Rupee Crashes To Lifetime Low of 69 Against US Dollar
New Delhi : The rupee fell to an all-time low against the US dollar on Thursday tracking Asian peers, with weakening macro-economic fundamentals on the domestic front also weighing on the currency. The dollar's sharp gain overnight coupled with falls in Asian peers caused the drop in early trade, traders said, adding they were hopeful the central bank would step in to prevent further losses. The rupee was trading at 68.92/93 to the dollar at 11.12 am, after hitting a life low of 69.0950 earlier in the session, and sharply lower than its previous close of 68.65/66.
The rupee's last record low was 68.8650 per dollar, hit on November 24, 2016.
The dollar was, however, steady against its peers on Thursday, having failed to extend overnight gains amid conflicting signals from Washington on a proposal to restrict Chinese investment as the bitter U.S.-China trade row kept financial markets on edge.
On the domestic front, a widening current account deficit (CAD) due to higher global crude oil prices and steady capital outflows have weighed on the rupee this year.
"Weakening at this pace shatters confidence. Markets expect RBI (Reserve bank of India) to manage the currency more effectively. The pressure on INR is high, thus in the absence of major action from regulators, 70 levels can be seen," the head of currency and debt trading at a foreign bank said. "The RBI has been effectively managing (the rupee) over the years, and they do have ample firepower to manage sharp falls."
Foreign exchange reserves stood at $410.07 billion as of June 15, latest RBI data showed.
Oil prices have been rallying for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Economy's March quarter CAD widened to $13.0 billion, or 1.9 per cent of GDP, from $2.6 billion, or 0.4 per cent of GDP, from a year earlier. Despite the rise in CAD, it remains modest relative to GDP and is largely financed by equity inflows, including foreign direct investment (FDI), Moody's said in a note on Thursday, adding that the large foreign exchange reserves provided a good buffer.
"India's low dependence on foreign-currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt affordability," Moody's added.
courtesy : ndtv.com
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K’taka HC judge whose controversial remarks triggered controversy expresses regret before open court
Bengaluru: Karnataka High Court judge, Justice V Srishananda, on Saturday expressed regret in open court after facing backlash over his controversial remarks in his recent court hearings, reported Bar and Bench.
Two purported video clips from Justice V Srishananda’s court hearing that show him making inappropriate comments went viral across social media platforms.
On Saturday, Justice Srishananda invited members of the Advocates Association, Bengaluru, and senior lawyers to his courtroom at 2:30 PM, where he read out a note expressing regret for inappropriate comments.
Quoting Advocates Association President Vivek Subba Reddy, Bar and Bench wrote, “He expressed regret for the comments and clarified that it was not his intention to offend any community or members of the Bar. He also requested the association to relay this message to all members of the Bar.”
Reddy further stated, “We also advised him to encourage young lawyers in the courtroom and refrain from making any irrelevant remarks during hearings.”
Another senior lawyer present during the session confirmed to the legal news portal that Justice Srishananda also addressed comments directed at a woman lawyer, who was seen in one of the videos being reprimanded by the judge. The judge Justice Srishananda clarified that his remarks were not intended to target her (woman lawyer) specifically, but rather pertained to the appellant she was representing. “He explained that his comment was meant to imply that the appellant seemed to know a lot about the other party,” said the lawyer.
In addition, Justice Srishananda assured those present that he would avoid making such comments in the future.
The controversy came to light on September 19, when a video clip from an August 28 Court hearing surfaced on social media, showing Justice Srishananda referring to a Muslim-majority sub-locality in Bengaluru’s Goripalya as "Pakistan." Hours later, another video from the same courtroom emerged, in which the judge was seen making a gender-insensitive remark.
Following outrage over the viral videos, a Supreme Court bench led by Chief Justice of India DY Chandrachud, along with Justices Sanjiv Khanna, BR Gavai, Surya Kant, and Hrishikesh Roy, on September 20 took a suo motu cognizance and sought a report from the Karnataka High Court Registrar General in connection with the viral video.
