The Indian rupee (INR) dropped by 29 paise to trade at 64.36 against the US dollar today amid a selloff in domestic equity markets and dollar demand from importers and banks. This is the lowest value of the rupee (INR) against the US dollar (USD) since December 18 2017 when it hit 64.68 intraday against the US dollar (USD). Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee (INR). On Monday the rupee (INR) had closed on at a flat note at 64.06 against the US dollar (USD).The benchmark BSE Sensex crashed by 1 274.35 points or 3.66 per cent to 33 482.81 while Nifty tanked by 390.25 points or 3.65 per cent to 10 276.30 in opening trade. 5 Things To Know About Rupee Fall (INR) Vs US Dollar (USD) Today1) The rupee has been on a weakening streak since the start of this month. The rupee had plunged by 44 paise against the US dollar on Budget day (Thursday) after the government announced a long-term capital gains (LTCG) tax on equities and set a fiscal deficit target at a wider-than-expected 3.3 per cent for FY19.2) Weak domestic equities also hurt the rupee. Foreign investors sold domestic equities worth Rs 1 263.57 crore on Monday.3) Domestic stock markets were under strong selling pressure with the Sensex falling over 1 200 points at day s low tracking a selloff across global markets. Overnight the Dow fell over 4 per cent while today Japan s Nikkei slumped over 5 per cent. CommentsClose X 4) The latest trigger for the global bloodbath in equities is better-than-expected jobs data in the US which has raised the possibility of Federal Reserve hiking rates faster than expected.5) US raising rates faster than expected would be negative for Asia and emerging market assets says forex advisory firm IFA Global which expects the rupee to trade in the range of 64.25-64.62 against the dollar on Tuesday.
MUMBAI: After the shadow over Nifty trades the Singapore stock exchange may need to brace for another shock. With the Budget paving the way for a unified regulator for India s International Financial Services Centre housed in Gujarat s GIFT City the stage is set for GIFT authorities and the government to push for the trade of Dollar-Rupee (USD/INR) currency futures in GIFT. In the absence of a separate regulator the Reserve Bank of India (RBI) has been reluctant to allow currency futures trading on GIFT exchanges. Now the central bank may have to revisit the proposal. GIFT authorities are expected to meet RBI soon to explore the possibility banking sources told ET. At present capital market products that can be traded in GIFT are derivatives on equity commodities and cross-currency pairs (such as USD/GBP). But not USD/INR which traders believe could generate a huge interest. Besides Nifty contracts dollar-rupee futures has emerged as a lucrative offering for the Singapore bourse. The combined volumes of the USD/INR futures in Singapore and Dubai is almost 1.75 times of the USD/INR futures business in Indian exchanges. Since dollar-rupee futures contract is not a proprietary product offshore markets like Dubai had launched the contract despite objections from RBI. The central bank has been traditionally sensitive on matters linked to the dollar-rupee exchange rate. Despite a flourishing non-deliverable forward market in London and Singapore where over-thecounter trades take place between financial institutions and corporates and the subsequent launch of USD-INR futures on foreign exchanges RBI held the view that the external value of rupee cannot be determined outside India. In fact RBI had in the past turned down representations from a few Indian exchanges for extending trading hours in currency futures. The USD-INR trade begins before the Indian market opens and continues even after trading stops in the Indian market. There are international exchanges which keep the trading platform open for more than 17 hours. Given the trading hours in GIFT there are chances that some of the currency futures volumes may shift from Dubai and Singapore to GIFT. Most of the currency traders in Dubai are Indians NRIs and people of Indian origin. They can easily set up shop in GIFT and there can be arbitrage trades between regular Indian exchanges like NSE/BSE and GIFT bourses said a veteran in the foreign exchange market. Currency futures in GIFT may impact Dubai more than Singapore. It s easier for currency futures to take off in GIFT than stock or equity index derivatives the overseas banking units (arms of Indian banks) in GIFT can