General Affairs
Virus Affects More Gir Lions, Indicating Active Disease Transmission
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The country's top medical and virology investigators asked the government on Tuesday to shift healthy lions from Gujarat's Gir forest after fresh samples of lions tested positive for a virus, which had wiped out 30 per cent of the animal's population in East Africa, indicating "active disease transmission".
Since September 12, as many as 23 lions have died in the sanctuary, at least 11 of them due to the CDV and Protozoa infections, according to forest officials.
"Specimens were again tested for the canine distemper virus (CDV) by using molecular methods i.e. RT-PCR. One or more samples from 21 out of 27 Gir lions have tested positive for CDV. This indicates active disease transmission among the Gir lions," the Indian Council of Medical Research and the National Institute of Virology said in a statement.
The ICMR, New Delhi, is the top body in India for the formulation, coordination and promotion of biomedical research. ICMR-NIV had received a total of 80 samples of nasal, ocular and rectal swabs from 27 Gir lions which were sick and under treatment and observation at Sakkarbaug zoo in Junagadh.
The samples were referred to ICMR-NIV, Pune by the director of Sakkarbaug zoo on October 6.
"Since the CDV is transmitted by airborne route as well as infected body secretions, healthy lions from Gir forest may be shifted to an alternate suitable location," it said.
It said the lions should be immediately vaccinated with the available vaccine for the CDV.
"At present, most of the available vaccines are made up of the CDV American genotypes 1 and 2 and these vaccines have been used in a number of countries and have been found to be effective," it said.
The CDV causes a highly contagious and life-threatening disease in dogs and also affects wild carnivores such as wolves and foxes.
The prevalence of this virus and its diversity in wildlife of India is not studied and only a few reports are available regarding the detection of the CDV in captive wild carnivores which included tigers and red panda.
Since September 12, as many as 23 lions have died in the sanctuary, at least 11 of them due to the CDV and Protozoa infections, according to forest officials.
"Specimens were again tested for the canine distemper virus (CDV) by using molecular methods i.e. RT-PCR. One or more samples from 21 out of 27 Gir lions have tested positive for CDV. This indicates active disease transmission among the Gir lions," the Indian Council of Medical Research and the National Institute of Virology said in a statement.
The ICMR, New Delhi, is the top body in India for the formulation, coordination and promotion of biomedical research. ICMR-NIV had received a total of 80 samples of nasal, ocular and rectal swabs from 27 Gir lions which were sick and under treatment and observation at Sakkarbaug zoo in Junagadh.
The samples were referred to ICMR-NIV, Pune by the director of Sakkarbaug zoo on October 6.
"Since the CDV is transmitted by airborne route as well as infected body secretions, healthy lions from Gir forest may be shifted to an alternate suitable location," it said.
It said the lions should be immediately vaccinated with the available vaccine for the CDV.
"At present, most of the available vaccines are made up of the CDV American genotypes 1 and 2 and these vaccines have been used in a number of countries and have been found to be effective," it said.
The CDV causes a highly contagious and life-threatening disease in dogs and also affects wild carnivores such as wolves and foxes.
The prevalence of this virus and its diversity in wildlife of India is not studied and only a few reports are available regarding the detection of the CDV in captive wild carnivores which included tigers and red panda.
4 Hizbul Terrorists Arrested With Rs. 10 Lakh In Pulwama: Police
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Four Hizbul Mujahideen terrorists have been arrested in Jammu and Kashmir's Pulwama district and Rs. 10 lakh has been seized from them, the police said today.
"Police received reliable information that a terrorist of Hizbul Mujahideen, Adil Ahmad Bhat, has handed over a huge amount to Rouf-ul-Islam Wani for distribution among other terrorists for carrying out terror activities in the area," a police spokesman said.
He said a police complaint has been filed and Wani has been detained for questioning.
The police said Wani got a large sum from Adil Ahmad Bhat to be distributed among Hizbul terrorists for raising a support structure and recruiting young people.
"The accused disclosed that the cash was handed over to Mohd Maqbool Wani, Shakeel Ahmad Wani and Musaib Aziz Gojree," the spokesman said.
"The investigation conducted so far reveals that the amount so recovered was intended to be used for terrorism. Further investigation is on," he added.
"Police received reliable information that a terrorist of Hizbul Mujahideen, Adil Ahmad Bhat, has handed over a huge amount to Rouf-ul-Islam Wani for distribution among other terrorists for carrying out terror activities in the area," a police spokesman said.
He said a police complaint has been filed and Wani has been detained for questioning.
The police said Wani got a large sum from Adil Ahmad Bhat to be distributed among Hizbul terrorists for raising a support structure and recruiting young people.
"The accused disclosed that the cash was handed over to Mohd Maqbool Wani, Shakeel Ahmad Wani and Musaib Aziz Gojree," the spokesman said.
"The investigation conducted so far reveals that the amount so recovered was intended to be used for terrorism. Further investigation is on," he added.
