Cyclone 'Gaja' claims 11 lives in Tamil Nadu
Salem (TN), Nov 16 : Severe cyclonic storm 'Gaja', which crossed Tamil Nadu's coast early Friday, has claimed 11 lives, Chief Minister K Palaniswami said.
'Gaja' crossed the coast between Nagapattinam and nearby Vedaranyam, bringing with it heavy rain, and causing severe damage to communication and power infrastructure, mainly in Nagapattinam district.
Speaking to reporters at Salem, Palaniswami said relief work will be taken up on a war-footing and that the work was already underway.
"The government has received information that so far 11 persons have died," he said without divulging further information.
He said the families of the deceased will be provided a solatium of Rs 10 lakh each from the Chief Minister's Public Relief Fund (CMPRF).
Those with severe injuries will be provided with Rs one lakh each while people who had sustained simple injuries will get Rs 25,000 as relief, he added.
The damage caused by Gaja, including to the fishing sector, was being assessed, he said.
Over 80,000 people were evacuated from low-lying areas as severe cyclonic storm 'Gaja' crossed the coast between Nagapattinam and nearby Vedaranyam early Friday, bringing with it heavy rains in coastal regions.
Gusty winds due to the cyclonic storm resulted in hundreds of trees and electricity poles being uprooted in Nagapattinam and Karaikal districts.
Other districts like Cuddalore and Puthukottai also bore the brunt of the cyclone.
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Rupee falls 9 paise to record low of 90.87 against US dollar in early trade
Mumbai (PTI): The rupee plunged 9 paise to a record low of 90.87 against the US dollar in early trade on Tuesday, weighed down by sustained FII outflows and no breakthrough in the India-US trade deal.
However, a weaker greenback and a decline in global crude oil prices capped further losses in the domestic unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at its all-time low of 90.87 against the US dollar, down 9 paise from its previous close, and traded in a narrow range of 90.77- 90.87 in early trade.
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The rupee on Monday settled at a new all-time low of 90.78 against the US dollar, registering a loss of 29 paise over its previous close, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
"The US-India trade deal still seems to be off by a distance with the Commerce Secretary saying the first phase will be signed before the end of the year and news that we are closest to the deal being signed. The uncertainty has clouded the recovery on the USD/INR pair as the rupee opened lower with dollar buying happening every day," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Even a reduction in trade deficit on Monday could not bring about a recovery in the rupee with Foreign Institutional Investors (FII) outflows continuing, he added
According to the latest government data released on Monday, India's trade deficit narrowed to a five-month low of USD 24.53 billion in November, as exports rebounded by 19.37 per cent to a six-month high of USD 38.13 billion after contracting in October, driven by higher shipments of engineering and electronics goods.
At the same time, the country's imports dipped by 1.88 per cent to USD 62.66 billion due to a fall in the inbound shipments of gold, crude oil, coal, and coke.
FIIs sold equities worth Rs 1,468.32 crore on Monday, according to exchange data.
Also, wholesale price inflation stayed in the negative for the second consecutive month in November at (-) 0.32 per cent, even though there was an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday.
Wholesale Price Index (WPI)-based inflation was at (-) 1.21 per cent in October and 2.16 per cent in November last year.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.27.
Brent crude, the global oil benchmark, was trading 0.61 per cent lower at USD 60.19 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index, Sensex, declined 363.92 points to 84,849.44 in early trade while the Nifty was down 106.65 points to 25,920.65.
