MUMBAI: The rupee fell on Friday to end the week down 2% against the dollar, its worst performance in nearly two months, as a grim global economic outlook triggered concerns of capital outflows from local shares.
The partially convertible rupee ended at 49.72/74 per dollar on Friday, 0.2% weaker than Thursday's close of 49.62/63. It was the unit's poorest week since the end of December.
"Customer selling around 49.90 per dollar levels capped the dollar/rupee's fall but the medium term outlook for the rupee continues to be bearish and it is only a matter of time before it tests 50.50," said a senior dealer at a private bank.
Volumes were lower due to a strike by central bank employees and ahead of a market holiday on Monday, with most traders in state-run banks preferring to stay on the sidelines rather than take aggressive positions.
Shares fell 2.2% on Friday to their lowest close in a month, joining a global market rout. Foreign funds have sold Indian shares worth a net $1.35 billion this year after withdrawing more than $13 billion in 2008.
The outflows have piled pressure on the rupee, which has dropped 2.1% this year after falling 19.1% in 2008.
Some private economists expect the rupee to decline to a lifetime low of 54 by the end of 2009 as foreign direct investment and remittances fall sharply.
"While that may be overly pessimistic, the fall in FDI should certainly be spectacular, for global reasons if not the general deterioration in the security/political/corporate governance environment in India," Richard Yetsenga, a forex strategist at HSBC said in a recent note.
The dollar and the yen rose on Friday as growing global economic and banking sector woes drove investors into currencies seen as safe havens, while grim euro zone data added to negative sentiment on the euro.
One-month offshore non-deliverable forward contracts were quoting at 50.10/17 to a dollar, weaker than the onshore spot rate, indicating a bearish near-term outlook. But traders said the central bank may sell dollars aggressively above 50 per dollar to prevent a sharp slide.
Data showed foreign exchange reserves for the week ended February 13 declined to $249.692 billion from $251.532 billion a week earlier.
Friday, February 20, 2009
Tuesday, February 17, 2009
Status of passport application on mobile
NEW DELHI: From now on, you can get the status of your passport application on your mobile phone by just sending a message to the passport
department.
The regional passport officer announced on Tuesday that an applicant just needs to message "Ppt" to 57272 and the status of the application would be delivered immediately to the sender.
"File number always contains an English alphabet followed by eight digits. For example: A00018009. The cash receipt contains only an alphabet and six digits. Therefore, one needs to add two more digits which represent the year in which he/she applied.
To cite an example, if the year of application is 2007, add 07," the regional passport officer said, adding that this new facility was effective since February 9.
department.
The regional passport officer announced on Tuesday that an applicant just needs to message "Ppt" to 57272 and the status of the application would be delivered immediately to the sender.
"File number always contains an English alphabet followed by eight digits. For example: A00018009. The cash receipt contains only an alphabet and six digits. Therefore, one needs to add two more digits which represent the year in which he/she applied.
To cite an example, if the year of application is 2007, add 07," the regional passport officer said, adding that this new facility was effective since February 9.
Friday, February 13, 2009
Aaj Ka MLA
First, Uttar Pradesh legislators threw parliamentary norms out of the window when they jumped on tables and hurled objects at the state governor
inside the assembly. Next, it was the turn of MLAs in Andhra Pradesh and Orissa to violently disrupt assembly proceedings. Things turned so ugly in the Andhra assembly that marshals had to physically throw out unruly MLAs.
This, of course, is not the first time that such things have happened inside state assemblies. In UP itself, 33 MLAs were injured in clashes inside the House in 1993; in 1997, microphones and chappals were hurled at the chair by opposition MLAs. Unfortunately, such behaviour is not restricted to state assemblies. The Indian Parliament is only a shade better. There have been occasions in the recent past when MPs have traded punches inside the Lok Sabha. Besides, disruption of Parliament is routine with MPs raising slogans or rushing to the well. And we had the unseemly spectacle last year of MPs displaying wads of cash inside the House, which they claimed were bribes paid to them to vote for the government during a trust vote.
As a result, Parliament and state assemblies are anything but the forums for debating and legislating public policy they are meant to be. This is shown in the figures for business conducted by the House. The number of sittings of Lok Sabha has come down from an yearly average of 124 in the first decade of 1952-61 to 81 between 1992 and 2001, a decline of 34 per cent. The picture in state assemblies is no better with an average of 20 to 50 sittings a year. The degeneration of parliamentary behaviour is a reflection of the state of Indian democracy, where many democratic norms and practices are yet to settle into the fabric of political life, even as regularly-held elections give us all a sense of complacency about the health of our polity.
Over the years, democracy has succeeded in empowering marginalised communities, such as Dalits, and electing them to Parliament and positions of power. But this has not been accompanied by a strengthening of the norms of democracy and respect for institutions such as Parliament. The unruly scenes in assemblies are a vivid symbol of this failing. There could be many reasons for the frailty of democratic norms in India, but the most important is the failure of our education system to teach and instill respect for the rules of democracy. While civics is taught in most schools, it is not considered an important subject. One glaring result of that neglect is the way we shrug at the deplorable antics of our elected legislators.