Steps Being Taken So Cases Not Deleted From Top Court List: Chief Justice
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Chief Justice Ranjan Gogoi on Tuesday said steps are being taken to ensure that cases, filed in the Supreme Court, do not get deleted.
The CJI, on his first day in the office last week, had made clear that "parameters" for urgent mentioning and listing of cases would be laid down and till then, only cases like execution of death penalty and eviction would be treated as urgent.
Justice Gogoi said today that the top court would to like hear as many cases as it can but all of them cannot be heard due to the lack of time. He assured lawyers, who were waiting in the queue, that a system would be put in place to ensure that once a case is listed for hearing, then it does not get deleted.
He assured that there would be no abrupt deletion of cases. "It won't happen that a matter will be deleted six times before it gets listed. We are taking care of it. Deletion will happen only on an informed basis."
The CJI had said earlier that there would be no mentioning of cases for urgent hearing and had said that "if somebody is going to be hanged or evicted tomorrow then we can understand (the urgency). Otherwise there will be no mentioning".
The mentioning of cases before that used to continue for 20 to 30 minutes everyday before the bench headed by the then CJI Dipak Misra, who demitted office on October 2.
The CJI, on his first day in the office last week, had made clear that "parameters" for urgent mentioning and listing of cases would be laid down and till then, only cases like execution of death penalty and eviction would be treated as urgent.
Justice Gogoi said today that the top court would to like hear as many cases as it can but all of them cannot be heard due to the lack of time. He assured lawyers, who were waiting in the queue, that a system would be put in place to ensure that once a case is listed for hearing, then it does not get deleted.
He assured that there would be no abrupt deletion of cases. "It won't happen that a matter will be deleted six times before it gets listed. We are taking care of it. Deletion will happen only on an informed basis."
The CJI had said earlier that there would be no mentioning of cases for urgent hearing and had said that "if somebody is going to be hanged or evicted tomorrow then we can understand (the urgency). Otherwise there will be no mentioning".
The mentioning of cases before that used to continue for 20 to 30 minutes everyday before the bench headed by the then CJI Dipak Misra, who demitted office on October 2.
Bill Gates Hails PM Modi For Swachh Bharat Mission
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Lauding Prime Minister Narendra Modi for improving sanitation in the country through the Swachh Bharat mission, Microsoft co-founder Bill Gates said now is the time to build on the success of the movement.
"The leadership of Narendra Modi and the Indian government has played an important role in improving sanitation. Now is the time to build on the success of Swachh Bharat," Bill Gates tweeted.
This is not the first time that Mr Gates has praised PM Modi and the Bharatiya Janata Party-led central government for the efforts made towards improving the sanitation process in India.
Earlier, Mr Gates, who co-chairs the Bill and Melinda Gates Foundation, had congratulated the Indian government for the efforts made in reducing malnutrition and sanitation-related woes in the country.
The Swachh Bharat Mission was launched in October 2014 by PM Modi. Since the launch of the Swachh Bharat Mission, over eight crore toilets have been built across India and over five lakh villages have been made open-defecation free.
Under the mission, the Prime Minister launched the 'Swachhata Hi Seva' movement on September 15 with an aim to fulfill Mahatma Gandhi's dream of a clean India.
"The leadership of Narendra Modi and the Indian government has played an important role in improving sanitation. Now is the time to build on the success of Swachh Bharat," Bill Gates tweeted.
This is not the first time that Mr Gates has praised PM Modi and the Bharatiya Janata Party-led central government for the efforts made towards improving the sanitation process in India.
Earlier, Mr Gates, who co-chairs the Bill and Melinda Gates Foundation, had congratulated the Indian government for the efforts made in reducing malnutrition and sanitation-related woes in the country.
The Swachh Bharat Mission was launched in October 2014 by PM Modi. Since the launch of the Swachh Bharat Mission, over eight crore toilets have been built across India and over five lakh villages have been made open-defecation free.
Under the mission, the Prime Minister launched the 'Swachhata Hi Seva' movement on September 15 with an aim to fulfill Mahatma Gandhi's dream of a clean India.
Congress To Take 2 Of 3 BJP States, Says Poll Of Opinion Polls
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An aggregate of opinion polls ahead of the next round of assembly elections in November-December shows that the Congress may win two of the crucial BJP-ruled states -- Rajasthan and, with a wafer thin margin, Chhattisgarh.
The BJP is expected to retain only Madhya Pradesh, a state it has been ruling for three straight terms.
Much rides on the results of the elections in the three heartland states, seen as bellwether before next year's general elections, in which the BJP-led NDA will seek a second term in power.
A Congress victory in two states will be a huge boost for the opposition, which has been trying to unite to stop the victory march of the BJP.
