Rupee logs biggest single-day gain in 5 years, leaps 100 paise on crude respite

Agencies
November 3, 2018

Mumbai, Nov 3: The Indian rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar (19.73 against the UAE dirham) on easing crude oil prices and possibility that the US might grant waivers to India from sanctions on Iranian oil imports.

Besides, a bullish trend in the equity market and fresh foreign fund inflows provided support to the domestic currency, which has witnessed a massive 150 paise rise in the last two trading sessions. The domestic currency had Thursday gained 50 paise.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened on a higher note at 73.14, then gained further ground and touched an intra-day high of 72.43, a jump of 102 paise. It, however, closed at 72.45 against the greenback, showing a rise of 100 paise - the best day for the Indian unit since September 2013.

With crude oil prices constantly dipping, concerns over widening current account deficit have slightly eased, helping the rupee claw back some lost ground.

The reports have suggested that the Trump administration is considering granting waivers to India and some other countries, which will allow these nations to continue buying oil from Iran, despite the renewal of US sanctions from next week.

The US had told various countries, including India, to cut oil imports from Iran to "zero" by November 4 or face sanctions.

"Broad-based weakness in dollar along with fall in crude oil prices boosted the Indian rupee, which climbed 1.40 per cent to 72.44. Local currency had a single biggest day gain in five years amid improvement in macro environment. Foreign funds have turned buyer in domestic equity and debt market," an analyst said.

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 on Friday. The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 72.8798 and for rupee/euro at 83.2292. The reference rate for rupee/British pound was fixed at 94.7530 and for rupee/100 Japanese yen at 64.47.

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News Network
January 6,2020

Aboard Air Force One, Jan 6: US President Donald Trump threatened sanctions against Baghdad on Sunday after Iraq's parliament called on US troops to leave the country, and the president said if troops did leave, Baghdad would have to pay Washington for the cost of the air base there.

"We have a very extraordinarily expensive air base that's there. It cost billions of dollars to build, long before my time. We're not leaving unless they pay us back for it," Trump told reporters on Air Force One.

Trump said that if Iraq asked US forces to leave and it was not done on a friendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

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News Network
January 30,2020

Mumbai, Jan 30: The Shiv Sena on Thursday endorsed Union home minister Amit Shah's view that alleged inflammatory statements made by Sharjeel Imam, an anti- Citizenship (Amendment) Act (CAA) activist, were dangerous.

No politics should be done on the issue, and such "pest" afflicting the country should be finished off, it said.

Imam was arrested on Tuesday in connection with his speeches at Jamia Millia Islamia University in Delhi and in Aligarh during anti-CAA protests.

He has been booked for sedition, among other offences.

In an editorial published in its mouthpiece `Saamana', the Sena, a former ally of the BJP, said, "We agree with union home minister's comments that Sharjeel Imam's alleged words of separation are more dangerous than that of Kanhaiya Kumar."

Kumar, former student leader from Jawaharlal Nehru University, had been arrested over alleged separatist slogans shouted during a protest on varsity campus.

The Sena, which has formed alliance with the Congress and NCP to come to power in Maharashtra, is often seen walking a tightrope to preserve its credentials as a pro-Hindutva party.

"The union home ministry, while initiating action against Imam, should not indulge in politics and try to finish off this pest that is afflicting our country," the editorial said.

"One must find out why such language of breaking up this country into pieces is being used by the educated youth of this country more and more frequently. Who is spewing such venom into the mind of Sharjeel who did his graduation from IIT-B and now pursuing PhD from JNU?" the Sena asked.

"Even people involved in Elgar Parishad at Pune are facing sedition charges and these people have been known as intellectuals and are well-known personalities," said the party.

"A conspiracy to bring about a conflict between Hindus and Muslims and ensure continuance of anarchy and civil war as in Iraq and Afghanistan exists. The boost for such activities is coming from a 'political laboratory'," the editorial said.

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News Network
May 22,2020

May 22: A Pakistan International Airlines (PIA) flight on its way from Lahore to Karachi, crashed in the area near Jinnah International Airport on Friday, according to Civil Aviation Authority officials.

Geo News reported that the plane crashed at the Jinnah Ground area near the airport as it was approaching for landing. There were more than 90 passengers on board the Airbus aircraft. Black smoke could be seen from afar at the crash site, say eye witnesses.

There were no immediate reports on the number of casualties. The aircraft arriving from the eastern city of Lahore was carrying 99 passengers and 8 crew members, news agency AP said, quoting Abdul Sattar Kokhar, spokesman for the country’s civil aviation authority.

Witnesses said the Airbus A320 appeared to attempt to land two or three times before crashing in a residential area near Jinnah International Airport.

Flight PK-303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, just a minute before its landing, Geo News reported.

Local television reports showed smoke coming from the direction of the airport. Ambulances were on their way to the airport.

News agency said Sindh’s Ministry of Health and Population Welfare has declared emergency in all major hospitals of Karachi due to the plane crash.

It’s the second plane crash for Pakistani carrier in less than four years. The airline’s chairman resigned in late 2016, less than a week after the crash of an ATR-42 aircraft killed 47 people. The incident comes as Pakistan was slowly resuming domestic flights in the wake of the coronavirus pandemic, Bloomberg reported.

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