 cases and 160 deaths in West Bengal until Saturday morning.

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News Network
January 22,2020

Jan 22: India's ranking in the latest global Democracy Index has dropped 10 places to the 51st spot out of 167 owing to violent protests and threats to civil liberties challenging freedoms across the country.

Prime Minister Narendra Modi's government has been criticized by rights groups and western governments after shutting off the internet and mobile phone networks and detaining opposition politicians in Kashmir.

Modi’s government has also responded harshly to ongoing protests against a controversial, religion-based citizenship law. Muslims have said their neighborhoods have been targeted, while the central government has attempted to ban protests and urged TV news channels not to broadcast “anti-national” content. Some leaders in Modi’s ruling party called for “revenge” against protesters. India’s score in 2019 was its worst ranking since the EIU’s records began in 2006, and has fallen gradually since Modi was elected in 2014.

The Economist Intelligence Unit’s 2019 Democracy Index, which provides an annual comparative analysis of political systems across 165 countries and two territories, said the past year was the bleakest for democracies since the research firm began compiling the list in 2006.

“The 2019 result is even worse than that recorded in 2010, in the wake of the global economic and financial crisis,” the research group said in releasing the report on Wednesday.

The average global score slipped to 5.44 out of a possible 10 -- from 5.48 in 2018 -- driven mainly by “sharp regressions” in Latin America, Sub-Saharan Africa, the Middle East and North Africa. Apart from coup-prone Thailand, which improved its score after holding an election last year, there were also notable declines in Asia after a tumultuous period of protests and new measures restricting freedom across the region’s democracies.

Asia Declines

Hong Kong, meanwhile, fell three places to rank 75th out of 167 as more than seven months of violent and disruptive protests rocked the Asian financial hub. An aggressive police response early in the unrest, when protests were mostly peaceful, led to a “marked decline in confidence in government -- the main factor behind the decline in the territory’s score in our 2019 index,” the group said.

In Singapore, which ranked alongside Hong Kong at 75th, a new “fake news” law led to a deteriorating score on civil liberties.

“The government claims that the law was enacted simply to prevent the dissemination of false news, but it threatens freedom of expression in Singapore, as it can be used to curtail political debate and silence critics of the government,” EIU analysts said.

China’s score fell to just 2.26 in the EIU’s ranking, placing it near the bottom of the list at 153, as discrimination against minorities, repression and surveillance of the population intensified. Still, in China “the majority of the population is unconvinced that democracy would benefit the economy, and support for democratic ideals is absent,” the EIU said.

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