Rupee plunges 45 paise to hit record low of 87.95 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 45 paise to hit a record low of 87.95 against the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities.
Forex traders said the dollar index was quoted at 108 gained after President Donald Trump said he was said to impose new 25 percent tariffs on all steel and aluminium imports.
The move has added jitters over the global trade war with China's reciprocal duties coming into effect, they said.
At the interbank foreign exchange, the rupee opened at 87.94 and slipped further to all-time low of 87.95 against the greenback in initial deals, a fall of 45 paise from its previous close.
On Friday, the rupee recovered 9 paise from all-time low level to close at 87.50 against the US dollar.
Rupee was expected to open weaker after RBI cut rates on Friday by 25 bps and was expected to cut another 25 bps in April to promote growth as inflation seemed to be showing a downward trend as per the Reserve Bank, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The target of 88 is likely to be achieved in February itself as quick upside with RBI allowing the weakness to creep in has taken the pair to its all time highest level.
"The rupee is expected to be within a range of 87.70/88.10. Importers are expected to buy the dips, while exporters need to wait and watch the movement," Bhansali added.
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.
Addressing the media after the meeting of Finance Minister Nirmala Sitharaman with the Reserve Bank board, Malhotra said that the central bank focuses on the value of the rupee in the medium to long term.
Forex traders said the Indian rupee is trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amidst global uncertainty.
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Bihar: Over 150 children fall ill after consuming 'mid-day meal' in Saharsa
Saharsa (PTI): More than 150 children were taken ill after allegedly consuming food that was part of the mid-day meal in a school in Bihar’s Saharsa district, a senior official said on Thursday.
The incident occurred at a middle school in Baluaha village of the district.
The official said that 115 children were undergoing treatment at the Sadar Hospital, while around 50 students were admitted to Mahishi Public Health Centre.
“We received information that several children fell ill after consuming the mid-day meal in Baluaha. The children were initially treated at the primary health centre, but later, many were referred to the Sadar Hospital,” Saharsa District Magistrate Deepesh Kumar told reporters.
“According to doctors, the health condition of the children has improved, but they will be kept under observation for some time. There is no need to panic. Some kids are having mild fever. They are being treated accordingly,” Kumar said.
Meanwhile, family members of some children claimed that a snake was found in the container in which cooked pulses was stored at the school.
Of the 545 students present in the school, 200 had already eaten their meals by the time the snake was spotted, and later complained of stomach ache and vomiting, they said.
Regarding the claims, the DM said food samples have been collected from the school.
“We will be able to comment on this only after the results of the tested samples arrive,” he said.