Of the 230 seats in Madhya Pradesh, the BJP will win 126 -- a majority but way below its 2013 tally of 165 seats. The Congress will get 97 seats, up from 58 seats last time, shows the poll of opinion polls, taking into account opinion polls conducted by C Voter, IETech Group and Times Now. The majority mark in the state assembly is at 116 seats.
Rajasthan, the aggregate of two opinion polls shows, will stick to its trend of voting out the incumbent party. The Congress, which had been decimated in the 2013 elections, winning only 21 of the state's 200 seats, will return to power with 129 seats, shows the aggregate of C Voter and Times Now opinion polls. The BJP, which won 163 seats in the 2013 elections, is expected to get 63 seats. The majority mark in the assembly is at 101 seats.
In Chhattisgarh, another state where the BJP is seeking a fourth term in power, the aggregate shows Congress crossing the halfway mark, barely. The party will win 47 seats in the 90-member assembly -- way ahead of the 39 seats it won in the 2013 assembly elections, but only with a margin of 1 past the halfway mark, which lies at 46 seats. The BJP will get 39 seats, down from last time's score of 49 seats, shows the aggregate of the C Voter, IETech Group and Times Now opinion polls.
In Telangana, Chief Minister K Chandrashekar Rao's move to go for early elections is expected to pay rich dividends.
His Telangana Rashtra Samithi, a local party, will emerge as the big winner, leaving both Congress and the BJP far behind. The TRS is expected to win 85 of the state's 117 seats -- the majority mark is at 60. The Congress is expected to get 18 seats, the BJP 5 and the local AIMIM 7 seats, shows the aggregate of the opinion polls conducted by The Team Flash and VDA Associates.
The BJP is expected to retain only Madhya Pradesh, a state it has been ruling for three straight terms.
Much rides on the results of the elections in the three heartland states, seen as bellwether before next year's general elections, in which the BJP-led NDA will seek a second term in power.
A Congress victory in two states will be a huge boost for the opposition, which has been trying to unite to stop the victory march of the BJP.
Of the 230 seats in Madhya Pradesh, the BJP will win 126 -- a majority but way below its 2013 tally of 165 seats. The Congress will get 97 seats, up from 58 seats last time, shows the poll of opinion polls, taking into account opinion polls conducted by C Voter, IETech Group and Times Now. The majority mark in the state assembly is at 116 seats.
Rajasthan, the aggregate of two opinion polls shows, will stick to its trend of voting out the incumbent party. The Congress, which had been decimated in the 2013 elections, winning only 21 of the state's 200 seats, will return to power with 129 seats, shows the aggregate of C Voter and Times Now opinion polls. The BJP, which won 163 seats in the 2013 elections, is expected to get 63 seats. The majority mark in the assembly is at 101 seats.
In Chhattisgarh, another state where the BJP is seeking a fourth term in power, the aggregate shows Congress crossing the halfway mark, barely. The party will win 47 seats in the 90-member assembly -- way ahead of the 39 seats it won in the 2013 assembly elections, but only with a margin of 1 past the halfway mark, which lies at 46 seats. The BJP will get 39 seats, down from last time's score of 49 seats, shows the aggregate of the C Voter, IETech Group and Times Now opinion polls.
In Telangana, Chief Minister K Chandrashekar Rao's move to go for early elections is expected to pay rich dividends.
His Telangana Rashtra Samithi, a local party, will emerge as the big winner, leaving both Congress and the BJP far behind. The TRS is expected to win 85 of the state's 117 seats -- the majority mark is at 60. The Congress is expected to get 18 seats, the BJP 5 and the local AIMIM 7 seats, shows the aggregate of the opinion polls conducted by The Team Flash and VDA Associates.
Business Affairs
SC sends three directors of Amrapali group to police custody
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The Supreme Court on Tuesday sent three directors of the Amrapali group to police custody admonishing them for playing "hide and seek" with the court and ordered they hand over all the documents of the embattled real estate major's 46 group companies to forensic auditors.
A bench of Justices Arun Mishra and U U Lalit gave the direction after taking exception to the Amrapali group not handing over all the documents to forensic auditors.
It ordered that the three directors-- Anil Kumar Sharma, Shiv Priya and Ajay Kumar-- will remain in police custody till they hand over all the documents.
The apex court's order came on a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats.
The court said the conduct of the directors was in "gross violation" of its order.
"You are playing hide and seek. You are trying to mislead the court," it said.
The court directed the Delhi police to seize all the documents of the Amrapali group and hand them over to forensic auditors, emphasising that not a single document of these companies should remain in custody of the group.
The top court had earlier allowed the National Buildings Construction Corporation Ltd (NBCC) to float tenders for selecting the builder to complete the stalled projects of Amrapali Group and asked it to prepare a detailed project report for pending projects within 60 days.
On September 12, the apex court had appointed NBCC to develop stalled projects of the realty firm and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the group.
It had also directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the NBCC to start construction of the pending projects in Group A and B Categories.
