Rupee hits new record low of 68.86, plunges 30 paise

November 24, 2016

Mumbai, Nov 24: The rupee today collapsed to a fresh life-time low of 68.86 against the dollar by crashing 30 paise amid sustained foreign capital outflows with investors being inclined towards US dollar hoping protectionist measures by President-elect Donald Trump.

rupee

Investors also remained cautious weighing the impact of government's demonetisation move. Surging US bond yields have also contributed to the rupee's fall.

Moreover, the US currency was trading at multi-year highs against its major rivals in overseas markets. The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013.

Expectations that Trump will adopt an expansionary fiscal measures -- which will drive inflation higher and lead to higher US interest rates -- are behind surging US yields that have attracted investors towards the dollar.

Consistent dollar demand from importers mainly kept the rupee under pressure.
At the interbank foreign exchange market, the rupee opened lower at 68.76 a dollar against 68.56 previously and and dropped to an all-time intra-day new low of 68.86 in the afternoon trade.

The Indian currency has shrunk 2.92 per cent since Donald Trump's victory in the US Presidential polls earlier this month.

Sentiment was mainly hit by the dollar surging to multi-year highs against a basket of major global currencies on better prospects for hike in US interest rates, banks forex dealers said.

The benchmark BSE Sensex was down by 193.42 points, or 0.74 per cent, at 25,858.39 in afternoon trade.

Comments

Rikaz
 - 
Thursday, 24 Nov 2016

As promised no 15 Lakhs as of now....
He said immediately after becoming PM, he will improve dollar exchange rate....now it's become worst....good luck guys who voted for him....now people are dying on the road side standing for exchanging hard earned money....this is pathetic....I am scared if this country become like Somalia....

God save India!

Althaf
 - 
Thursday, 24 Nov 2016

Acche Din Aa gaye Bhakto...

Skazi
 - 
Thursday, 24 Nov 2016

Naren and Bhupa....enjoy , now you will get more Ind Rupees for your remittance ..... BONUS from the Boss ....

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May 10,2024

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The Supreme Court Friday granted interim bail to Delhi Chief Minister Arvind Kejriwal till June 1 in the excise policy case.

The top court, however, stated that it will be passing a detailed order over the matter soon.

On Thursday, the Enforcement Directorate had opposed the move to grant interim bail to Kejriwal saying that “any special concession” to him will “amount to anathema to the rule of law and equality… thereby creating two separate classes in the country viz. ordinary people, who are bound by the rule of law as well as the laws of the country, and politicians who can seek exemption from the laws”.

The ED had arrested Kejriwal on March 21 in the excise policy case.

“The right to campaign for an election is neither a fundamental right nor a constitutional right and not even a legal right,” the ED said, maintaining that to its knowledge, “no political leader has been granted interim bail for campaigning even though he is not the contesting candidate”.

After the ED filed its affidavit, the AAP, in a press release, said, “The legal team of Delhi Chief Minister and AAP National Convenor, Shri Arvind Kejriwal, has raised strong objection to the affidavit filed by the Enforcement Directorate opposing interim bail in the Supreme Court.”

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May 17,2024

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New Delhi: In fresh claim, Prime Minister Narendra Modi on Friday said that his government sent an envoy to Israel urging them to stop the airstrike in Gaza during Ramadan. He said that he urged Israel to maintain peace rather than engage in combat during the holy month.

In an interview with Aaj Tak, PM Modi said that his envoy told Israel they should not bomb Gaza, at least during the auspicious month of Ramadan.

"During the month of Ramadan, I sent my special envoy to Israel to meet and explain to Prime Minister (Benjamin Netanyahu) that he should not carry out bombings in Gaza during Ramadan. They made every effort to follow it, but in the end, there was a fight for 2-3 days," he said.

The Prime Minister said that he does not publicise such things even though people in India keep "cornering him on the Muslims issue".

PM Modi said that some other countries also tried to speak to Israel to halt the bombings and may have also achieved results.

"They may have got the results too. I also tried," he said.

During the interview, PM Modi also said that he made standalone visits to both Israel and Palestine, unlike earlier governments which used to display token secularism.

"There was a fashion earlier that if one has to go to Israel, a visit to Palestine is a must. Do secularism and come back. But I refused to do it," he said.

The Prime Minister also recounted an episode when he needed to travel to Palestine via Jordan.

