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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Agencies
June 17,2020

Mumbai, Jun 17: A lawyer on Wednesday moved a criminal complaint against 8 persons, including Bollywood superstar Salman Khan and producer-director Karan Johar, in a local court regarding the death of Bollywood actor Sushant Singh Rajput.

The court had fixed July 3 as the next date of hearing.

In his complaint filed in the court of Chief Judicial Magistrate, advocate Sudhir Kumar Ojha alleged that these eight persons forced Sushant to commit suicide under a conspiracy which, he pleaded, amounted to murder.

Others named in the complaint are Aditya Chopra, Sajid Nadiadwala, Sanjay Leela Bhansali, Bhushan Kumar, Ekta Kapoor, and director Dinesh.

The complainant claimed that these persons did not let Sushant's movies get released under a conspiracy and the late actor was not even invited to film functions because of these people.

Ojha said that Sushant Singh Rajput's death had not only hurt the people of Bihar but the entire country.

He said the complaint had been filed under Sections 306, 109, 504 and 506 and Bollywood actor Kangana Ranawat had been listed as a witness in the case.

Sushant Singh Rajput had allegedly committed suicide at his Bandra flat in Mumbai on Sunday.

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Agencies
April 14,2020

Mumbai, Apr 14: The Shiv Sena and NCP said Prime Minister Narendra Modis address to the nation on Tuesday lacked substance as he did not suggest ways to strengthen the economy or a relief package for the poor and those worst hit by the lockdown.

Shiv Sena spokesperson Manisha Kayande also took a dig at the prime minister, saying he thankfully did not give any activity to people this time like clanging utensils or lighting lamps.

Modi on Tuesday announced that the lockdown across the country will be extended till May 3, saying the measure has produced a significant outcome in containing the infection.

He said implementation of the lockdown will be strictly ensured in its second phase and detailed guidelines will be brought out on Wednesday to ensure that outbreak does not spread to new areas.

Some relaxations may be allowed after April 20 in places where there are no hotspots, he said.

Kayande said Modi could have announced extension of the lockdown on Wednesday itself along with the new guidelines, instead of declaring it separately.

"He could have elaborated steps to be taken to tackle the coronavirus, relaxing restrictions on movements in different areas (depending upon threat posed by the disease)," she said.

"His speech normally is more of a rhetoric than substance. Thankfully, he did not give any other event to the people like lighting up lamps or clanging utensils. There was nothing substantial (in the address), the only takeaway was that the lockdown has been extended, she added.

Maharashtra Minister and NCP national spokesman Nawab Malik noted that Modi talked about helping the poor.

"But, he could have announced a package on behalf of the central government to help the poor, those working in the unorganised sector who are the worst hit due to the lockdown.

There was no mention of it anywhere," Malik said.

Another NCP spokesman Mahesh Tapase said it was expected that the prime minister would address the economic concerns being faced by the country.

"The least to expect was the announcement of a slew of measures to kick-start the economy in a phased manner as and when the restrictions are lifted, he added.

Tapase said the employers and employees wanted to know from the government how recession and unemployment will be tackled in the time to come.

"Access to capital for business, especially for MSMEs and agriculture, is a big concern. Supply and logistics is the cornerstone of economic activity which has come to a virtual standstill," he said.

The 2020-21 fiscal looks grim and hence, the right stimulus from the government coupled with a renewed zeal by the industry will only bring the economy back on track, he suggested.

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News Network
February 21,2020

Nagpur, Feb 21: Former Maharashtra chief minister and senior BJP leader Devendra Fadnavis on Friday condemned AIMIM leader Waris Pathan's reported remarks that 15 crore Muslims are more than a match for the country's 100 crore Hindus, and asked the latter not to mistake the majority community's tolerance for weakness.

Pathan has been widely condemned for reportedly stating that "15 crore hain lekin 100 crore pe bhari hain".

He purportedly made these comments while addressing an anti-Citizenship (Amendment) Act rally in Kalaburagi in north Karnataka on February 16. The AIMIM leader has claimed he was quoted out of context.

Speaking to reporters in Nagpur, Fadnavis demanded an apology from Pathan and asked the Uddhav Thackeray government to take action.

"We condemn the statement made by Waris Pathan and demand an apology. In case he does not apologise, the state government must take action against him," he said.

Fadnavis said Pathan should understand that minorities were safe and enjoyed full freedom in India because 100 crore Hindus live in the country.

He said no one would dare utter such a statement in a Muslim-majority nation, adding that the "Hindu community is tolerant but its tolerance should not be mistaken for weakness".

"Pathan should apologise to the nation and the Hindu community," he said.

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