Source: Times of India
inside the assembly. Next, it was the turn of MLAs in Andhra Pradesh and Orissa to violently disrupt assembly proceedings. Things turned so ugly in the Andhra assembly that marshals had to physically throw out unruly MLAs.
This, of course, is not the first time that such things have happened inside state assemblies. In UP itself, 33 MLAs were injured in clashes inside the House in 1993; in 1997, microphones and chappals were hurled at the chair by opposition MLAs. Unfortunately, such behaviour is not restricted to state assemblies. The Indian Parliament is only a shade better. There have been occasions in the recent past when MPs have traded punches inside the Lok Sabha. Besides, disruption of Parliament is routine with MPs raising slogans or rushing to the well. And we had the unseemly spectacle last year of MPs displaying wads of cash inside the House, which they claimed were bribes paid to them to vote for the government during a trust vote.
As a result, Parliament and state assemblies are anything but the forums for debating and legislating public policy they are meant to be. This is shown in the figures for business conducted by the House. The number of sittings of Lok Sabha has come down from an yearly average of 124 in the first decade of 1952-61 to 81 between 1992 and 2001, a decline of 34 per cent. The picture in state assemblies is no better with an average of 20 to 50 sittings a year. The degeneration of parliamentary behaviour is a reflection of the state of Indian democracy, where many democratic norms and practices are yet to settle into the fabric of political life, even as regularly-held elections give us all a sense of complacency about the health of our polity.
Over the years, democracy has succeeded in empowering marginalised communities, such as Dalits, and electing them to Parliament and positions of power. But this has not been accompanied by a strengthening of the norms of democracy and respect for institutions such as Parliament. The unruly scenes in assemblies are a vivid symbol of this failing. There could be many reasons for the frailty of democratic norms in India, but the most important is the failure of our education system to teach and instill respect for the rules of democracy. While civics is taught in most schools, it is not considered an important subject. One glaring result of that neglect is the way we shrug at the deplorable antics of our elected legislators.
Source: Times of India
Tuesday, February 10, 2009
Sensex gains on rate cut hopes
MUMBAI: The Bombay Stock Exchange benchmark Sensex maintained an upward march on Tuesday, adding over 63 points on sustained buying by funds due
to expectations of interest rate cuts and another stimulus package.
The Sensex, which had recorded a handsome gain of 493 points in the last two trading sessions, added another 63.58 points at 9,647.47, after touching the day's high of 9,724.87.
The 50-share National Stock Exchange index Nifty rose 14.60 points to 2,934.50. It scaled to a high of 2,957.40 during the day.
The rally was driven by banks, and interest-sensitive sectors like realty and auto on reports that the Reserve Bank of India might cut interest rates to spur the economy.
Foreign funds bought fundamentally strong shares ahead of the US economic rescue plan, to be announced later tonight.
The realty sector index gained the most, by 6.58 per cent, to 1,536.13, on hopes that interest rate cuts might bolster demand for homes. Shares in real estate firm Unitech Ltd rose 9.45 per cent to Rs 31.85, after the company said it expects to receive a new business from Telenor this quarter. The second major DLF Ltd surged by 9.05 per cent to Rs 152.50.
Capital goods was the second-best performer, rising 3.14 per cent to 6,484.30, following a steep rise in engineering major Larsen and Toubro, and state-run power equipment maker Bharat Heavy Electricals Ltd.
to expectations of interest rate cuts and another stimulus package.
The Sensex, which had recorded a handsome gain of 493 points in the last two trading sessions, added another 63.58 points at 9,647.47, after touching the day's high of 9,724.87.
The 50-share National Stock Exchange index Nifty rose 14.60 points to 2,934.50. It scaled to a high of 2,957.40 during the day.
The rally was driven by banks, and interest-sensitive sectors like realty and auto on reports that the Reserve Bank of India might cut interest rates to spur the economy.
Foreign funds bought fundamentally strong shares ahead of the US economic rescue plan, to be announced later tonight.
The realty sector index gained the most, by 6.58 per cent, to 1,536.13, on hopes that interest rate cuts might bolster demand for homes. Shares in real estate firm Unitech Ltd rose 9.45 per cent to Rs 31.85, after the company said it expects to receive a new business from Telenor this quarter. The second major DLF Ltd surged by 9.05 per cent to Rs 152.50.
Capital goods was the second-best performer, rising 3.14 per cent to 6,484.30, following a steep rise in engineering major Larsen and Toubro, and state-run power equipment maker Bharat Heavy Electricals Ltd.
GM to cut 10,00 salaried jobs
DETROIT: General Motors says it's cutting 10,000 salaried jobs, blaming the need to restructure the company amid the continued drop in new
vehicle sales.
The Detroit-based automaker says it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.
The job cuts are part of the restructuring plan GM submitted to Congress late last year. Most of the cuts are expected to take place by May 1.
GM says the cuts will vary by global regions depending on staffing levels and market conditions.
GM also is cutting the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year.
vehicle sales.
The Detroit-based automaker says it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.
The job cuts are part of the restructuring plan GM submitted to Congress late last year. Most of the cuts are expected to take place by May 1.
GM says the cuts will vary by global regions depending on staffing levels and market conditions.
GM also is cutting the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year.
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