Rupee feels slowdown pain, slips to over 72 against US dollar

Agencies
September 4, 2019

Mumbai, Sept 4: Disappointing GDP growth numbers along with concerns over US-China trade war and continued outflows of foreign funds from the country's equity market weakened the Indian rupee to 72.40 mark against the US dollar.

The rupee which opened at 72 to a US dollar from its last Friday's close of 71.41 depreciated to 72.40 on the back of massive foreign fund outflows.

"Lower GDP numbers at 5 per cent, CNH touching new lows of 7.20 led to the rupee weakness. Pair opened at 72 and depreciated to 72.40 on back of massive equity fall in Nifty," said Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.

"US and China's hard stance added fears to the market participants. RBI too did not intervene much on back of other currencies weakening against the US Dollar."

Geojit Financial Services' Chief Market Strategist Anand James said: "Rupee, already under pressure from strong dollar amidst Brexit worries, received a major jolt as June quarter's GDP reading fell to 5 per cent."

"This was further exacerbated by dismal August auto sales even as markets gave a thumbs down to PSB mergers, thereby raising worries of further rupee selling, as the FII exodus from equities continues. Inflows are coming in the form of bonds, anticipating more rate cuts, but they remain less compared to the outflows."

On Tuesday, foreign investors sold-off Rs 2,016.20 crore on the BSE, NSE and MSEI in the capital market segment.

Besides, the two main stock exchanges were also impacted due to the weak growth numbers. This resulted in a bruising sell-off in the markets on Tuesday, erasing 770 points from the S&P BSE Sensex. 

Growth-sensitive stocks, state-run banks and manufacturing companies contributed most to the fall.

The benchmark Sensex fell by 769.88 points or 2.06 per cent at 36,562.91 before falling as much as 36,466.01. The broader NSE Nifty50 declined by 225.35 points or 2.04 per cent lower at 10,797.90.

According to Vaqarjaved Khan, Research Analyst with Angel Broking, the rupee is likely to depreciate towards 73.5 by the end of September 2019, "if the trade war escalates further between US and China and outflows from Indian equity market continues".

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News Network
May 10,2020

New Delhi, May 10: The Delhi government has asked district magistrates to release 2,446 Tablighi Jamaat members from quarantine centres and ensure that they do not stay in any other place except their homes.

The district magistrates will explore the possibility of sending those Tablighi members, who belong to other states, in buses to their designated places in accordance with social distancing norms and other protocols, DDMA Special CEO K S Meena said in a letter to deputy commissioners (administration).

As man as 567 foreign attendees of the congregation held in Delhi's Nizamuddin area in March, will be handed over to the police, Meena said.

"They (foreign Jamaat attendees) will be handed over to police in connection with several violations like visa violation," a government official said on Saturday.

Delhi Home Minister Satyendar Jain had recently ordered the release of Tablighi members who have completed their required quarantine period in centres and tested negative for COVID-19.

"Out of such people belonging to Delhi, who could be released as per prescribed guidelines should be issued passes to travel from the quarantine centres.

"Under no circumstances, the aforesaid persons should be allowed to stay in any other places including mosques," Meena said in the letter.

In respect of those Tablighi members belonging to other states, it should be ensured by the nodal officer and the area ACP that such people reach their place of residence, he also said.

"The DC should also inform the respective resident commissioner of their states in respect of each and every movement of such persons from Delhi," the Delhi Disaster Management Authority (DDMA) Special CEO said.

Thousands of Tablighi Jamaat members had been taken out of its Markaz (centre) in Nizamuddin, where they had gathered for a religious congregation, and quarantined as the area became a major hotspot after a number of members tested positive for coronavirus.

On March 31, the Delhi Police's Crime Branch had lodged an FIR against seven people, including Maulana Saad Kandhalvi, on a complaint by Station House Officer, Nizamuddin, for holding the congregation.

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Agencies
May 27,2020

Global health experts on Wednesday said novel coronavirus is here to stay for more than a year and called for aggressive testing to prevent its spread.

In an interaction with Congress leader Rahul Gandhi, health experts Professor Ashish Jha and Professor Johan Giesecke talked about the COVID-19 pandemic as part of the series being aired on Congress social media channels.

While Jha exuded confidence that a vaccine will be available in a year's time, Prof Giesecke said India should practice a lockdown that is as 'soft' as possible, as a severe lockdown will ruin its economy very quickly.

"When the economy is opened up after lockdown, you have to create confidence among people," Harvard health expert Ashish Jha told Gandhi.

Jha is a professor of Global Health at TH Chan School of Public Health and Director, Harvard Global Health institute.

He said coronavirus is a '12-18 months' problem and the world is not going to be free of this till 2021.

The expert also called for the need for aggressive testing strategy for high-risk areas.

Gandhi, while interacting with the experts, said life is going to change post COVID-19.

"If 9/11 was a new chapter, this will be a new book," he remarked.

Professor Johan Giesecke, former chief scientist, European Centre for Disease Prevention and Control said India should have a 'soft lockdown'.

"The situation that India is in, I think, you should have a soft lockdown, as soft as possible," he said.

"I think for India, you will ruin your economy very quickly if you have a severe lockdown. It is better, skip the lockdown, take care of the old and the frail...," he noted.

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News Network
January 18,2020

New Delhi, Jan 18: Senior advocate Indira Jaising urged the mother of Nirbhaya to pardon the men on death row who were convicted for the 2012 gang rape of her daughter.

Jaising took to Twitter to make the request shortly after Asha Devi on Friday expressed her disappointment following a Delhi court postponed the date of the execution of the four convicts.

"While I fully identify with the pain of Asha Devi I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she didn't not want the death penalty for her. We are with you but against the death penalty," Jaisingh tweeted.

Asha Devi lashed out at Jaisingh suggesting pardon for the convicts. "I can't believe how Indira Jaising even dared to suggest such this. I met her many times over the years in Supreme Court, not once she asked for my wellbeing and today, she is speaking for convicts. Such people earn livelihood by supporting rapists, hence rape incidents don't stop," Asha Devi told ANI.

Nalini was arrested and convicted for her role in the assassination of former prime minister Rajiv Gandhi in 1991.

Earlier on Friday Asha Devi had lashed out at the courts and the government stating that "the same people who had in the year 2012 gone around participating in rallies and raised slogans for women's safety are playing with the death of my daughter for their political gains. They have stopped the execution for their political gains."

The death-row convicts who were earlier slated to be executed on January 22 at 7 am are set to be hanged on February 1 at 6 am.

Asha Devi rued that the convicts got what they wished for. "I will not be satisfied until they are hanged," she added.

Four convicts, Vinay, Akshay, Pawan and Mukesh were convicted and sentenced to death for raping a 23-year-old woman in a moving bus in the national capital on the intervening night of December 16-17, 2012.

The victim, who was later given the name Nirbhaya succumbed to injuries at a hospital in Singapore where she had been airlifted for medical treatment.

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