Rupee slips 29 paise against US dollar to 71.77

Agencies
August 28, 2019

New Delhi, Aug 28: The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.

Rising crude oil prices and weakness in the equity market put further pressure on the domestic currency, forex dealers said.

At the interbank foreign exchange market, the rupee opened on the back foot at 71.50 a dollar and went on to touch the day's low of 71.87. It finally pared some losses to settle at 71.77, down by 29 paise against its previous close.

On Tuesday, the rupee had recovered 54 paise to finish at 71.48.

Global equities struggled while gold and yen held on to gains following the latest inversion of yield curves of US Treasury bonds, which is seen as a signal of an approaching recession.

With the US-China trade talks showing no signs of a resolution, chances of the global economy tipping into a slowdown remain quite high, analysts said.

"Global sentiments remained muted with uncertainty around the US-China trade deal and growth," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Crude oil benchmark Brent Futures spurted 1.21 per cent to trade at USD 60.23 per barrel on Wednesday.

The dollar index -- which gauges the greenback's strength against a basket of six currencies -- rose 0.10 per cent to 98.09.

The 10-year Indian government bond yield was up at 6.58 per cent.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 923.94 crore on Tuesday, as per provisional data.

Meanwhile, domestic benchmark indices snapped their three-session rising streak amid losses in metals, energy, banking and auto counters.

The BSE Sensex settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

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Agencies
June 16,2020

As the Indian workforce navigates a shrinking job market in lockdown times, two in five professionals believe that the number of jobs and scheduled interviews will decrease in the next two weeks, a new LinkedIn survey said on Tuesday.

The news comes as bittersweet for Indian professionals as more than one in three stated they will now spend more time working on their resumes and preparing for interviews.

Professionals from healthcare, manufacturing and corporate service industries anticipate a decrease in personal spending and personal investments in the next six months, according to the findings of the fortnightly LinkedIn Workforce Confidence Index based on responses from 2,903 professionals in the country.

This findings showed that while India's overall confidence remains steady, the country's confidence in jobs is beginning to trend downward.

However, employees at large enterprises (firms with over 10,000 workers) are more confident about the future of their employers when compared to their peers from mid-market and SMB companies.

The findings showed that 41 % of enterprise professionals think their companies will do better in the next six months, while 63 % think their companies will be better off one year from now.

However, "the enterprise professionals are least confident about the future of their jobs, finances and careers, when compared to their SMB and mid-market peers".

The findings showed that 52 % of healthcare, 48% of corporate services, and 41 % of manufacturing professionals anticipate a decrease in investments in the next 6 months.

Over the past three months, many organizations have shifted to a remote working model to circumvent the pandemic and ensure business continuity.

Three in five marketing professionals feel confident about being effective when working remotely, joined by more than half of project management and engineering professionals, who are also confident about the effectiveness of remote working.

In contrast to this optimism, only 39 % of HR, 36% of finance, and 31 % of education professionals think they would be effective when working remotely, said the survey.

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News Network
March 29,2020

New Delhi, Mar 29: The battle against coronavirus is a tough one and it required harsh decisions to keep India safe, said Prime Minister Narendra Modi in his first Mann Ki Baat after the 21-day lockdown was imposed in the wake of COVID-19 outbreak.
"The battle against COVID-19 is a tough one and it did require such harsh decisions. It is important to keep the people of India safe. A disease must be dealt with at the very beginning as delay makes it incurable," said Prime Minister Modi.
He said that as the coronavirus has put the entire world in lockdown, so "India is doing the same."
"It is a challenge before everyone, science and knowledge, poor and rich, powerful and weak. It is neither restricted to a nation nor region or particular weather. This virus is bent upon killing human beings, eliminating them. Hence all of us, the entire humanity, must unite and resolve to eliminate it," he added.
Addressing the 63rd edition of his monthly radio programme 'Mann Ki Baat', the Prime Minister had sought forgiveness from all countrymen, and especially the poor, for the nationwide lockdown in the country in the view of the novel coronavirus.
During his address to the nation on March 24, the Prime Minister had announced a 21-day nationwide lockdown to contain the spread of the deadly virus. 

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News Network
June 8,2020

New Delhi, Jun 8: Delhi Chief Minister Arvind Kejriwal has gone into self-quarantine after developing sore throat and fever, and will get himself tested for COVID-19 on Tuesday, officials said on Monday.

They said the chief minister, who is also a diabetic, was feeling unwell since Sunday afternoon.

"He has mild fever and sore throat since Sunday afternoon. As advised by doctors, the chief minister will undergo COVID-19 test on Tuesday morning," officials said.

Officials said the CM had attended a Cabinet meeting on Sunday morning and thereafter, he did not attend any meeting.

The chief minister has been holding most of his meetings via video conferencing from his official residence for past two days.

This come as the number of coronavirus cases in the national capital crossed the 28,000-mark with 1,282 fresh infections while the death toll climbed to 812 on Sunday, a health bulletin issued by the Delhi government said. According to the health bulletin, the total number of COVID-19 cases in Delhi rose to 28,936 with 1,282 fresh cases.

A total of 51 fatalities were reported on June 6, the bulletin said, adding that these lives were lost between May 8 and June 5. It, however, said the cumulative death figure refers to fatalities where the primary cause of death was found to be COVID-19, according to a report of the Death Audit Committee on the basis of the case-sheets received from various hospitals.

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