also trade in USD/INR futures said another person. The proposed unified regulator is expected to monitor all financial services activities banking capital market and insurance in GIFT. Typically international financial centres in other markets have separate regulators; one of the key functions of such a regulator is preserving a centre s competitive edge. In competing with other destinations like Singapore the Budget has also proposed doing away with the 30% tax on short-term capital gains in GIFT. There is no tax on security and commodity transactions in GIFT. A year ago some of the market participants had proposed that high net worth investors in India should be allowed to trade on GIFT exchanges under RBI s liberalised remittance scheme which allows resident individuals to invest up to 250 000 a year on overseas securities properties and other assets. This however would require a change of regulations which currently disallow the use of LRS to trade in derivatives. Hyderabad: HighlightsAsaduddin Owaisi: Government not learning lessons from terror attacks Owaisi: PM silent in Sunjuwan base attack want answers from government AIMIM chief targets RSS says Mohan Bhagwat should stand at LoC Asaduddin Owaisi the chief of All India Majlis-eIttehad-ul Muslimeen(AIMIM) on Tuesday slammed those who question the patriotism of Muslims as he referred to the Armymen from Kashmir who laid down their lives fighting Pakistani terrorists at Sunjuwan in Jammu.The Hyderabad lawmaker also attacked the government for not learning lessons from terror attacks on army installations in the past.The so-called 9 pm nationalists (those who appear in prime time tv debates) question the nationalism of Muslims and Kashmiri Muslims Mr Owaisi said in Hyderabad. In this (Sunjuwan attack) incident five Kashmiri Muslims have laid down their lives. Why aren t you talking about it? This is a reminder to all those nationalists who question my integrity and the love for this country the AIMIM chief said.He said This (terror attack) is not the first incident which has happened in Sunjuwan. Earlier in 2003 terrorists had killed our soldiers in Sunjuwan. A group of Pakistan-based Jaish-e-Mohammad terrorists had struck the Sunjuwan military camp in Jammu early on Saturday killing seven people. We have not learnt lessons from Uri Pathankot and Nagrota (terror attacks)... we would like to know from the BJP government where the responsibility lies now? Mr Owaisi asked.He wondered if the attack on the Army camp was a failure of the Intelligence Bureau and said lessons must be learnt and responsibility fixed as this a continuous pattern which has to end.Taking a dig at Prime Minister Narendra Modi over his foreign tours the AIMIM chief said I am sure he is free now after his recent foreign tours. He is yet to tweet on this attack. What is happening to the talks of our NSA (national security advisor) and the Pakistan NSA which took place in Bangkok. Referring to the Sunjuwan terror attack Mr Owaisi said the heinous act was committed by terrorists who came from a neighbouring country and no one can deny that . I condemn this attack. But we also have to know what are the answers from this government he said.To a question on Jammu and Kashmir Chief Minister Mehbooba Mufti making a fresh pitch for dialogue between India and Pakistan Mr Owaisi said It is for the BJP to say because you (BJP) are supporting Mufti. Your own supported CM is saying talks should happen. I want to know from the Union government headed by Prime Minister Modi what is your opinion on this he said.On RSS chief Mohan Bhagwat s remarks that the Sangh could prepare a military force faster than the Army Mr Owaisi said it was a grave statement. How can a cultural organisation train cadres as an army? Is he trying to say that they are (more) efficient than the Army? This statement has to be looked into very deeply. Mohan Bhagwat said RSS workers can be trained in 3 days to defend borders. How is it that you are comparing your cadre with the Army? No cadre can be compared with our Indian Army... This is a very grave statement which has lot of messages repercussions and ramifications he said. CommentsClose X Does he know what goes into the making of an Indian soldier and how bravely our soldiers are laying down their lives? the lawmaker asked. In a lighter vein if that is what he (Mohan Bhagwat) seriously believes then he should lead and stand in front of the LoC and border Mr Owaisi said.
