Rupee at all-time low, falls to 62.46 per dollar; sensex falls 225 points

August 19, 2013

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Mumbai, Aug 19: The rupee dropped to a record low of 62.46 per dollar in late morning trade on Monday on persistent demand for the US currency from banks and importers coupled with capital outflows from foreign funds.

A firm US currency in the overseas market also affected the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 62.30 per dollar as against the last weekend's level of 61.65 at the Interbank Foreign Exchange (forex) Market and dropped further to a new record low of 62.45.

However, it recovered to 62.21 before quoting at 62.34 per dollar at 1045 hours.

It showed a loss of 69 paise, or 1.12 per cent, from its last close.

The US dollar edged modestly higher in the early trade ahead of key Federal Reserve events this week that may offer more signals about when policy makers will begin tapering monetary stimulus.

Sensex tumbled by 225 points

Meanwhile BSE benchmark sensex tumbled by 225 points in late morning trade today on persistent selling pressure in banking, capital goods, auto, PSU and realty sectors triggered by further depreciation of rupee against the dollar.

The rupee hit a record low of 62.45 per dollar in the late morning deals today.

Foreign capital outflows continued to affect the market sentiment. Foreign institutional investors (FIIs) sold shares worth a net Rs 563.23 crore last Friday, as per provisional data from the stock exchanges.

The BSE-30 share index Sensex resumed lower at 18,587.38 points and dropped further to a low of 18,303.20 before quoting 18,373.17 at 1040 hours.

It showed a loss of 225.01 points or 1.21 per cent from its last weekend's level.

The NSE 50-share barometer Nifty also fell by 86 points, or 1.56 per cent, to 5,421.85 at 1040 hours.

Major losers were - M&M (4.94 pc), Bajaj Auto (4.63 pc), ICICI Bank (3.74 pc), Bharti Airtel (3.62 pc), Hero Motocorp (3.12 pc) and L&T (2.11 pc).

Most Asian stocks fell for a third straight day as worries about the Federal Reserve's policy outlook and rising US Treasury yields weighed on sentiment.

Key benchmark indices in Hong Kong, China, South Korea and Taiwan were down by 0.08 to 3.79 per cent, while indices in Japan and Singapore rose by 0.02 to 0.35 per cent, respectively.

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News Network
May 26,2024

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New Delhi: Union Home Minister Amit Shah has asserted that the BJP will get a bigger win in opposition-ruled states due to a 'positive mandate' for Prime Minister Narendra Modi in the Lok Sabha polls, as he slammed the opposition's criticism of the Election Commission as a ploy to cover up for its impending loss.

In an interview with PTI, Shah claimed that his party has not resorted to any religion-based campaign but insisted that if canvassing against reservation for Muslims, and reaching out to voters on the abolition of Article 370 and implementing a Uniform Civil Code is religion-based campaign, then the BJP has done it and will continue doing so.

He dismissed the opposition's criticism of the Election Commission for its handling of poll data and the issue of Electronic Voting Machines (EVMs), saying that similar protocols and practices have been followed in previous assembly polls, including Telangana, West Bengal and Himachal Pradesh where the BJP lost.

"If those elections were fair, then this election is also fair. When you see defeat, you start crying in advance and try to find excuses to go abroad. This can't go on and on. They want to go on vacation on June 6. So, they are telling something or the other," he said.

The Congress's questions about the polling process is aimed at covering up Rahul Gandhi's failure, he said.

Shah said the opposition party had not offered any such suggestion at the customary all-party meeting called by the poll watchdog before the elections. "Whenever the opposition loses an election, they raise some questions. There is zero possibility of rigging in EVMs and they want an election which can be rigged."

With six phases of the seven-phase Lok Sabha polls over, the BJP's key strategist said the party's assertion that its alliance will cross the 400-seat mark when the poll results are out on June 4 is not merely a poll slogan but a well thought-out goal.