Besides, it directed that bank accounts, balance sheets and other documents of all the 46 Amrapali companies and Jotindra Steel, since 2008 be given to the forensic auditors.
The apex court on September 6 identified 16 properties of Amrapali for auctioning, preferably by the NBCC, to give the PSU an initial corpus to start work on the stalled projects. It had also ordered a forensic audit of the firm and its promoters to gauge the extent of financial wrongdoings.
The group CMD had come under the top court's scanner for declaring his assets worth at Rs 67 crore as against Rs 847 crore in his affidavit filed during the 2014 Lok Sabha polls, when he had unsuccessfully contested as a JD(U) candidate from Bihar's Jehanabad constituency.
The NBCC had earlier given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of Rs 8,500 crore in six to 36 months.
A bench of Justices Arun Mishra and U U Lalit gave the direction after taking exception to the Amrapali group not handing over all the documents to forensic auditors.
It ordered that the three directors-- Anil Kumar Sharma, Shiv Priya and Ajay Kumar-- will remain in police custody till they hand over all the documents.
The apex court's order came on a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats.
The court said the conduct of the directors was in "gross violation" of its order.
"You are playing hide and seek. You are trying to mislead the court," it said.
The court directed the Delhi police to seize all the documents of the Amrapali group and hand them over to forensic auditors, emphasising that not a single document of these companies should remain in custody of the group.
The top court had earlier allowed the National Buildings Construction Corporation Ltd (NBCC) to float tenders for selecting the builder to complete the stalled projects of Amrapali Group and asked it to prepare a detailed project report for pending projects within 60 days.
On September 12, the apex court had appointed NBCC to develop stalled projects of the realty firm and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the group.
It had also directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the NBCC to start construction of the pending projects in Group A and B Categories.
Besides, it directed that bank accounts, balance sheets and other documents of all the 46 Amrapali companies and Jotindra Steel, since 2008 be given to the forensic auditors.
The apex court on September 6 identified 16 properties of Amrapali for auctioning, preferably by the NBCC, to give the PSU an initial corpus to start work on the stalled projects. It had also ordered a forensic audit of the firm and its promoters to gauge the extent of financial wrongdoings.
The group CMD had come under the top court's scanner for declaring his assets worth at Rs 67 crore as against Rs 847 crore in his affidavit filed during the 2014 Lok Sabha polls, when he had unsuccessfully contested as a JD(U) candidate from Bihar's Jehanabad constituency.
The NBCC had earlier given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of Rs 8,500 crore in six to 36 months.
SBI triples target for purchase of loan portfolio from NBFCs
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The State Bank of India has decided to raise its target to acquire asset portfolios from non-banking financial companies (NBFC). The bank has reportedly tripled the target from its previous level. In a statement on Tuesday, India's biggest lender said that it is raising the target for purchase of "good quality" asset portfolio from NBFC, "as it believes that there s good opportunity to expand its loan portfolio at attractive rates".
The SBI said that it is looking for opportunities both in priority and non-priority sectors. Initially, the SBI had planned for a growth of Rs 15,000 crore by the means of portfolio purchase in the current year, which has been enhanced. As per the bank's internal assessment, it has recently ascertained that there may be an opportunity to purchase additional asset portfolio in the range of Rs 20,000 crore to Rs 30,000 crore.
The move will help SBI to acquire assets with high yield, all the while simultaneously helping the NBFCs to get the liquidity they require, Reuters said in a report.
India's NBFC sector has been in the limelight after Infrastructure Leasing and Financial Services (IL&FS) defaulted on several debt obligations in the recent weeks. While this prompted the government to take control of the board by replacing it entirely, the defaults also led to wider concerns about the risks in the India's financial sector.
The SBI said that it is looking for opportunities both in priority and non-priority sectors. Initially, the SBI had planned for a growth of Rs 15,000 crore by the means of portfolio purchase in the current year, which has been enhanced. As per the bank's internal assessment, it has recently ascertained that there may be an opportunity to purchase additional asset portfolio in the range of Rs 20,000 crore to Rs 30,000 crore.
The move will help SBI to acquire assets with high yield, all the while simultaneously helping the NBFCs to get the liquidity they require, Reuters said in a report.
India's NBFC sector has been in the limelight after Infrastructure Leasing and Financial Services (IL&FS) defaulted on several debt obligations in the recent weeks. While this prompted the government to take control of the board by replacing it entirely, the defaults also led to wider concerns about the risks in the India's financial sector.
The two announcements which created doubts on the future of PM Modi's favourite reforms
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On October 6, just minutes before PM Narendra Modi started his speech at his party's political rally at Ajmer, and a few hours before the Chief Election Commissioner Om Prakash Rawat announced schedule for assembly elections in Rajasthan, the incumbent chief minister Vasundra Raje Scindia made announcement of providing free power to farmers. Two days before her announcements, the finance minister Arun Jaitley had asked the oil marketing companies to cut down price of petrol and diesel by Rs 1.
