Rupee falls below 72 mark against US dollar on fund outflows

Agencies
August 23, 2019

Mumbai, Aug 23: The rupee on Friday declined below the 72 mark against the US currency in opening session due to continued foreign fund outflows and losses in the equity markets

The rupee fell by 22 paise to trade at a nine-month low of 72.03 against the US dollar in early session.

The rupee traded in a range of 71.93 to 72.05 to te US dollar in the early session.

A strong dollar in the overseas markets and continued foreign fund outflows weighed on the domestic currency, according to forex traders.

The dollar index, which measures the US currency's strength against global peers, was up 0.15 per cent ahead of a key address by the US Federal Reserve Chairman, who is under pressure from the Trump administration to cut rates.

Foreign investors continued their selling spree in the Indian equities amid fading hopes of any stimulus measures by the government to arrest slowdown.

FPIs withdrew around Rs 900 crore from capital markets on a net basis on Thursday.

The rupee had closed at 71.81 to the US dollar on Thursday.

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
April 8,2020

New Delhi, Apr 8: The Supreme Court on Wednesday suggested that all tests to identify coronavirus positive patients should be conducted free of cost and asked the Central government to look into creating a mechanism for providing reimbursement for the same.

A bench headed by Justice Ashok Bhushan, while hearing a PIL via video-conferencing, suggested that the test should be conducted free of cost in the identified private laboratories and said that the court will pass appropriate order on the matter.

The apex court was hearing a PIL filed by lawyer and petitioner Shashank Deo Sudhi seeking direction to the Centre and other respective authorities to provide free of cost the testing facility for COVID-19 to all citizens in the country.

Solicitor General Tushar Mehta submitted that 118 laboratories were doing 15,000 test capacity per day and added that 47 private laboratory chains have also been involved for the same.

During the hearing, the court asked the Centre to ensure private labs don't charge a high amount for the test and suggested that the government can create an effective mechanism for reimbursement from the government for tests.

Mehta said that they will look into the suggestion and will try to devise what can be done best.

Sudhi, on the other hand, submitted that testing of coronavirus is very expensive and therefore the Central government should take all necessary steps to provide free of cost the testing facility for COVID-19 kits and others to all citizens in the country.

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.
Agencies
March 22,2020

New Delhi, Mar 22: The central government on Sunday decided to suspend all metro train services across the country till March 31 in view of coronavirus outbreak.

In a message to managing directors of all metro train corporations, Union Housing and Urban Affairs Secretary Durga Shanker Mishra said this is being done in continuation of suspending metro services during 'Janta Curfew'.

"In view of the current global pandemic of this Corona Virus & for containing its further spread through inter-personal proximity, it has been decided to close down metro rail services on all operational networks across the country till 31 March 2020," Mishra tweeted.

In another tweet, he said by the act of social distancing, people can protect themselves and their dear ones, and win the fight against COVID-19.

India reported three more coronavirus deaths on Sunday, including the first casualty from Bihar, taking the toll to seven and the number of COVID-19 cases rose to 341, officials said.

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
June 17,2020

New Delhi, 17: Tensions on the Indo-China border have spiked to the highest since 1962 after over 20 troops, including an Indian commanding officer, were killed in the face-off in Galwan valley that has seen a six-week long standoff underway with the Peoples Liberation Army.

The Army said that the soldiers – including the Commanding Officer of 16 Bihar regiment in charge of the area – died while a `de-escalation process’ was underway. Sources said that this death toll could rise up as some soldiers are currently not accounted for after PLA troops attacked with spiked sticks and stones in the Galwan valley.

Chinese side also has casualties but the number is still not known. The Indian death toll is perhaps the worst single day loss in decades and has come at a time when thousands of troops are forward deployed in Eastern Ladakh.

ET was the first to report on May 12 about a massive troop build up in the Galwan valley, which is an old flashpoint that had seen action in the 1962 war as well.

There have been reports of casualties on the Chinese side in the clash but numbers are currently not available. Worryingly, information from the ground suggests that several Indian soldiers, including four officers, are missing and could have been taken captive by a vastly larger Chinese force. Their status is still not known.

“During the de-escalation process underway in the Galwan Valley, a violent face-off took place yesterday night with casualties. The loss of lives on the Indian side includes an officer and two soldiers. Senior military officials of the two sides are currently meeting at the venue to defuse the situation,” an Indian Army statement reads.

The Ministry of External Affairs said that the clash occurred when the Chinese side violated the LAC. “On the late-evening and night of 15th June, 2020 a violent face-off happened as a result of an attempt by the Chinese side to unilaterally change the status quo there. Both sides suffered casualties that could have been avoided had the agreement at the higher level been scrupulously followed by the Chinese side,” a statement reads.

The loss of the Commanding Officer is especially devastating and he had been directly involved in de-escalation talks with the Chinese side, including one hours before the clash took place. Sources said that the talks on Monday morning had led to an agreement for Chinese forces to withdraw from Indian territory as part of the disengagement.

According to one version, the CO had gone to the standoff point with a party of 50 men to check if the Chinese had retreated as promised. As the Indian side proceeded to demolish and burn illegal Chinese structures on its side of the LAC, including an observation post constructed on the South bank of the river, a fresh stand off took place as a large force of Chinese troops returned back.

Sources said that a Chinese force in excess of 250 quickly assembled near Patrol Point 14 and were physically stopped by Indian soldiers from entering Indian territory. Soldiers from both sides did not use firearms but the Chinese soldiers carried spiked sticks to attack.

Given the terrain of the region, a part of the standoff and clash took place in the middle of the Galwan river that is currently flowing at full spate, leading to high casualties as injured soldiers got swept away. Indian soldiers have to cross the Galwan river at atleast five points to reach PP 14, which marks the LAC.

Chinese media reports on Tuesday quoted the spokesperson from its Western Theatre Command as laying claim over the Galwan valley region and blaming the Indian side for the clash. Reports quoted Col Zhang Shuili as saying that India has violated the consensus made during Army commander level talks.

As reported, Galwan river area has a painful history with China, with Peoples Liberation Army (PLA) soldiers surrounding a freshly set up Indian Army post in July 1962, in what would be one of the early triggers to the Sino-Indian war. At an Army post that was overrun at Galwan, 33 Indian soldiers were killed and several dozen taken captive in 1962.

In the past, the Doklam crisis in 2017 saw tensions building up along the Pangong Tso lake as well with soldiers engaging in a fight with sticks and stones. However, the Eastern Ladakh standoff is of a much more serious nature, with over 6000 Chinese troops lined up with tanks and artillery, faced off with a larger Indian forces. Troop build up has also been reported across the borders in Himachal Pradesh, Uttarakhand, Sikkim and Arunachal.

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.