Rupee Hits New All-Time Low Of 73.77 Against Dollar | WeForNews | Latest News, Blogs Rupee Hits New All-Time Low Of 73.77 Against Dollar – WeForNews | Latest News, Blogs
Connect with us

India

Rupee Hits New All-Time Low Of 73.77 Against Dollar

Published

on

rupee dollar

Mumbai, Oct 4 : The rupee crashed to a new all-time low of 73.77 against the US dollar on Thursday thus plunging the Sensex by over 550 points to slip below the 36,000-mark amid soaring crude oil prices.

The government will hold an inter-ministerial meeting on Thursday to discuss currency weakness and its impact on trade deficit.

The rupee is likely to fall further due to rise in crude oil prices.Commerce and Industry Minister Suresh Prabhu will chair an inter-ministerial meeting on Thursday to discuss rupee depreciation and widening of trade deficit. Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.

“Higher crude prices are likely to prevail over liquidity easing measures announced by the RBI. The next domestic trigger would be the tone of the RBI policy on Friday,” said IFA Global, a forex advisory firm.

The Sensex was down by 550.51 points or 1.51 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 36,602.85 points and a low of 35,911.82 points. The Nifty, was down by 150.05 points or 1.36 per cent.

The Sensitive Index (Sensex) of the BSE, which had closed at 35,975.63 points on Wednesday, opened lower at 35,820.53 points.

Minutes into trading, it was quoting at 35,603.53 points, down by 372.10 points, or 1.03 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,858.25 points on Wednesday, was quoting at 10,697.15 points, down by 161.10 points or 1.48 per cent.

Rise in crude oil prices, along with a weak rupee and outflow of foreign funds, had dragged the key domestic equity indices lower over one per cent on Wednesday.

In addition, fears over the central bank turning aggressive in its monetary policy stance due to a rise in inflationary pressure also led to erosion in investors’ risk-taking appetite.

On Thursday, Asian indices were showing a negative trend. Japan’s Nikkei 225 was quoting in red, down by 0.72 per cent while Hang Seng was down by 1.80 per cent, South Korea’s Kospi was also down by 1.41 per cent.

India

Why shall CBI’s appeal in 2G case be given priority over pending matters: Advocate to HC

He further argued that allowing the application for early hearing shall be against the interest of justice, as the respondents shall not get adequate opportunity as the records run into lakhs of pages.

Published

on

By

CBI Headquarters

New Delhi, Sep 21 : While the Delhi High Court on Monday was hearing an application seeking early hearing in the 2G spectrum case, the accused persons, including former Telecom Minister A. Raja, businessman Shahid Balwa and others, opposed the said application filed by the CBI and the ED.

When the matter was being heard by Justice Brijesh Sethi, Additional Solicitor General (ASG) Sanjay Jain informed the court that the matter is of public interest and since Justice Sethi is due to demit his office on November 30, the court may hear the matter expeditiously.

Responding to the arguments, the counsels appearing for the various accused persons opposed the plea moved by the agencies. Advocate Manu Sharma, appearing for A. Raja, argued that there was no reason to grant an out-of-turn, urgent hearing to the appeals moved by the CBI and the ED amid the Covid-19 pandemic.

Advocates Vijay Aggarwal, Mudit Jain and Ashul Agarwal, representing Shahid Balwa and several others, too opposed the said petition and stated that the CBI has not explained as to why the appeal filed by them should be given precedence/preference over other appeals.

“Why is the appeal so important and be given this much priority when there are several pending matters wherein the accused persons are languishing in jail,” Aggarwal argued.

He further argued that allowing the application for early hearing shall be against the interest of justice, as the respondents shall not get adequate opportunity as the records run into lakhs of pages.

“However, to address the arguments, each person will not even get 0.89 day to argue his or her case as the concerned judge is scheduled to demit his office. Justice hurried is justice burried,” Aggarwal said.

The court will now hear the matter on Tuesday.

The probe agencies, both CBI and ED, had moved the court in March 2018 challenging the trial court’s order which had acquitted all the accused persons in the 2G spectrum case. In 2017, a special CBI court acquitted all the 18 accused, including A. Raja and K. Kanimozhi.

The scam came to light almost seven years ago when the Comptroller and Auditor General in a report held then Telecom Minister A. Raja responsible for causing the state exchequer a loss of Rs 1,76,379 crore by allocating 2G spectrum licences at throwaway prices.

However, the trial court found that the prosecution failed to prove the charges. This verdict, however, didn’t override the Supreme Court judgement or take away from the fact that the licences issued during 2G spectrum allocation were illegal.

Continue Reading

India

Encounter on between terrorists, security forces in Kashmir’s Budgam

“Encounter has started at Charar-i-Sharief area of Budgam. Police and security forces are on the job,” police said.

Published

on

By

Jammu and Kashmir Shopian Indian Army

Srinagar, Sep 21 : An encounter is underway between terrorists and security forces at Charar-i-Sharief in central Kashmir’s Budgam district on Monday, officials said.

The firefight took place after security forces cordoned off the area and launced a search operation on the basis of specific information about presence of terrorists. As the security forces zeroed in on the spot where terrorists were hiding they came under a heavy volume of fire that triggered the encounter.

“Encounter has started at Charar-i-Sharief area of Budgam. Police and security forces are on the job,” police said.

Continue Reading

India

PM Modi to address IIT Guwahati’s convocation on Tuesday

As many as 1,803 students including 687 B.Tech and 637 M. Tech students will be obtaining degrees.

Published

on

By

Narendra Modi

New Delhi, Sep 21 : Prime Minister Narendra Modi will address the convocation of IIT, Guwahati on Tuesday through video-conferencing.

Assam Chief Minister Sarbananda Sonowal, Union Education Minister Ramesh Pokhriyal Nishank, his deputy Sanjay Dhotre among others will also join in.

As many as 1,803 students including 687 B.Tech and 637 M. Tech students will be obtaining degrees.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.