11 persons killed in Tamil Nadu as two govt buses collide head-on
Sivaganga (PTI): As many as 11 persons were killed and over 25 injured on Sunday near here after two state-run buses collided head-on, police said.
According to a senior district police official, all the 11 persons --8 women, 2 men and a child-- were killed on the spot in the accident that happened in the evening. The injured were rushed to state-run facilities for treatment, the senior official told PTI.
Chief Minister MK Stalin expressed shock and grief over the accident and the loss of lives. The CM said he has directed the District Collector and Minister KR Periyakaruppan, the minister in-charge for the district, to render all help to the affected persons and ensure appropriate treatment to the injured.
He also announced ex-gratia of Rs three lakh each to the families of the victims and Rs one lakh to those with serious injuries. The CM announced Rs 50,000 to persons with minor injuries.
He conveyed his condolences to the bereaved families and expressed his wishes for the early recovery of the injured persons. PMK and AMMK were among the parties that have conveyed their condolences to the bereaved families.
On the cause of the accident, the police official said, "it was a head-on collision, the reason is not clear, we are looking into it."
A senior doctor at the Sivaganga Government Medical College Hospital told reporters that all arrangements have been made to provide care and treatment to the people injured in the mishap.
The mishap occurred at Vairavanpatti near Tirupattur under Nachiyapuram police limits on the Tirupattur-Pillayarpatti route, approximately15 km away from Karaikudi.
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Rupee falls 5 paise to close at 89.94 against US dollar after RBI cuts repo rate
Mumbai (PTI): The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Forex traders said the Reserve Bank of India's (RBI) rate cut will weigh on the rupee, but RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through open market operations (OMO), combined with a USD 5 billion buy-sell swap, will support the local currency.
At the interbank foreign exchange market, the rupee opened at 89.85 against the US dollar and gained ground, touching 89.69 in morning deals, registering a 20-paise gain from its previous close.
After the RBI's monetary policy announcement, the rupee lost ground and fell to 90.06 against the American currency, a 16-paise decline from its previous close of 89.89. The currency is down almost 5 per cent against the dollar this year, the worst performer in Asia.
The local unit finally settled for the day lower by 5 paise at 89.94 (provisional) against the American currency.
"Beyond the rate cut, RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through OMO, combined with a USD 5 billion buy-sell swap, marks a decisive effort to restore durable liquidity and stabilize currency markets after the rupee's sharp depreciation," said Sachin Bajaj, Executive Vice President & Chief Investment Officer, Axis Max Life Insurance.
The RBI on Friday cut the key benchmark interest rate for the first time in six months and took steps to boost liquidity to support a "goldilocks" economy amid high US tariffs.
Reserve Bank Governor Sanjay Malhotra said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
"We don't target any price levels or any bands. We allow the markets to determine the prices. We believe that markets, especially in the long run, are very efficient. It's a very deep market," he said while replying to a question on rupee depreciation at a post-monetary policy press meet.
Malhotra said fluctuations in the market keep occurring, and the RBI's effort is always to reduce any abnormal or excessive volatility. "And that is what we will continue to endeavour," he added.
In its bi-monthly monetary policy, the RBI announced three-year USD/INR Buy Sell swaps of USD 5 billion this month. When asked if this is aimed at checking rupee depreciation, Malhotra said, "It is a liquidity measure. It is not to support the rupee".
The governor further said the country has sufficient foreign exchange reserves and that the current account is manageable, and that, given the strong fundamentals of the economy, the country should witness strong capital flows going forward.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.96.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 63.27 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 447.05 points to settle at 85,712.37, while the Nifty climbed 152.70 points to 26,186.45.
Foreign institutional investors sold equities worth Rs 1,944.19 crore on a net basis on Thursday, according to exchange data.
