In PM's Meet With Japan's Shinzo Abe Today, Regional Security On Agenda

Mar 4: Twenty-one Italian tourists and three Indian tour operators have been sent to an ITBP quarantine facility in Delhi on Tuesday for suspected coronavirus exposure, official sources said.

Health Ministry sources said these foreigners, 13 women and eight men, were in the same group of which an Italian and his wife have tested positive in Rajasthan capital Jaipur.

“His (Italian in Jaipur) condition is stable,” a source said.

Three Indians, who were accompanying this Italian group as tour operators, have also been sent to the ITBP facility in Chhawla area of south-west Delhi, they said.

All these people, staying at a five-star hotel in south Delhi, have been put in “preventive isolation” at the ITBP camp and their samples will be taken on Wednesday, sources said.

The centre already has 112 people, 76 Indians and 36 foreigners, since February 27 after they were evacuated by an IAF plane from Wuhan in China, the epicentre of the coronavirus.

The first samples of these 112 people had tested negative when reports came in last week.

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

New Delhi, Feb 3: The Allahabad High Court on Monday granted bail to former BJP leader Swami Chinmayanand in the alleged rape case of a law student. He was arrested in September last year after the 23-year-old woman accused him of sexual harassment and blackmail.

The woman was a student of the Chinmayanand-controlled SS Law College in Shahjahanpur in Uttar Pradesh.

Chinmayanand is facing charges under Sections 376C (sexual intercourse by a person or persons taking advantage of their official position), 354 D (stalking), 342 (wrongful confinement) and 506 (criminal intimidation) of the Indian Penal Code (IPC).

The case is being investigated by a Special Investigation Team (SIT) formed on the directions of the Supreme Court.

The case came to light after the woman posted a video on August 23 last year on social media alleging that “a senior leader of the saint community” was harassing and threatening to kill her. The law student went missing a day later, after which her father lodged a complaint, accusing Chinmayanand of harassing his daughter.

Chinmayanand was expelled from the BJP after his arrest.

The SIT had, on November 6, submitted chargesheet in the case.

In a parallel case, the woman was charged with trying to extort money from Chinmayanad. The Allahabad High Court granted her bail in that case in December last year.