"When the President of Jordan, who is a direct descendent of Prophet Muhammad, came to know that I am going to Palestine over (the airspace of Jordan), he told me 'Modi ji, you cannot go like this. You are my guest and will use my helicopter'," Modi claimed.

Describing the unique amalgamation of circumstances, he continued, "I went to his home for dinner, but the helicopter was of Jordan, the destination was Palestine, and I was escorted by Israeli flight attendants. All three are different but for Modi, all came together in the sky."

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May 11,2024

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Out of jail and immediately hitting the campaign trail, Delhi Chief Minister Arvind Kejriwal on Saturday trained guns at Prime Minister Narendra Modi claiming that he will make way for Amit Shah next year when he turns 75 after sidelining all BJP leaders, including Yogi Adityanath, and jailing Opposition leaders.

Predicting that the BJP will be reduced to “220-230 seats” in the Lok Sabha polls, he claimed that Yogi Adityanath will be removed as Uttar Pradesh Chief Minister in two months if at all BJP returns to power to ensure Shah’s elevation as Prime Minister, as Modi himself has set the 75-year retirement rule in his party.

Accusing Modi of being dictatorial and seeking to implement ‘One Nation, One Leader’, Kejriwal insisted that the Prime Minister is not seeking votes for himself  and  people voting for BJP should know that they are not voting for Modi but Shah while wondering whether the latter would implement ‘Modi ki Guarantees’.

He also defended his decision not to resign as Chief Minister after his arrest, as it was a “trap” set by the Prime Minister to “finish off” AAP  and felt that JMM top leader Hemant Soren, who resigned as Jharkhand Chief Minister, also should not have quit his post.

Addressing a press conference that turned out to be a meeting of AAP supporters at the party headquarters here a day after he was released from Tihar jail on interim bail, he also asked Modi to “learn from Kejriwal on how to fight corruption”, as he referred to the induction of leaders who were accused of graft into the BJP. 

In his 20-minute address, which came after his visit to the Hanuman Temple in Connaught Place in the national capital, Kejriwal said Modi wants to crush his party as he knows that the AAP with its good work would replace the BJP.

If Modi does 'good work', no one will talk about AAP but people will not accept the attempts to decimate his party, which is working for the people, Kejriwal said.

“The Prime Minister says he fights against corruption but is inducting thieves and dacoits into his party. A leader who he described as one involved in a Rs 70,000 crore scam was inducted into the party ten days after Modi made the charges. If you want to fight corruption, learn from Kejriwal,” he said, citing instances of sacking and arrests of AAP ministers in Delhi and Punjab.

Warning that Opposition leaders like Mamata Banerjee, Tejashwi Yadav, NK Stalin and Uddhav Thackeray will be jailed by Narendra Modi if BJP wins, he said his arrest was meant to be a message to the country that if Kejriwal can be taken into custody, then anybody can be.

“People need to know, his mission's name is 'One Nation, One Leader'. To achieve this, there are two ways. One is to jail all Opposition leaders and the second is to sideline all leaders in BJP if they win. They have already sidelined L K Advani, Murli Manohar Joshi, Sumitra Mahajan, Shivraj Singh Chouhan who brought BJP back to power in Madhya Pradesh, Vasundhara Raje, ML Khattar…” Kejriwal said.

“Who is next in line? It is Yogi Adityanath. Take it in writing from me, if BJP wins, the UP Chief Minister will be changed in two months...He wants to crush democracy in this country. I am fighting against it," he said.

Referring to questions on who will be I.N.D.I.A. bloc's Prime Ministerial candidate, he said he has a counter question as Modi is turning 75 next September and he himself has set the retirement rule in the party.

“Now my question is who is BJP's Prime Ministerial candidate? If they can form the government, Yogi Adityanath will be first sidelined and then Amit Shah will be made the Prime Minister. Modiji is not seeking votes for him but for Amit Shah. Who will fulfil Modi's guarantees? Will Amit Shah fulfil it? I don't think they are going to form a government. But those who are going to vote for BJP should know that they are voting for Amit Shah,” he said.

Insisting that I.N.D.I.A. bloc will form the next government and that AAP will be part of it, Kejriwal promised full statehood for Delhi in such a dispensation. Emphasising that he did not resign when he was arrested because Modi had scripted it to finish off the party, he said he wanted to show that if democracy was jailed, it would run from jail.
 

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