Rupee marks lowest level as investors flee

May 22, 2012

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Mumbai, May 22: India's rupee fell past 55 per dollar to a record low as concern Europe's debt crisis will worsen prompted investors to pull money out of emerging-market assets.

"It has been touching lows quite regularly, said Subir Gokarn, a deputy governor at the Reserve Bank of India. "There is clearly a strong pressure on the rupee to depreciate. This is coming from a number of factors. One is clearly the current account deficit, demand from oil has been strong and the capital flows are not matching that," he said.

"We have done a number of things and will continue to do things that we think will have the impact of stabilizing the currency. But ultimately capital flows are going to be the main determinant of how the currency behaves.''

Sweeping declines

The MSCI Asia-Pacific Index of shares lost 10 per cent this month as global funds pulled $6.2 billion (Dh22.76 billion) from the stock markets of India, Indonesia, South Korea and Taiwan, according to the latest exchange data.

German and French leaders meet this week to discuss a revised plan for the euro amid concern Greece is close to an exit from the monetary union. The rupee is also weakening because India's fiscal policy is "too loose" and that is widening the current-account deficit and spurring inflation, according to BNP Paribas.

"An improvement in the situation in Europe and firmer global risk appetite is a necessary, although not sufficient, condition for the rupee to stabilise," Richard Iley, the Hong- Kong based chief economist for Asia at the French bank, wrote in a research note released yesterday. "Fiscal laxity is the root of the problem."

The rupee dropped 1.1 per cent to 55.0350 per dollar in Mumbai, according to data compiled by Bloomberg. It touched an all-time low of 55.0550 and has slumped 7.6 per cent this quarter in Asia's worst currency performance.

India's budget deficit widened to 5.9 per cent of gross domestic product in the fiscal year ended March 31, compared with a target of 4.6 per cent. finance minister Pranab Mukherjee aims to narrow the shortfall to 5.1 per cent this fiscal year.

Rising volatility

The rupee's one-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 13 per cent. It touched this year's high of 13.27 per cent on May 18.

The central bank cut the amount of overseas income companies can hold in foreign currency this month to 50 per cent from 100 per cent, in a bid to boost dollar inflows and stem the rupee's slide.

On May 4, policy makers raised interest rates on non-rupee deposits by as much as 300 basis points and freed up borrowing costs on foreign-exchange loans to exporters.

Gold: Debt crisis dims allure

Gold declined in New York as concerns that Europe's debt crisis is worsening boosted the dollar and curbed the appeal of precious metals as alternative investments.

The euro fell as much as 0.4 per cent against the dollar as German and French officials meet today to discuss ways to contain Europe's financial turmoil. Before today, gold declined 4.3 per cent this month, while the dollar climbed 3.2 per cent against a basket of six currencies.

"The flight is towards the dollar," Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. "The softness in the euro is keeping gold under pressure."

Gold futures for June delivery fell 0.3 per cent to $1,587.70 an ounce at 10:01 am on the Comex in New York.

Demand for bullion in India, the world's largest consumer, dropped to the weakest since late March on May 18, UBS said in an emailed report on Monday.

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News Network
February 9,2020

Feb 9: The Electronic Voting Machines (EVMs) used in Delhi Assembly polls are kept under tight security, in the 'Strong Room' located at Atal Adarsh Bengali Balika Vidyalaya in Gol Market.

Voting for Delhi Assembly elections took place on Saturday with voters turnout well short of the 2015 election mark.

Counting of the votes will be on February 11.

Earlier, Deputy Election Commissioner Sudip Jain had said the Delhi elections took place peacefully and smoothly.

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News Network
May 24,2020

New Delhi, May 24: New rules for domestic travel during the lockdown were released by the government today, including advising passengers to download the Aarogya Setu application on their mobile devices and asking states to ensure thermal screening at departure point of airports, railway stations and bus terminals. The guidelines were shared by Civil Aviation Minister Hardeep Singh Puri, who also shared new rules for international travel.

The minister had recently said that international flight operations may start by mid-June or end-July if the COVID-19 virus "behaves in a predictable manner".

"Prescribed clinical protocol will be followed in case any domestic or international traveller shows symptoms of COVID-19. States can also develop their own protocol for quarantine and isolation as per their own assessment," Mr Puri said.

The guidelines come a day before the resumption of air travel after nearly two-months hiatus following lockdown to prevent the spread of coronavirus.

The Indian Railways has also issued a list of 100 pairs of trains that it will operate from June 1, putting in operation popular trains such as Durontos, Sampark Krantis, Jan Shatabdis and Poorva Express.

Dos and Don'ts shall be provided along with tickets to travellers by agencies concerned, said the Health Ministry's guidelines for domestic travel (air/train/inter-state bus travel).

Latest guidelines on domestic & international travel have been issued by @MoHFW_INDIA.

I hope travellers strictly follow these self-regulatory norms & strengthen India's hands in this fight against COVID19. Remember, each one of us is a soldier against the pandemic.@MoCA_GoIpic.twitter.com/xVbTG1K44n

— Hardeep Singh Puri (@HardeepSPuri) May 24, 2020
Travellers shall give 14-day quarantine undertaking before boarding

The states and Union Territories shall ensure that all passengers undergo thermal screening at the point of departure and only asymptomatic passengers are allowed to board the flight, train or bus. Asymptomatic passengers, however, will be permitted to travel after they give an undertaking to self-monitor for 14 days, the ministry said.

Those having moderate or severe symptoms will be admitted to dedicated COVID health facilities and managed accordingly, the guidelines said.

Those having mild symptoms will be given the option of home isolation or isolated in the COVID Care Centre (both public and private facilities) as appropriate and tested as per ICMR protocol, they said.

