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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News Network
March 11,2020

New Delhi, Mar 11: Jyotiraditya Scindia, the Madhya Pradesh politician whose surprise exit from the Congress has brought the Kamal Nath government to the brink of collapse, joined the Bharatiya Janata Party on Wednesday. Scindia joined the BJP at an event in national capital Delhi in the presence of party chief JP Nadda.

Scindia, who was warmly welcomed by Nadda, described 10 March, the day that he exited from the Congress as one of the two life-changing days of his life. The first, he said, was 30 September 2001 when he lost his father. Scindia underscored that the Congress was not the party that it had been and had been living in denial.

Scindia had ended his 18-year-old association with the Congress on Tuesday after meetings with Home Minister Amit Shah and Prime Minister Narendra Modi.

Scindia’s exit from the Congress was followed by resignation letters by about 22 MLAs who had been sequestered in Karnataka. The resignation letters were, however, sent to the Governor and not the assembly speaker, and threatens to upend the Kamal Nath government which has a wafer-thin majority.

If the resignations are accepted, the effective strength of the MP assembly will come down to 206, leaving the Bharatiya Janata Party (BJP) with a slender majority beyond the halfway mark of 103 with its 107 MLAs. For now, the Congress is trying to persuade the MLAs to not pull down the state government.

In his resignation letter to Congress chief Sonia Gandhi that Scindia put out on Twitter soon after, he alluded to his discomfort in the party over the last year or so. “...as you well know, this is a path that has been drawing itself out over the last year,” he had written in his letter.

It was seen as a reference to the Congress settling for Kamal Nath as the chief minister after the 2018 state elections though it was Scindia who had led from the front to oust the BJP from Madhya Pradesh. Scindia’s supporters had hoped that the Congress would tell Kamal Nath to give up his second charge - as the party chief in the state - but this also didn’t happen.

The first hint that something was amiss came in November last year when Scindia removed a reference to the Congress in his Twitter bio and instead wrote “public servant and cricket enthusiast”. He had then explained the change to an effort to make the Twitter bio shorter.

Jyotyiraditya Scindia’s aunt Yashodhara Raje Scindia appeared to declare soon after that the 49-year-old would join the BJP when she welcomed his resignation, calling it “ghar wapsi” or homecoming. “Jyotiraditya was being neglected in Congress,” Yashodhara Raje Scindia said.

Scindia’s grandmother, Vijaya Raje Scindia, was one of the founders of the Jana Sangh, the precursor to the BJP. His aunt Vasundhara Raje is a former Union minister and ex-chief minister of Rajasthan and another aunt Yashodhara Raje is a former minister in the Madhya Pradesh cabinet.

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News Network
March 27,2020

New Delhi, Mar 27: The Delhi government has arranged to serve lunch and dinner to the needy in 325 schools in Delhi, chief minister Arvind Kejriwal said on Friday amid reports of people going hungry without access to food during the ongoing nationwide lockdown.

From Saturday, arrangements will be put in place to feed about four lakh people daily at different centres across Delhi, he said addressing the media. "We have made arrangements to provide lunch and dinner in 325 schools. Around 500 people will be provided with food in all these schools. So far we were providing food to 20,000 people daily, the number will now increase to around 2,00,000 from today."

He also said that "from tomorrow, we'll be providing food to 4,00,000 people daily. We're distributing the centres across Delhi."

Stating that the total number of confirmed positive COVID-19 cases in Delhi is now 39, Kejriwal said "We are ready to face any challenge.".

"There are a total of 39 coronavirus positive cases in Delhi as of today, of which 29 cases are of those who had come from outside and were kept in quarantine and 10 of these were cases of local transmission," said Kejriwal at a press conference.

The Chief Minister said that a team of 5 doctors has been set up to look into the preparedness needed to deal with an increase in the number of positive cases for coronavirus in future.

He said, "The team of doctors under the chairmanship of Dr Shiv Kumar Sarin, the head of Institute of Liver and Biliary Sciences, presented a detailed report on March 26 on the preparedness needed to deal with a situation if the number of positive cases for coronavirus increases."

"The report has categorized three situations - if the number of positive cases increases to 100 per day, 500 per day and 1000 per day," he said while adding that the doctors have clearly stated what preparedness should be taken for each situation including the number of ventilators, isolation beds, doctors and nurses required.

He also cited concerns raised by chief ministers of several states including Jharkhand's Hemant Soren and West Bengal's Mamata Banerjee.

Kejriwal said "we consider all those living in Delhi as Delhiites and everyone will be taken care of."
The number of cases tested positive for coronavirus rose to 724 on Friday, according to the Ministry of Health and Family Welfare. 

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News Network
May 29,2020

New Delhi, May 29: With the highest spike of 7,466 more COVID-19 cases and 175 deaths reported in the past 24 hours, India's COVID-19 tally reached 1,65,799 on Friday, according to the Union Ministry of Health and Family Welfare.

The number of active coronavirus cases stands at 89,987 while 71,105 people have been cured or recovered and one patient has migrated, it said. The death toll due to the infection has reached 4,706 in the country.

Maharashtra is the worst affected state with 59,546 cases. Tamil Nadu has recorded as many as 19,372 cases while Gujarat and Delhi have recorded 15,562 and 16,281 coronavirus cases respectively.

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