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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EAM Jaishankar meets Jamaican PM, gifts over 10 BHISHM Cubes
Kingston (PTI): External Affairs Minister S Jaishankar on Monday met Jamaican Prime Minister Andrew Holness and discussed ways to further deepen "political, economic and people-to-people cooperation."
Jaishankar also conveyed greetings from Prime Minister Narendra Modi to Holness.
"Pleased to call on Prime Minister @AndrewHolnessJM in Kingston. Conveyed the greetings of PM @narendramodi," Jaishankar posted on X.
"Discussed deepening our political, economic and people-to-people cooperation. Value his commitment towards further strengthening India-Jamaica relations," the post further read.
Also, the external affairs minister handed over 10 BHISHM (Bharat Health Initiative for Sahyog Hita & Maitri) Cubes as a gift to Jamaica.
"Formally handed over 10 BHISHM Cubes as a gift from India to Jamaica, in the presence of PM @AndrewHolnessJM, Health Minister @christufton and FM @kaminajsmith," Jaishankar posted on X.
"The BHISHM Cube mobile hospital system, designed for rapid deployment, will help Jamaica during disasters and emergencies. The gift of these cubes is a statement of friendship, a commitment to disaster preparedness, and an outcome of innovation," the post said.
Jaishankar arrived in Kingston on Saturday evening, marking the first leg of his nine-day tour of Jamaica, Suriname, and Trinidad and Tobago, aimed at further strengthening India's strategic and cultural ties with the Caribbean nations.
Earlier in the day, he interacted with the Indian diaspora and discussed India's ongoing transformation in infrastructure, human development and technology-driven governance and entrepreneurship with them.
He also highlighted the cricket bond between both countries as India gifted a scoreboard to Jamaica.
A scoreboard was dedicated at Sabina Park in Kingston. It is the home of the Jamaica cricket team and is the only Test cricket ground in the Caribbean island nation.
The minister expressed hope that the new scoreboard would witness many memorable innings, including those symbolising the enduring friendship between the two countries.
Cricket has long been a strong cultural bridge between India and Jamaica, which is part of the West Indies cricket team.
Jamaican players, including Chris Gayle, Courtney Walsh and Michael Holding, have played a major role in shaping the legacy of West Indies cricket in the international arena, contributing to its dominance in earlier decades and its continued global appeal.
