Rupee falls 12 paise to close at 82.33 against US dollar
New Delhi, Oct 12: The rupee fell by 12 paise to close at 82.33 against the US dollar on Wednesday due to sustained foreign fund outflows and a stronger dollar in the overseas markets.
Besides, risk aversion sentiment among investors ahead of the release of US Fed minutes and inflation data weighed on the local unit.
At the interbank foreign exchange market, the local currency opened lower at 82.32 and later fell further to 82.3750 against the American currency. It recovered some ground to close at 82.33, registering a decline of 12 paise over its previous close.
On Tuesday, the rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar.
"In line with the dollar index, the rupee marked another steady day. So far this week, the rupee has been trading in a narrow range and closing near 82.32," said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar said a rebound in the domestic equities and the central bank's intervention ahead of the crucial retail inflation release supported the rupee on Wednesday.
In the near-term, spot USD/INR is expected to trade in the range of 82.10 to 82.80, Parmar noted.
Traders said investors remained cautious ahead of the release of key domestic macro data.
"Rupee traded in a narrow range in the last couple of sessions as investors remain cautious ahead of inflation numbers," Motilal Oswal Financial Services said, adding that the central bank is yet to get surging inflation under control and will need to press forward with tightening monetary policy.
"Focus will be on the FOMC meeting minutes and hawkish comments are likely to strengthen the greenback.
According to Praveen Singh, AVP- Fundamental currencies and Commodities analyst, Sharekhan by BNP Paribas, "The domestic currency is trading with a loss of 0.10 per cent in the spot market as the traders await India's inflation and industrial production data."
On Thursday's US CPI data will be of prime importance for the financial markets, though barring a big miss the US Dollar is expected to be well bid.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.01 per cent to 113.21.
Global oil benchmark Brent crude futures rose 0.39 per cent to USD 94.66 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 478.59 points or 0.84 per cent to end at 57,625.91, while the broader NSE Nifty rose 140.05 points or 0.82 per cent to 17,123.60.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 542.36 crore on Wednesday, according to exchange data.
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MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