This is a poll year, Raje's fortune will be decided by December 11, whereas, PM Modi may go for general elections in March-April next year. But these two announcements threatened two of the biggest reforms NDA regime has pushed. Raje's poll plank threatened UDAY's implementation and Jaitley's risked the decontrol of petrol and diesel prices. Although, on October 9, petroleum minister Dharmendra Pradhan assured that the decontrol of prices will continue, yet there are few takers. This is especially when the price of crude oil are not expected to turn benign in next few weeks.
The stock price of largest OMC, Indian Oil tanked from Rs 155.80 to Rs 122.7, since Jaitley's announcement. The other OMCs BPCL and HPCL too dipped from Rs 368.8 to Rs 256.55 and 248.25 to Rs 171.45, respectively. Most rating agencies believe that this diktat of government will erode Rs 3500 to 6500 crore from their EBITDA earnings. The agency Moody's recently rated the three oil companies "credit negative" because they can't fully pass on the higher crude oil prices to the consumers and this will impact their earnings negatively. This is a big letdown for the investor community, who were assured that the PM Modi-led government is committed to reforms. It took nearly 8 years of effort for oil marketing companies, to come out of the control of government, for setting up the prices of oil products.
This doesn't go well with the reputation of PM Modi. In his career - first as chief minister of Gujarat and then PM of India - he is known for turning good economics as good politics. It might be the political scenario in Rajasthan - where most of the poll surveys are suggesting tough battle for Raje, which forced this decision and announcement, that too in the presence of the prime minister. Sample this: By end of September 2015, Rajasthan's electricity distribution companies, or DISCOMs had accumulated debt of Rs 80,500 crore - and were worse than any other state's DISCOM finances.
The UDAY reforms forced 75 per cent of this amount to be transferred to state government's books and rest is raised against the state government guaranteed non-SLR bonds. And one of the commitments was that government will have to make provisions in the state budget for the subsidy. The DISCOMs will not be allowed to subsidise for political commitments of the government of Rajasthan. This year's fiscal deficit of her budget was Rs 28,011 crore this is when the states are allowed to keep Rs 60,500 crore off balance sheet. Since then both DISCOMs and state finances are struggling to match the desired numbers. This means, either the state government might have to struggle more to arrange additional funds or will push DISCOMs to fend. Both are neither easy nor desirable.
This is a poll year, Raje's fortune will be decided by December 11, whereas, PM Modi may go for general elections in March-April next year. But these two announcements threatened two of the biggest reforms NDA regime has pushed. Raje's poll plank threatened UDAY's implementation and Jaitley's risked the decontrol of petrol and diesel prices. Although, on October 9, petroleum minister Dharmendra Pradhan assured that the decontrol of prices will continue, yet there are few takers. This is especially when the price of crude oil are not expected to turn benign in next few weeks.
The stock price of largest OMC, Indian Oil tanked from Rs 155.80 to Rs 122.7, since Jaitley's announcement. The other OMCs BPCL and HPCL too dipped from Rs 368.8 to Rs 256.55 and 248.25 to Rs 171.45, respectively. Most rating agencies believe that this diktat of government will erode Rs 3500 to 6500 crore from their EBITDA earnings. The agency Moody's recently rated the three oil companies "credit negative" because they can't fully pass on the higher crude oil prices to the consumers and this will impact their earnings negatively. This is a big letdown for the investor community, who were assured that the PM Modi-led government is committed to reforms. It took nearly 8 years of effort for oil marketing companies, to come out of the control of government, for setting up the prices of oil products.
This doesn't go well with the reputation of PM Modi. In his career - first as chief minister of Gujarat and then PM of India - he is known for turning good economics as good politics. It might be the political scenario in Rajasthan - where most of the poll surveys are suggesting tough battle for Raje, which forced this decision and announcement, that too in the presence of the prime minister. Sample this: By end of September 2015, Rajasthan's electricity distribution companies, or DISCOMs had accumulated debt of Rs 80,500 crore - and were worse than any other state's DISCOM finances.
The UDAY reforms forced 75 per cent of this amount to be transferred to state government's books and rest is raised against the state government guaranteed non-SLR bonds. And one of the commitments was that government will have to make provisions in the state budget for the subsidy. The DISCOMs will not be allowed to subsidise for political commitments of the government of Rajasthan. This year's fiscal deficit of her budget was Rs 28,011 crore this is when the states are allowed to keep Rs 60,500 crore off balance sheet. Since then both DISCOMs and state finances are struggling to match the desired numbers. This means, either the state government might have to struggle more to arrange additional funds or will push DISCOMs to fend. Both are neither easy nor desirable.
Rupee closes at fresh lifetime low of 74.39 on high crude price, FIIs outflows
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The rupee slipped 33 paise to close at a fresh lifetime low of 74.39 against the US dollar today on high crude oil prices, strengthening of the US dollar and unabated foreign fund outflows.