Jammu: The Indian army does not believe in communalizing martyrs a top army officer said today in a sharp rebuttal of Hyderabad parliamentarian Asaduddin Owaisi s comments on the soldiers killed in the terror attack in Jammu s Sunjuwan. We take on the religion of our troops. We do not communalize any of them. It s only for those who do not know the functioning of the army too well. They need to see that we put everything aside and live together General Officer Commanding-in-Chief Northern Command Lieutenant General Devraj Anbu told reporters.The officer didn t name Asaduddin Owasi who had asked why those questioning the patriotism of Muslims were silent on the soldiers killed in Jammu.Asaduddin Owaisi the chief of All India Majlis-e-Ittehad-ul Muslimeen had referred to the soldiers who died in the Sunjuwan terror attack and said In this incident five Kashmiri Muslims have laid down their lives. Why aren t you talking about it? This is a reminder to all those nationalists who question my integrity and the love for this country. The so-called 9 pm nationalists (those who appear in prime time TV debates) question the nationalism of Muslims and Kashmiri Muslims said Mr Owaisi who represents Hyderabad in parliament.On Saturday a group of Pakistan-based Jaish-e-Mohammad terrorists attacked the military camp in Sunjuwan killing seven people.The top army commander said the enemy is frustrated and was trying to strike softer targets. When they fail at borders they attack camps said Lieutenant General Anbu who heads the Northern Command. CommentsClose X The army commander also said Jaish-e-Muhammad Lashkar-e-Taiba and the Hizbul Mujahideen were operating together whether in the Kashmir Valley or elsewhere in the state. There is no differentiation. They keep jumping from one outfit to the other. Anyone who picks up arms and is against the state is a terrorist and we will deal with him he said.
HYDERABAD: AIMIM leader and Hyderabad MP Asaduddin Owaisi has questioned how a cultural organisation like the RSS could compare itself to the Indian army. It is an insult to the Army he said in a reaction on Tuesday to RSS leader Mohan Bhagwat s statement that RSS would be ready to jump into war in three days before the Indian Army could prepare for it in six months. Mr Bhagwat should stand on border with his cadre if he truly believes in what he said Asaduddin Owaisi tweeted. Speaking to TOI on Tuesday Owaisi said Prime Minister Narendra Modi should be blamed for all the terror attacks that have been happening in the country. Time and time the question is raised about the patriotism of Muslims to the country http://kfckk.jiliblog.com/10971605/kfc-on-valentine-s-day. In Jammu five out of seven killed in the terror attack were Muslims including a woman. Does this not show how patriotic Muslims are? he commented. Asked if the perception would change Asaddudin Owaisi said It will not change. I know that for sure. All that happens is insults are heaped on us and I am targetted for verbal attacks. And I do not care about whether they change their perception or not he said. Asaduddin Owaisi wondered for long how the terror attacks would continue. Everyone knows the neighbouring country is pushing the terrorists into India. The government has failed to learn lessons from any incidents despite many lives being lost. Is this not intelligence failure. Where does the buck stop? The Prime Minister alone is answerable and should explain why the attacks are not being prevented he said. Owaisi wondered why the RSS was being quiet when five out of seven killed in in Sunjwan attack were Kashmiri Muslims. They question Muslim s love and loyalty for the country and call Indian Muslims as Pakistani he said adding that the media was also responsible for allowing them a platform to spread canards. PDP-BJP govt in J&K have completely failed in securing the country he said. On Mohan Bhagwat s statement about RSS readiness to engage the enemy in war he said How can a cultural organisation compare itself with army? It is a very grey message which may have many repercussions and its an insult of our Indian Army.
HYDERABAD: MIM president Asaduddin Owaisi on Monday alleged that Moulana Salman Hussaini Nadvi is acting at the behest of Prime Minister Narendra Modi to create rift in All India Muslim Personal Law Board (AIMPLB). He also called for social boycott of those calling for giving up Babri Masjid. Some people are dancing at the tune of Modi said the Hyderabad MP without naming Nadvi who was removed from the board on Sunday for mooting a proposal to handover the land of demolished Babri Masjid in Ayodhya for construction of Ram temple. Addressing a public meeting organised by the board at the end of its three-day plenary Owaisi launched a bitter attack on Nadvi for going against the board s stand that there can be no compromise on Babri Masjid. On the eve of the 26th plenary which began on Friday Nadvi met Sri Sri Ravishankar in Bengaluru and mooted the formula that the land on which Babri Masjid stood till December 6 1992 should be handed to Ram temple in exchange for an alternate land to build a mosque and a university. He (Nadvi) is saying that his proposal is to ensure peace and unity in the country. Should we also give up Masjid-e-Aqsa (Al-Aqsa mosque in Jerusalem) for unity in Arab asked Owaisi. The MP claimed that Nadvi was one of the clerics who signed a fatwa in 2001 that a mosque remains a mosque for eternity and hence Muslims can t give up Babri Masjid. He also alleged that Nadvi had also given a fatwa in support of terror group IS which is responsible for massacre of Muslims in Syria Iraq and other countries. Modi you are giving political patronage to those who had given fatwa in favour of IS said Owaisi. The MIM chief said Modi using some people to create a rift in AIMPLB by suggesting that Muslims give up Babri Masjid. He said the prime minister and those dancing at his tunes will not succeed in their attempts as the board is a symbol of Indian Muslims and united platform of all Islamic schools of thought.