"If positive, they will continue in COVID Care Centre and will be managed as per clinical protocol. If negative, the passenger may be allowed to go home, isolate himself/herself and self-monitor his/her health for further 7 days," the health ministry said.

In case, any symptoms develop they shall inform the district surveillance officer or the state or the national call centre (1075), it said.

Use of face covers, following respiratory hygine during travel

During boarding and travel, all passengers shall use face covers or masks and will also follow hand hygiene, respiratory hygiene and maintain environmental hygiene, the ministry said in its guidelines.

At airports, railway stations and bus terminals, required measures to ensure social distancing shall be taken, the guidelines said.

Airports, railway stations and bus terminals to be regularly sanitised

Airports, railway stations and bus terminals should be regularly sanitised or disinfected and the availability of soaps and sanitisers shall be ensured, the health ministry said.

The ministry said that states can also develop their own protocol with regards to quarantine and isolation as per their assessment.

Guidelines for International Travel

The guidelines for international travel include mandatory undertaking for quarrantine for 14 days. "Only for exceptional and compelling reasons such as cases of human distress, pregnancy, death in family, serious illness and parent(s) accompanied by children below 10 yrs, as assessed by the receiving states, home quarantine may be permitted for international travellers for 14 days," the Civil Aviation minister said.

Asymptomatic travelers will be allowed to board flight/ship

At the time of boarding the flight or ship, only asymptomatic travellers will be allowed to board after thermal screening, the health ministry said.. Passengers arriving through land borders will also have to undergo the same procedure, it said.

"Self-declaration form in duplicate shall be filled by the person in the flight/ship and a copy of the same will be given to Health and immigration officials present at the airport/seaport/landport. The form will be made available through the Aarogya Setu app," the new order said.

Passengers found to be symtomatic during screening shall be immediately isolated and taken to medical facility as per health protocol. "These passengers will be kept under institutional quarrantine for a minimum period of 7 days and should undergo necessary tests as per ICMR protocol," the guidelines said.

Sanitisation and disinfection must inside flights

Authorities must take adequate measures to such as environmental sanitation and disinfection at the airports as well as within the flights, the guideline said.Suitable announcement about COVID-19 including precautionary measures to be followed shall be made at airports/ports, it added.

While on board flight, ships, passengers and crew required precautions such as wearing of masks, environmental hygiene, respiratory hygiene, hand hygiene, the ministry said.

This morning, India registered the biggest-single day jump in the number of coronavirus cases as 6,767 new patients were reported in the last 24 hours. This is the third consecutive day that India has reported more than 6,000 COVID-19 cases with a record number of new patients each day. The county has officially logged 1,31,868 cases, 3,867 deaths linked to the highly infectious illness since the pandemic began. Of these, 147 patients died in the last 24 hours. The global number of novel coronavirus cases has passed 5.25 million with more than 339,000 deaths. Since the outbreak first emerged in China in December, 5,260,970 cases have been recorded across 196 countries and territories, with 339,758 deaths attributed to the virus.

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News Network
April 2,2020

Thiruvananthapuram, Apr 2: With the coronavirus lockdown in place, liquor would be delivered home by state-run retail outlets in Kerala after the left government has decided to issue special passes to tipplers, who exhibit withdrawal symptoms and have doctors prescription.

Protesting the government decision, the Kerala Government Medical Officers Association (KGMOA) wore black badges on Wednesday, but attended duty and seeking immediate withdrawal of the order, saying it was "anti-people".

As per guidelines issued by the Kerala State Beverages Corporation managing director G Sparjan Kumar, for the supply of liquor, a service charge of Rs 100 would be collected from each pass holder for meeting the delivery expenses.

Each person would be entitled to 3 litres of Indian Made Foreign Liquor (IMFL) and sale of wine and beer was not envisaged, the order stated.

Those not willing to undertake the home delivery, the name and details of the employee should be reported to the Head office for submission to the government, it said.

A civil police officer will have to accompany the distribution vehicle.

The sale of liquor should be only to the pass holders, limiting it to the quantity mentioned in the pass.

Any excess sale to pass holders or sales to non-pass holders is strictly prohibited, the order said.

In the order issued on Monday, the government said, following the lockdown and the closure of liquor outlets in the state, there were many instances of social issues, including suicidal tendencies shown by those who consumed liquor regularly and the state government has decided to initiate steps to resolve the matter.

Speaking to reporters, chief minister Pinarayi Vijayan said his government has not forced anyone to prescribe liquor to addicts.

He was responding to a query on the indifference of doctors towards the matter of prescribing liquor to addicts.

"If the doctors are not ready to prescribe liquor, it's fine. We are not forcing anyone to do so. We were just following the protocol which are prevalent at many places. It's been over a week. The family and friends of the addicts can gently persuade them to approach the de-addiction centres," he said.

Sparjan Kumar said the order on home delivery was just a modality, as part of the earlier order issued by the government to provide liquor under prescription.

"We have worked out a modality. We have a meeting tomorrow. Some new order has been issued by the Centre today. The meeting will discuss the implementation of the orders," Kumar told.

A person showing withdrawal symptoms has to get a doctor's prescription on his condition so that he could be provided liquor in a "controlled manner", the order added.

The Indian Medical Association (IMA) has also come out against the government's move.

Meanwhile, Vimukthi, an anti-narcotics campaign launched by the state government, has till now admitted 64 patients since March 24.

"Since March 24, the day lockdown started, we have 64 patients admitted due to withdrawal symptoms. We have also registered at least 200 out patients at various de-addiction centres across Kerala," K Mohammed Resheed, Joint Excise Commissioner in charge of awareness told.

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