He said, "We will surely cross 400 seats. We will also form governments in Odisha, Andhra Pradesh and Arunachal Pradesh."

Assembly polls in the three states have been held alongside the Lok Sabha elections.

"If we get 399 seats and you say we have not crossed 400, then it is your wisdom. But the '400 paar' slogan is based on calculation and considered opinion," Shah said in his characteristic combative and sure-footed manner.

Asked if the party was overly dependent on Modi and if a relatively weak opposition was benefitting from its alliance, he said it was not a negative but a positive vote which the ruling alliance is receiving.

"This is not a negative vote. Please accept one thing. This is a positive vote. We will get people's support where (in states) we are in power. And mark my words...where we are not, we will be getting a bigger mandate. So this is a positive mandate for the work of the central government," he said.

As Modi has brought to fruition the BJP's core ideological plans, be it the poor's welfare, a secure country, abrogation of Article 370, a uniform law (UCC) across the country, women's reservation and Ram temple, his popularity naturally becomes the strength of the BJP, he added. "He is our biggest leader."

He accused the main opposition party of misleading people on the issue of Muslim reservation, insisting that its accusation that the BJP has been telling a lie rings hollow as it has already implemented such a religious quota in Karnataka and Andhra Pradesh.

"If they divide the truth in pieces to mislead people, then isn't it our duty to put these pieces together and inform people," he said, defending Modi's intense attack on the Congress over the religious quota and the issue of redistribution of wealth.

"You might have heard and understood Rahul Gandhi's X-ray speech. So you want X-ray of what? And if you want to distribute it equally, then who will you distribute to? Manmohan Singh Ji said minorities are their priority. What do you make of this," he asked when questioned about the Congress's allegations against Modi.

To a question about the Congress's promise of giving Rs 1 lakh to women in poor households, he said the party has a history of making populist assurances to come to power but never fulfilling them.

Shah said, "They are in power in two-three states. They should at least fulfil this promise there. At least start giving Rs 1,500 which you promised (in Himachal Pradesh). You are talking about Rs 1 lakh, at least start giving Rs 1,500. Who will trust them."

Making his projection for the BJP in the states where the ruling party is eying major gains, he said it will anywhere between 24 to 30 seats in West Bengal and 16-17 in Odisha. Its alliance will bag nearly 17 seats in Andhra Pradesh. The three states have 42, 21 and 25 Lok Sabha seats, respectively.

Shah claimed that the BJP is set for a maiden majority in the Odisha assembly and expects to win 75 seats in the 147-member House. Its alliance will storm to power in Andhra too, he said.

People are angry with the Mamata Banerjee-led government over issues of corruption, cow and coal smuggling and infiltration, and the Sandeshkhali issue has exposed as to what extent she can stoop in her appeasement politics, he said.

With Modi spearheading the BJP's push in Tamil Nadu and Kerala, two states where the party has been so far unable to make much headway, in these polls, Shah said the party will certainly increase its vote share in the Dravidian state.

He said, "It is a very tight contest. We have a new team. I will not make an estimate with figures. But our seats and vote share will increase and we will certainly lay a strong foundation in Tamil Nadu. We can open our account in Kerala. We are in a good position in three seats."

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News Network
May 22,2024

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New Delhi: Acting on a one-month-old notice it sent to the BJP on complaints over Prime Minister Narendra Modi’s provocative and communal remarks, the Election Commission of India on Wednesday directed the saffron party’s star campaigners not to make speeches along 'religious/communal lines' and desist from statements that may 'divide the society'.

Separately, it also asked the Congress' star campaigners not to give 'false impression' of abolishing or selling the Constitution, make speeches that create 'mutual hatred or cause tension' between religious or linguistic communities or 'potentially divisive statements' regarding the socio-economic composition of the armed forces.

