What promises have you fulfilled, Sonia asks Modi
Vijayapura, May 8: Have you fulfilled any one of the promises made to the people of the country four years ago? What have you done for farmers, youth, women, children and aged people in these four years, UPA chairperson Sonia Gandhi asked Prime Minister Narendra Modi.
Addressing a rally at Babaleshwar in the district on Tuesday, Sonia Gandhi asked Modi about his works for the welfare of farmers, youth, middle class people, women, children, backward classes, dalits and minorities of the country. Why did you appoint Lok Pal even after four years for containing corruption? What model are you following to control corruption? Is it the model of those who sit beside you at the stage or the model of your close friend’s son, she questioned.
Making the country Congress-free is the main job for Modi as the Prime Minister. He is a good speaker and artiste. If he could feed the bellies of the poor through his good speeches, let him do such speeches more. He should understand that just speeches would not fill the bellies. People need have food, medicine in hospitals to be healthy, women should be empowered, youth should get jobs and farmers should get facilities. All these would not come from just speeches. The prices of essential commodities were sky rocketing. Poor and middle class people have been facing the problem. Unable to identify this, Modi government has been increasing the prices of petroleum products, she said.
Modi has cultivated a habit of lying. He has taken the history of the country lightly. He has been using the names of great personalities and soldiers of the country for his political gains. All such acts would not bring good to a Prime Minister. Have you seen such a Prime Minister who keeps silent when he confront major issues and speak when it is not necessary, she asked.
The steps taken by Siddaramaiah-led government for the welfare of all sections of the society are really commendable. This has placed the Karnataka in number one position in the country. Siddaramaiah government has implemented various pro-people programmes like Anna Bhagya, Krishi Bhagya, Krishi Yantra Dhare, Indira canteen and others. But the BJP leaders have been opposing such programmes. When the Congress introduced MNREGS to ensure jobs to the people, BJP had opposed it. When Chief Minister Siddaramaiah sought Prime Minister Modi’s appointment to apprise him of the drought situation and place a demand for compensation for farmers, Modi did not give time to meet Siddaramaiah and thus insulted the farmers and their families. But for BJP ruling states, the Modi government has granted thousands of crores. Is it the real ‘Sab ka saath, sab ka vikas’, Sonia asked.
Siddaramaiah has waived of loans of over 22 lakh farmers and implemented various programmes for farmers. Vijayapura is the land of great saints, personalities and the centre of Basava philosophy which advocated equality and brotherhood. But Narendra Modi has given new promises and sown the seeds of hatred. But the Congress would not allow the BJP to make it success, she added.
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Rupee falls 1 paisa to fresh all-time low of 84.32 against US dollar
Mumbai, Nov 7: The rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment.
Forex traders said investors were also cautious ahead of the US Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.
However, a correction in the dollar index against major currencies helped the rupee and restrained the slide, they added.
At the interbank foreign exchange, the rupee opened at 84.26 against the US dollar. During the session, the local currency touched a high of 84.26 and a low of 84.38. It finally settled at 84.32, a loss of just 1 paisa against its previous close.
On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.
The rupee touched fresh record lows again on the back of weak domestic equities and sustained FII outflows. However, the softening of the US Dollar index from Wednesday's highs cushioned the downside, forex traders said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent lower at 104.86.
Brent crude, the global oil benchmark, fell 0.32 per cent to USD 74.68 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on overall strength in the US Dollar on the back of Donald Trump’s victory in the US Presidential elections and FII outflows. However, softening of commodity prices amid easing geopolitical risk premium may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Any intervention by the RBI may also support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US and FOMC meeting decisions. The Bank of England's monetary policy decision is also due.
"With Asian currencies down, US Dollar up, and yields up, the RBI does not have any option but to allow the rupee to fall to ensure that REER remains competitive for our exports.
"If the FOMC is a bit hawkish in its tone or does not cut rates today or says it will not cut in December, then we could see another fall in rupee to the extent of 84.50," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
BoE and FOMC are expected to cut interest rates by 25 bps. USD/INR spot price is expected to trade in a range of 84.15 to 84.60, Choudhary said.
In the domestic equity market, the 30-share BSE Sensex fell 836.34 points, or 1.04 per cent, to close at 79,541.79 points, while Nifty declined 284.70 points, or 1.16 per cent, to settle at 24,199.35 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data.
"Importers need to be covered for any imports to be paid in November and for December should buy any dip near 84. Exporters are likely to book on every uptick of 25 paise after watching the markets," Bhansali said.