Hyderabad: The All India Majlis-e-Ittehad-ul Muslimeen (AIMIM) president Asaduddin Owaisi today alleged that Moulana Salman Hussaini Nadvi is acting at the behest of Prime Minister Narendra Modi to create rift in All India Muslim Personal Law Board (AIMPLB).He also called for social boycott of those calling for giving up Babri Masjid. Some people are dancing to the tune of Modi said the Hyderabad MP without naming Mr Nadvi who was removed from the board yesterday for mooting a proposal to handover the land of demolished Babri Masjid in Ayodhya for construction of Ram temple.Addressing a public meeting organised by the board at the end of its three-day plenary Mr Owaisi launched a bitter attack on Mr Nadvi for going against the board s stand that there can be no compromise on Babri Masjid.On the eve of the 26th plenary which began on Friday Mr Nadvi met Sri Sri Ravi Shankar in Bengaluru and mooted the formula that the land on which Babri Masjid stood till December 6 1992 should be handed to Ram temple in exchange for an alternate land to build a mosque and a university. He (Nadvi) is saying that his proposal is to ensure peace and unity in the country. Should we also give up Masjid-e-Aqsa (Al-Aqsa mosque in Jerusalem) for unity in Arab asked Mr Owaisi.The lawmaker claimed that Mr Nadvi was one of the clerics who signed a fatwa in 2001 that a mosque remains a mosque for eternity and hence Muslims can t give up Babri Masjid.He also alleged that Mr Nadvi had also given a fatwa in support of terror group ISIS which is responsible for massacre of Muslims in Syria Iraq and other countries. CommentsClose X Modi you are giving political patronage to those who had given fatwa in favour of IS said Mr Owaisi.He said the prime minister and those dancing to his tunes will not succeed in their attempts as the board is a symbol of Indian Muslims and united platform of all Islamic schools of thought.
By: Express Web Desk | New Delhi | Published: February 14 2018 5:35 pm AIMIM chief Asaduddin Owaisi (Express photo by Vishal Srivastav) Related News After Owaisi s Muslim soldiers remark Army says it does not communalise martyrs Arvind Kejriwal on three years of AAP govt: Corruption in Delhi down since we came to powerCongress distances itself from Mani Shankar Aiyar s Pakistan love remarkAfter Owaisi s Muslim soldiers remark Army says it does not communalise martyrs A day after AIMIM Chief Asaduddin Owaisi spoke about the Muslim soldiers killed in the Sunjuwan attack the Indian Army on Wednesday reiterated that it is above religion. We do not communalise martyrs those making statements don t know the Army well General Officer Commanding-in-Chief Northern Command Lt. Gen. Devraj Anbu said without naming the Hyderabad MP. READ MORE The Delhi Police on Wednesday arrested Ariz Khan alias Junaid. 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READ MORE Suspended Congress leader Mani Shankar Aiyar. ( Express file photo) Congress distances itself from Mani Shankar Aiyar s Pakistan love remark The Congress party on Wednesday distanced itself from the remark made by Mani Shankar Aiyar that he receives much more hatred in India than the love he receives in Pakistan saying the suspended party leader doesn t have any right to speak on the behalf of the party. READ MORE The Yogi Adityanath government had deployed police and RAF personnel at Allahabad University o Tuesday. (Express Archive)Allahabad law student lynching case: Main accused arrested from Sultanpur In a major breakthrough in the Dalit student lynching case the main accused was arrested from Sultanpur in the wee hours of Wednesday. Senior superintendent of police Akaash Kulhari said Vijay Shankar Singh who is a ticket examiner in Railways took shelter in various places like Faizabad to dodge the police and was nabbed from Sultanpur bus stand. The development comes after protests over the death of LLB student Dileep Saroj 26 turned violent on Monday with the Yogi Adityanath government deploying police and RAF personnel at Allahabad University. READ MORE Delhi CM Arvind Kejriwal. (Express file photo) Arvind Kejriwal on three years of