It finally closed at 74.39 against the US dollar, down by 33 paise, marking its sixth straight session of decline.
The Indian rupee hit its fresh all-time low against the US dollar as brent crude oil prices rose back above the $84 per barrel in the international oil market.
The rupee breached its earlier all-time low of 74.22 hit on October 5 and fell to 74.27 level against the US currency in afternoon trade today.
Brent crude oil prices were trading at $84.86 per barrel, up 1.13% from their previous close, putting pressure on the home currency.
The rupee has fallen 16.83% since the beginning of this year on burgeoning current account deficit, rising crude oil prices and an increase in dollar strength.
The US dollar strength against major global currencies weighed on the rupee sentiment. The US dollar index stood at 95.76, up 3.95% since the beginning of this year.
On Monday, the Indian currency slumped 30 paise to close at a fresh lifetime low of 74.06 against the US dollar.
The rupee had opened lower by 14 paise against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment.
Here's a look at factors why rupee fell to its fresh all-time low in trade today.
Brent crude price
A rise in brent crude prices has also adversely affected the rupee. The brent crude oil price has risen 30.23% from 66.57 level since the beginning of this year.
It touched an all time high level of 86.74 level recently.
India is 81 per cent dependent on imports to meet its oil needs and is the third-largest importer of crude after US and China.
Since payment of crude oil prices is done in dollars, a higher crude rate leads to more amount of rupee being converted to dollar, thereby strengthening the US currency.
FII outflows
FII outflows have affected the home currency. FIIs have withdrawn Rs 13,778 crore from the Indian market in the last five trading sessions.
On Monday, they pulled out investment worth Rs 4,420 crore from Indian capital markets.
Overseas investors pulled out a massive ?21,034 crore from the capital markets in September, making it the steepest outflow in four months, on widening current account deficit amid global trade tensions.
The latest withdrawal comes following a net infusion of close to ?5,200 crore in the capital markets (both equity and debt) last month and ?2,300 crore in July.
Outflow of funds from the Indian market leads to a fall in the value of rupee since there is more demand for dollars from foreign investors after exiting the Indian market.
Current account deficit
A burgeoning current account deficit (CAD) has become a big worry for the home currency.
CAD in the first quarter of this fiscal widened to $15.8 billion, which is around 2.4 per cent of the country's Gross Domestic Product (GDP), as compared with $15 billion in the corresponding quarter a year before.
In the January-March quarter, the trade shortfall stood at 1.9% of the GDP.
A rise in the current account deficit leads to depreciation in the value of rupee since more quantity of local currency needs to be utilised for payment of higher imports
Federal Reserve rate hike
The Federal Reserve raised a key interest rate for the third time this year in response to a strong US economy and signaled that it expects to maintain a pace of gradual rate hikes.
The Fed on September 26 lifted its short-term rate - a benchmark for many consumer and business loans - by a quarter-point to a range of 2 percent to 2.25 percent.
It was the eighth hike since late 2015. A rate hike by Federal Reserve will lead to a rise in US treasuries yield and act as an incentive for foreign funds to park their money into the US markets since they will get higher returns for their investment.
This will lead to foreign fund outflows from the Indian market as rate hike will lower investment returns for foreign investors and prompt them to sell. That will be bad news for rupee since the dollar will become stronger in the global currency market.
It finally closed at 74.39 against the US dollar, down by 33 paise, marking its sixth straight session of decline.
The Indian rupee hit its fresh all-time low against the US dollar as brent crude oil prices rose back above the $84 per barrel in the international oil market.
The rupee breached its earlier all-time low of 74.22 hit on October 5 and fell to 74.27 level against the US currency in afternoon trade today.
Brent crude oil prices were trading at $84.86 per barrel, up 1.13% from their previous close, putting pressure on the home currency.
The rupee has fallen 16.83% since the beginning of this year on burgeoning current account deficit, rising crude oil prices and an increase in dollar strength.
The US dollar strength against major global currencies weighed on the rupee sentiment. The US dollar index stood at 95.76, up 3.95% since the beginning of this year.
On Monday, the Indian currency slumped 30 paise to close at a fresh lifetime low of 74.06 against the US dollar.
The rupee had opened lower by 14 paise against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment.
Here's a look at factors why rupee fell to its fresh all-time low in trade today.
Brent crude price
A rise in brent crude prices has also adversely affected the rupee. The brent crude oil price has risen 30.23% from 66.57 level since the beginning of this year.
It touched an all time high level of 86.74 level recently.
India is 81 per cent dependent on imports to meet its oil needs and is the third-largest importer of crude after US and China.
Since payment of crude oil prices is done in dollars, a higher crude rate leads to more amount of rupee being converted to dollar, thereby strengthening the US currency.
FII outflows
FII outflows have affected the home currency. FIIs have withdrawn Rs 13,778 crore from the Indian market in the last five trading sessions.
On Monday, they pulled out investment worth Rs 4,420 crore from Indian capital markets.
