Rupee crashes below 56 level to new low against US dollar

May 23, 2012

Rs_56Mumbai, May 23: Continuing free-fall for the sixth day in a row, rupee today crashed below the psychological level of 56 against US dollar to yet another all time low on heavy demand for the American currency from importers, especially oil refiners, amid foreign fund outflows and weak equities.

At the Interbank Foreign Exchange (Forex) market, the domestic unit recorded its steepest fall ever by dipping below the crucial levels of Rs 55 and Rs 56 per dollar within a span of two days, forex dealers said.

After a lower start at 55.82, the rupee continued its downward journey by losing 74 paise at 56.13 at 1350 hrs.

The dollar has also gained against the Euro and other leading currencies following ratings agency Fitch's downgrading Japan's sovereign rating by one notch to A+ with a negative outlook.

Strong dollar demand from importers pulled rupee down to a record low of 56.13, placing the domestic currency, which has lost over 12 per cent since March this year.

Forex dealers said the American currency remained in demand even as the Reserve Bank imposed restrictions of forward contracts by banks and arbitrage trading.

They said capital outflow of foreign funds from falling markets remained a major driver behind the rupee's fall as dollar surges because investors are finding the American currency a safer bet amid concerns that Greece might exit euro-zone.

Data from market regulator Sebi showed that FIIs sold stocks worth Rs 283 crore yesterday.

Meanwhile, the BSE benchmark Sensex dropped below the 16,000 level by losing over 179 points.

Finance Minister Pranab Mukherjee had said yesterday: "The government is taking a series of steps. However, managing rupee is market-related...There is a lot of volatility.

"As and when RBI will consider necessary they will intervene. It depends on the market forces and market forces are uncertain," he said.

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News Network
June 27,2020

New Delhi, Jun 27: Delhi Environment Minister Gopal Rai on Saturday called an emergency meeting here to discuss the situation following a locust attack in neighbouring Gurugram.

The minister also directed the administration to be alert, an official said.

"After the emergency meeting, an advisory will be issued on steps to be taken to deal with the situation," Rai told PTI.

He asked the officials of the Agriculture department to make field visits to areas close to Gurugram.

The development secretary, divisional commissioner, director, Agriculture department, and the district magistrates of South Delhi and West Delhi will attend the meeting, the official said.

Earlier in the day, the skies over many parts of Gurugram turned dark as swarms of locusts descended on the town.

However, the migratory pests are likely to spare the national capital for now, officials said.

The swarms of locusts, spread across two kilometres, moved from west to east. They entered Gurugram around 11.30 am, K L Gurjar of the Locust Warning Organisation, Ministry of Agriculture, told PTI.

The pests, he said, were headed towards Faridabad and Palwal in Haryana.

Alarmed at the invasion of the locusts, which settled on trees, rooftops and plants, many residents of Gurugram shared videos from their high-rise perches.

In May, India battled a devastating desert locust outbreak. The crop-destroying swarms first attacked Rajasthan and then spread to Punjab, Gujarat, Maharashtra and Madhya Pradesh.

According to experts, broadly four species of locusts are found in India – desert locust, migratory locust, Bombay locust and tree locust. The desert locust is considered the most destructive.

It multiplies very rapidly and is capable of covering 150 kilometers in a day.

This insect, a type of a grasshopper, can eat more than its body weight. A one square kilometer of locust swarm containing around 40 million locusts can in a day eat as much food as 35,000 people.

Experts blame the growing menace of desert locusts on climate change. They say breeding of locusts is directly related to soil moisture and food availability.

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News Network
May 28,2020

New Delhi, May 28: The Crime Branch of the Delhi Police will file 12 chargesheets against 536 Tablighi Jamaat members from three countries, officials said on Thursday.

Till now, the police has already filed chargesheets against 374 foreigners from 32 countries.

The officials said the charges against the Tablighi Jamaat members pertain to violation of visa rules, government guidelines regarding the Epidemic Disease Act and acting negligently in a way that was likely to spread infection of disease dangerous to life.

The Tablighi Jamaat, a religious organisation in Nizamuddin in South Delhi, had allegedly organised a congregation in March in violation of mass gatherings.

The Tablighi Jamaat’s Nizamuddin Markaz (centre) had become a coroavirus hotspot in the national capital.

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News Network
January 20,2020

New Delhi, Jan 20: Union Finance Minister Nirmala Sitharaman on Sunday said the kind of cleaning in the system that the BJP-led government had to carry out after coming to power in 2014 was "unbelievable" and it undertook the exercise without any grudge or worry.

Between 2014-16, there were a lot of questions as to why reforms did not come fast and there were comments that the government was incapable of bringing them, she said delivering the Nani Palkhivala Memorial lecture on "Road Map to $5 Trillion Economy" here.

Pointing out that there were allegations and criticism that the government wants to do something but it did not, Sitharaman said, "I am fully willing to buy that." She recalled that Prime Minister Narendra Modi often said he did not believe in incremental changes and the country needed good transformational change. The stage in which India is today, it cannot have little marginal increments, but good transformational change.

"But still one might say in the last five years the government never did. That can be a critical analysis and I am fully willing to buy that. Because post-2014 the kind of cleaning up the government had to do was unbelievable and we undertook that exercise without a grudge without a worry.. we had to do it and it is part of the game," she said. Elaborating, Sitharaman said states have their own views on Land Acquisition Bill and the government could not have done anything because land, after all, is with them.

Commenting on the topic 'Road Map to $5 trillion economy,' she said quoting Prime Minister Narendra Modi's comments, the government would take the route "Sarkar ka abhaav nahi hona chahiye, prabhaav hona chahiye aur dabaav nahi hona chahiye."

"Abhaav and dabaav both of which are not desirable, abhaav is the inadequacy or lack of adequate presence or shortfall. You do not need a shortfall. You need a government where it should be present, where it is expected to function.", she said.

"So there should not be abhaav. Dabaav (meaning pressure) is not something you want from the government. So, you want Prabhaav. It is broadly an influence, facilitation, broadly the philosophy with which it is mandated, she said.

Noting that the government has got the mandate through the election, she said, "The mandate was spelt out in so many different ways in its manifesto. So the route towards $5 trillion is this."

"We have to be there to facilitate. We have to be there to make it easy. We have to be where you need us, where there is no policy (reforms from the government)," she said.

On the Insolvency and Bankruptcy Code (IBC) implemented by the government, the union minister said the approach of the IBC was not to shut business. "IBC takes on the approach in having some kind of resolution where all people who exploited the company do not come back through the "back door," she said.

IBC was done through better management so that the institution is alive and kicking. It is something which she wanted to carry forward from Modi 1.0 to 2.0. "The point I am trying to make on this road to $5 trillion economy is that it is not just an abstraction, this is not how I want India to be. But in micro-level too, we are coming in response to every stakeholder," she said.

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Well Wisher
 - 
Tuesday, 21 Jan 2020

LOL. Do not say anything, else she will get angry.

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