AAP govt: Corruption in Delhi down since we came to power Ever since the AAP government came in power cases of corruption in the national capital have come down claimed Delhi Chief Minister Arvind Kejriwal in a video message on the third anniversary of his government. In the last three years there has been a drop in the corruption because three years ago the people of Delhi elected an honest government Kejriwal said in the video. READ MORE Madhubala has been one of the most beautiful actresses of all time. When Greece fell in love with Madhubala Hindi films have always enjoyed a fan following across the world. Decades ago Raj Kapoor used to be a household name in Russia and songs like Awara Hun and Mera Joota Hai Japani picturised on him are still popular in that country. Amitabh Bachchan is one of the most popular stars in Egypt while Peru Germany Nigeria go gaga for Shah Rukh Khan. Aamir Khan s Dangal is still breaking records in China. There are several countries where Bollywood broke language and culture barriers and reigned supreme for decades. READ MORE For Gauri Shah Rukh Khan has been the only one. Shah Rukh Khan and Gauri Chibber: The star couple and their special saga of love Shah Rukh Khan and Gauri Chibber s (now Gauri Khan) relationship is perhaps one of the most talked-about relationships as far as Bollywood is concerned. READ MORE Rohit Sharma scored a century in the 5th ODI against South Africa. (Source: BCCI) Virat Kohli answers Rohit Sharma: Wonderful feeling to create some history in South Africa India claimed their first ODI bilateral series win in South Africa on Tuesday after they beat the Proteas by 73 runs in the 5th ODI of the six-match series. The win gave a 4-1 unassailable lead in the series with a match to go. The hero with the bat for India was Rohit Sharma who played a 113-run innings. India were restricted to 274/6 by South Africa but Indian bowlers bowled out the home side for 201. READ MORE For all the latest India News download Indian Express App IE Online Media Services Pvt Ltd More Related News Three years of AAP: Number of mohalla clinics will be over 900 in coming months says Kejriwal Three years of Aam Aadmi Party: Education and health surged but some way to go Tags: Arvind Kejriwal Asaduddin Owaisi Indian Mujahideen (IM) Mani Shankar Aiyar No Comments.
CHARMINAR: President of the All India Majlis-e-Ittehad-ul Muslimeen (AIMIM) and Hyderabad MP Asaduddin Owaisi called for a social boycott of those giving up on reconstruction of Babri Masjid at the disputed site in Ayodhya. Speaking at the All India Muslim Personal Law Board s (AIMPLB) public meeting at Darussalam on Sunday night Owaisi said the struggle for the reconstruction of Babri Masjid will continue. Owaisi s reaction came after the AIMPLB working committee held a meeting to find a solution to the Babri Masjid-Ram Janmabhoomi dispute. The Hyderabad MP also alleged that some people are acting at the will of Prime Minister Narendra Modi to create rift within the AIMPLB ranks. Some people are dancing to the tune of Modi Owaisi said a day after Maulana Salman Hussaini Nadwi was sacked from the board for having a dialogue with Sri Sri Ravi Shankar for an out-of-court settlement to the Babri Masjid-Ram Janmabhoomi dispute. Addressing the public meeting Owaisi launched an attack on Nadvi for going against the board s stand of no compromise on Babri Masjid. He said Nadvi himself signed a fatwa in 2001 that a mosque remains a mosque for eternity and hence Muslims can t give up Babri Masjid. Nadvi had also given a fatwa in support of terror group ISIS which is responsible for massacre of Muslims in countries like Syria and Iran. On the eve of the 26th plenary which began on Friday Nadvi met Sri Sri Ravi Shankar in Bengaluru and mooted the formula that the land on which Babri Masjid stood till December 6 1992 should be handed over for Ram temple in exchange for an alternate land to build a mosque and a university. Owaisi said Modi and all those who are dancing to his tunes will not succeed in their attempts to create a rift in AIMPLB.
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