Rupee surges on RBI measures

July 16, 2013

RBI_measuresMumbai, Jul 16: The rupee on Tuesday gained a hefty 64 paise to 59.25 in early trade at the Interbank Foreign Exchange market on fresh dollar selling by exporters after the RBI announced a slew of measures to stem the local currency’s volatility.

Forex dealers said measures announced by the RBI on Monday night, including hiking the lending rates for banks and sucking up of Rs. 12,000 crore to stem the continuing fall of rupee, supported the local currency.

Under the measures announced, RBI raised lending rates to commercial banks by 2 per cent to 10.25 per cent making the loans costlier.

The rupee had lost 33 paise, the most in a week, to close at 59.89 against the dollar on Monday on fresh demand from banks and importers amid disappointing industrial production, a fall in exports and higher inflation.

Meanwhile, the BSE benchmark index Sensex plunged by 368.91 points, or 1.84 per cent, to 19,665.57 in early trade on Tuesday.

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News Network
May 13,2020

Lucknow , May 13: Samajwadi Party chief Akhilesh Yadav on Wednesday took a jibe at Prime Minister Narendra Modi over announcing Rs 20 lakh crore special economic package to boost the economy saying that the Centre is again making "false promises to 133 crore Indians".

"Earlier, you promised Rs 15 lakh and now Rs 20 lakh crore. You have made false promises 133 times with 133 crore Indians. How can someone trust you this time? People now are not asking how many zeroes there are but how many false promises have been made," he tweeted (translated from Hindi).

Yesterday, Prime Minister Narendra Modi had announced a Rs 20 lakh crore economic stimulus package for the country fighting COVID-19, stating that it will give a new impetus and a new direction to the self-reliant India campaign.

The Prime Minister had also announced that the fourth phase of lockdown will be completely redesigned with new rules and will commence from May 18.

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News Network
April 14,2020

Thiruvananthapuram, Apr 14: The Kerala government on Monday requested Prime Minister Narendra Modi to arrange special flights to the Gulf to bring back non resident Keralites stranded there due to the lockdown.

In a letter to Modi, Chief Minister Pinarayi Vijayan said many Keralites who had gone on visit visas and in search of employment were finding it difficult to continue there without jobs.

"While we appreciate the constraints faced in allowing international travel as the threat of COVID-19 has not yet receded, it is requested that special consideration to their needs be given and at an earliest opportune time, the Government of India consider arranging special flights to bring these people back," Vijayan said in the letter.

All International health protocols can be followed while extending this facility, he said and assured that testing and quarantine needs of Keralites who are returning would be undertaken by the state government. During the video conferencing the Prime Minister had with Chief Ministers on April 11, this matter had been broght to Modi's notice, Vijayan said.

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Agencies
June 7,2020

New Delhi, Jun 7: A day after India and China military commanders held "cordial and positive" talks at Chushul-Moldo point along the Line of Actual Control in Eastern Ladakh, Ministry of External Affairs said the two countries have agreed to "peacefully" resolve the situation in the border areas by continuing the military and diplomatic engagements.

The Indian delegation led by 14 Corps Commander Lt Gen Harinder Singh on Saturday met his Chinese equivalent Maj Gen Liu Lin, who is the commander of South Xinjiang Military Region of the Chinese People's Liberation Army, to address the ongoing tussle in Eastern Ladakh.

In a statement on Sunday, the MEA said that the meeting between the Corps Commander based in Leh and the Chinese Commander took place in a "cordial and positive atmosphere".

"Both sides agreed to peacefully resolve the situation in the border areas in accordance with various bilateral agreements and keeping in view the agreement between the leaders that peace and tranquillity in the India-China border regions is essential for the overall development of bilateral relations," the statement read.

They also noted that this year marked the 70th anniversary of the establishment of diplomatic relations between the two countries and agreed that an early resolution would contribute to the further development of the relationship.

"Accordingly, the two sides will continue the military and diplomatic engagements to resolve the situation and to ensure peace and tranquillity in the border areas," it further read.

China has moved its troops along the Line of Actual Control (LAC) in the Eastern Ladakh areas including the Finger area, Pangong Tso Lake, and Galwan Nala area.

The meeting between military commanders was to discuss and resolve the stand-off in Eastern Ladakh.

Following the meeting, the Army Headquarters' Directorate General of Military Operations also briefed the Ministry of External Affairs and other concerned government officials about the discussions.

On Friday, officials of India and China interacted through video-conferencing with the two sides agreeing that they should handle "their differences through peaceful discussion" while respecting each other's sensitivities and concerns and not allowing them to become disputes in accordance with the guidance provided by the leadership.

In the last few days, there has not been any major movement of the PLA troops at the multiple sites where it has stationed itself along the LAC opposite Indian forces.

The Chinese Army's intent to carry out deeper incursions was checked by the Indian security forces by quick deployment.

The Chinese have also brought in heavy vehicles with artillery guns and infantry combat vehicles in their rear positions close to the Indian territory.

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