Markets, rupee falling due to global factors: Arun Jaitley
New Delhi, Sep 17 : As the rupee weakened against the US dollar and markets closed deep in the red on Monday despite a series of measures announced by the government over the weekend, Finance Minister Arun Jaitley said it was due to global phenomena occurring owing to squeeze on oil production and the US-China trade war.
"These are impacts of a very significant ongoing global phenomena. You have at least three, if not more, indications of the nature of things which are happening globally," he told reporters here.
"One is the squeeze which has been put on oil production, upsetting the demand-supply ratio which is increasing the crude oil prices.
"The second is the trade war and we don't know when we are going to see the end of it. It, of course, impacts a major currency in our region - China (sic)," Jaitley said.
He said the two factors coupled with the internal economic decisions in the US were leading to further strengthening of the dollar.
"...the dollar significantly strengthened this morning and that has significant impact on currencies in the region," the Finance Minister said.
Sensex lost more than 500 points and the NSE Nifty50 slipped by around 140 points on Monday. The rupee also weakened against the US dollar and ended at 72.51 a dollar, down from its previous close of 71.86.
The government had on Friday announced a series of steps to support the rupee and curb the widening current account deficit including relaxing overseas borrowing restrictions and limiting non-essential imports.
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Drug peddler's property worth Rs 1 crore attached in Srinagar
Srinagar (PTI): Property worth Rs 1 crore belonging to a notorious drug peddler was on Saturday attached in Jammu and Kashmir's Srinagar, police said.
A double-storey house on eight marlas of land situated at Wantpora Eidgah, belonging to Basit Bilal Dar, a notorious drug peddler, valued at approximately Rs 1 crore, a police spokesperson said.
He said Dar is involved in two cases registered under various sections of the NDPS Act.
During investigation, it was established that the accused had acquired the said property through illicit proceeds generated from drug trafficking activities, the spokesperson said.
Consequently, the property was attached under the provisions of the NDPS Act. The attachment proceedings were conducted in the presence of the two independent witnesses, strictly in accordance with the prescribed legal procedures, he said.
As per the attachment order, the owner has been restrained from selling, leasing, transferring, altering, or creating any third-party interest in the property till further orders, the spokesperson added.