The EC’s letters to BJP president JP Nadda and Congress president Mallikarjun Kharge conveying its directions came 27 days after it issued separate notices to them on complaints against Modi, Kharge and Rahul Gandhi. Though the complaints were annexed in the notice that were sent to party chiefs and not the alleged violators, the names of violators were not mentioned.

It also comes ten days before the seven-phased elections are ending on June 1 though the notices were issued a day before the second phase of polls on April 25. While Nadda had responded to the letter on May 13 after seeking two extensions, Kharge submitted his arguments on May 6 after seeking one extension. They were initially given time till April 29.

In its letter to Nadda, the EC said he has not denied the utterances mentioned in the Congress complaint though it 'stoutly defended' the campaign methods and remarks while invoking a 'unilateral drawing of inferences and interpretations' of star campaigners of opponents. It said its star campaigners continued with objectionable utterances even after the April 25 notice.

The latest communication came against the backdrop of complaints by Congress and other parties which referred to Modi’s speech in Banswara as “communal” where he spoke about Congress seeking to redistribute people’s wealth to “infiltrators”, in a veiled reference to Muslims, and that women’s ‘mangalsutras’ will be snatched.

Emphasising that Nadda’s defence was 'not tenable', the EC said, 'directs you as party president to also convey to all star campaigners to not make speeches and statements, which may divide the society. Directs BJP and its star campaigners to refrain from any campaigning methods/utterances along religious/communal lines'.

In its letter to Kharge, the EC said Kharge too has justified Congress star campaigners’ contentious remarks while claiming that the complaint had 'wilfully extracted only specific portions, devoid of context, to mislead the Commission'. Kharge also claimed that the BJP leaders were making 'motivated statements' invoking religious sentiments to attract voters.

The EC, which had taken cognisance of complaints against Kharge and Rahul, said the assertion of Congress’ star campaigners about the BJP attempting to change the Constitution was allegedly instilling fear in the minds of voters about an uncertain future and an attempt to spread anarchy in the country and could be considered as “corrupt practice” under election laws.

While insisting that it cannot accept the Congress arguments and find it untenable, the EC directed Kharge to convey to all star campaigners that they do not make statements which give a 'false impression such as the Constitution of India may be abolished or sold'.

Amid the Congress making a campaign point on the controversial Agniveer scheme, it also directed him to convey to star campaigners that they should not indulge in political propaganda involving the military and not make 'potentially divisive statements' regarding socio-economic composition of defence forces.

Both the party presidents to ensure that star campaigners refrain from making any statement that may “aggravate existing differences or create mutual hatred or cause tension between different castes and communities, religious or linguistic”.

The EC also referred to controversial statements after the April 25 notice by star campaigners from both sides in its letters, referring to complaints and counter complaints.

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News Network
June 1,2024

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After nearly two months of high-pitch campaigning and a hectic poll schedule of 7 phases, exit polls numbers have started coming in. According to five pollsters so far, the Narendra Modi-led NDA government is coming back to power with a landslide victory while the Opposition’s I.N.D.I.A. bloc managing somewhere between 125 and 150. 

Meanwhile, in a U-turn, Congress-led I.N.D.I.A. bloc has decided to participate in exit poll debates. Track all the latest updates on exit polls results as we provide you with minute-by-minute updates on the outcome of the Lok Sabha polls predicted by exit polls.

While the numbers vary, five exit polls are predicting that the INDIA bloc will be left far behind. None, though, have yet put the NDA across its dream score of 400 of 543 Lok Sabha seats. 

Exit Polls do not always get it right.

An aggregate of five exit polls indicates that the NDA will get 365 seats, the INDIA bloc will get 142 seats.

The maximum number of seats predicted for the NDA was 362-392, in the exit poll by Jan ki Baat. It predicts the Opposition bloc will get 141-161 seats.

It is followed by India News-D Dynamics, which is predicting that the NDA will get 371 seats and INDIA 125 seats.

The lowest score for the NDA comes from Republic TV-P MARQ – 359, and a corresponding higher score for the INDIA bloc, 154.

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