Overseas investors pulled out a massive ?21,034 crore from the capital markets in September, making it the steepest outflow in four months, on widening current account deficit amid global trade tensions.
The latest withdrawal comes following a net infusion of close to ?5,200 crore in the capital markets (both equity and debt) last month and ?2,300 crore in July.
Outflow of funds from the Indian market leads to a fall in the value of rupee since there is more demand for dollars from foreign investors after exiting the Indian market.
Current account deficit
A burgeoning current account deficit (CAD) has become a big worry for the home currency.
CAD in the first quarter of this fiscal widened to $15.8 billion, which is around 2.4 per cent of the country's Gross Domestic Product (GDP), as compared with $15 billion in the corresponding quarter a year before.
In the January-March quarter, the trade shortfall stood at 1.9% of the GDP.
A rise in the current account deficit leads to depreciation in the value of rupee since more quantity of local currency needs to be utilised for payment of higher imports
Federal Reserve rate hike
The Federal Reserve raised a key interest rate for the third time this year in response to a strong US economy and signaled that it expects to maintain a pace of gradual rate hikes.
The Fed on September 26 lifted its short-term rate - a benchmark for many consumer and business loans - by a quarter-point to a range of 2 percent to 2.25 percent.
It was the eighth hike since late 2015. A rate hike by Federal Reserve will lead to a rise in US treasuries yield and act as an incentive for foreign funds to park their money into the US markets since they will get higher returns for their investment.
This will lead to foreign fund outflows from the Indian market as rate hike will lower investment returns for foreign investors and prompt them to sell. That will be bad news for rupee since the dollar will become stronger in the global currency market.
Sensex closes 174 points lower, Nifty at 10,301 on rising crude prices, weak rupee
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The market erased all its gains to end lower in see-saw trade today, posting its fourth fall in five sessions due to widespread selling in auto, consumer, realty, oil and gas and banking stocks amid worries over weakening rupee and boiling crude oil prices.
While the Sensex closed 174 points or 0.51% lower to 34,299, the Nifty fell 47 points or 0.45% to 10,301.
Top Sensex losers were Tata Motors (13.40%), Asian Paint (3.95%) and Maruti (3.07%).
Adani Ports (4.52%), HDFC (2.59%) and Vedanta (2.44%) were the top Sensex gainers.
Market sentiments were further dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday.
The Indian currency collapsed to a new lifetime low of 74.27 in intra-day trade, raising concerns on the macroeconomic front.
A mixed trend at other Asian markets and a lower opening in the euro zone too triggered selling on the domestic bourses here.
"As long as the US Fed keeps hiking interest rates the impact of tighter dollar liquidity on Asian equities is unlikely to ease," HSBC analysts said in a report this month.
"We believe relief should come next year when it becomes clear that the US interest rate cycle is close to a peak," the note said.
The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before concluding at 34,299.47.
Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended lower at 10,301.
Selling was more pronounced in consumer durables, auto, oil and gas, FMCG, realty, PSU and banking stocks that dragged the indices into the negative zone.
Shares of oil marketing companies such as HPCL, BPCL and IOC were down up to 4.20 per cent as global crude oil prices again rose on reports of decline in crude export from Iran.
Sectorally, the BSE consumer durables index emerged as worst performer by falling 3.91 per cent, followed by auto at 2.62 per cent, oil and gas 1.92 per cent, FMCG 1.68 per cent, PSU 1.19 per cent, realty 1.06 per cent, power 0.62 per cent,
bankex 0.47 per cent, infrastructure 0.41 per cent and capital goods 0.25 per cent.
However, metal, healthcare, teck and IT indices managed to close in the positive zone by rising up to 1.01 per cent.
Market breadth was negative with 1024 stocks closing higher compared to 1591 ending lower on BSE.
Elsewhere in rest of Asia, Japan's NIkkei fell 1.32 per cent, Straight Time shed 0.49 per cent, while Shanghai rose 0.17 per cent.
In the euro zone, FTSE, CAC and DAX were little changed in their late morning deals.
While the Sensex closed 174 points or 0.51% lower to 34,299, the Nifty fell 47 points or 0.45% to 10,301.
Top Sensex losers were Tata Motors (13.40%), Asian Paint (3.95%) and Maruti (3.07%).
Adani Ports (4.52%), HDFC (2.59%) and Vedanta (2.44%) were the top Sensex gainers.
Market sentiments were further dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday.
The Indian currency collapsed to a new lifetime low of 74.27 in intra-day trade, raising concerns on the macroeconomic front.
A mixed trend at other Asian markets and a lower opening in the euro zone too triggered selling on the domestic bourses here.
"As long as the US Fed keeps hiking interest rates the impact of tighter dollar liquidity on Asian equities is unlikely to ease," HSBC analysts said in a report this month.
"We believe relief should come next year when it becomes clear that the US interest rate cycle is close to a peak," the note said.
