Rupee falls 12 paise to hit all-time low of 83.38 against US dollar
Mumbai, Nov 20: The rupee declined by 12 paise to settle at its all-time low of 83.38 against the US dollar on Monday, tracking a negative trend in domestic equities.
Foreign fund outflows also weighed on the local unit, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.25 and settled at its lifetime low level of 83.38 against the dollar, registering a fall of 12 paise from its previous close.
On Friday, the rupee settled at 83.26 against the American currency. Earlier, the rupee closed at its lowest level of 83.33 against the dollar on November 13, this year.
"The Indian rupee ended weaker on Monday as sustained dollar demand from state-run and foreign banks maintained pressure on the local unit. The rupee finally settled at 83.3400 against the US dollar versus its close at 83.2700 on Thursday.
"The currency had previously closed at this level on November 10, the same day it fell to a record low of 83.42. The rupee ended weak despite a rally in its Asian peers," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.42 per cent lower at 103.48.
"Most Asian currencies strengthened, with the offshore Chinese yuan up over 0.6 per cent and leading the gains as the dollar weakened further this Monday's session. Additionally, the rupee has also struggled as dollar demand has persisted amid a lack of inflows," Iyer said.
In the overseas markets, the US Dollar Index was trading marginally weaker against the basket of currencies this Monday afternoon in Asian trading as traders awaited FOMC minutes this week, which could indicate when the Fed could start cutting rates.
Brent crude futures, the global oil benchmark, rose 0.66 per cent to USD 81.14 per barrel.
On the domestic equity market front, Sensex fell 139.58 points or 0.21 per cent to settle at 65,655.15 points. The Nifty declined 37.80 points or 0.19 per cent to 19,694.00 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday as they sold shares worth Rs 645.72 crore, according to exchange data.
Meanwhile, India's forex kitty decreased by USD 462 million to USD 590.321 billion for the week ended November 10, the Reserve Bank said on Friday.
In the previous week, the overall reserves had increased by USD 4.672 billion to USD 590.783 billion.
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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.