The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before concluding at 34,299.47.
Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended lower at 10,301.
Selling was more pronounced in consumer durables, auto, oil and gas, FMCG, realty, PSU and banking stocks that dragged the indices into the negative zone.
Shares of oil marketing companies such as HPCL, BPCL and IOC were down up to 4.20 per cent as global crude oil prices again rose on reports of decline in crude export from Iran.
Sectorally, the BSE consumer durables index emerged as worst performer by falling 3.91 per cent, followed by auto at 2.62 per cent, oil and gas 1.92 per cent, FMCG 1.68 per cent, PSU 1.19 per cent, realty 1.06 per cent, power 0.62 per cent,
bankex 0.47 per cent, infrastructure 0.41 per cent and capital goods 0.25 per cent.
However, metal, healthcare, teck and IT indices managed to close in the positive zone by rising up to 1.01 per cent.
Market breadth was negative with 1024 stocks closing higher compared to 1591 ending lower on BSE.
Elsewhere in rest of Asia, Japan's NIkkei fell 1.32 per cent, Straight Time shed 0.49 per cent, while Shanghai rose 0.17 per cent.
In the euro zone, FTSE, CAC and DAX were little changed in their late morning deals.
General Awareness
Environment Pollution (Prevention and Control) Authority (EPCA)
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What to study?
For Prelims and Mains: EPCA- objectives, composition and significance.
Context: Union Ministry of Environment, Forests and Climate Change (MoEFCC) has reconstituted Supreme Court-empowered Environment Pollution (Prevention and Control) Authority (EPCA).
About Environment Pollution Control Authority (EPCA):
EPCA was constituted with the objective of ‘protecting and improving’ the quality of the environment and ‘controlling environmental pollution’ in the National Capital Region. The EPCA also assists the apex court in various environment-related matters in the region.
EPCA is Supreme Court mandated body tasked with taking various measures to tackle air pollution in the National Capital Region. It was notified in 1998 by Environment Ministry under Environment Protection Act, 1986.
Composition:
Besides the chairman, the EPCA has 14 members, some of whom are the environment secretary of the National Capital Territory of Delhi (NCT), chairperson of the New Delhi Municipal Council, transport commissioner of the NCT, the commissioners of various municipal corporations of Delhi and professors at IIT Delhi and Jawaharlal Nehru University.
Functions:
To protect and improve quality of environment and prevent and control environmental pollution in National Capital Region.
To enforce Graded Response Action Plan (GRAP) in NCR as per the pollution levels.
What to study?
For Prelims and Mains: EPCA- objectives, composition and significance.
Context: Union Ministry of Environment, Forests and Climate Change (MoEFCC) has reconstituted Supreme Court-empowered Environment Pollution (Prevention and Control) Authority (EPCA).
About Environment Pollution Control Authority (EPCA):
EPCA was constituted with the objective of ‘protecting and improving’ the quality of the environment and ‘controlling environmental pollution’ in the National Capital Region. The EPCA also assists the apex court in various environment-related matters in the region.
EPCA is Supreme Court mandated body tasked with taking various measures to tackle air pollution in the National Capital Region. It was notified in 1998 by Environment Ministry under Environment Protection Act, 1986.
Composition:
Besides the chairman, the EPCA has 14 members, some of whom are the environment secretary of the National Capital Territory of Delhi (NCT), chairperson of the New Delhi Municipal Council, transport commissioner of the NCT, the commissioners of various municipal corporations of Delhi and professors at IIT Delhi and Jawaharlal Nehru University.
Functions:
To protect and improve quality of environment and prevent and control environmental pollution in National Capital Region.
To enforce Graded Response Action Plan (GRAP) in NCR as per the pollution levels.
For Prelims and Mains: EPCA- objectives, composition and significance.
Context: Union Ministry of Environment, Forests and Climate Change (MoEFCC) has reconstituted Supreme Court-empowered Environment Pollution (Prevention and Control) Authority (EPCA).
About Environment Pollution Control Authority (EPCA):
EPCA was constituted with the objective of ‘protecting and improving’ the quality of the environment and ‘controlling environmental pollution’ in the National Capital Region. The EPCA also assists the apex court in various environment-related matters in the region.
EPCA is Supreme Court mandated body tasked with taking various measures to tackle air pollution in the National Capital Region. It was notified in 1998 by Environment Ministry under Environment Protection Act, 1986.
Composition:
Besides the chairman, the EPCA has 14 members, some of whom are the environment secretary of the National Capital Territory of Delhi (NCT), chairperson of the New Delhi Municipal Council, transport commissioner of the NCT, the commissioners of various municipal corporations of Delhi and professors at IIT Delhi and Jawaharlal Nehru University.
Functions:
To protect and improve quality of environment and prevent and control environmental pollution in National Capital Region.
To enforce Graded Response Action Plan (GRAP) in NCR as per the pollution levels.
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