Tuesday 10 April 2012

Indian rupee hits near 3-month low; more pain likely


                                                                
 MUMBAI, April 10 (Reuters) - The Indian rupee slid to a near-three-month low on Tuesday weighed by dollar demand from oil importers, while choppy local shares and worries over global growth kept risk appetite subdued.                                              

* Dollar demand from local oil refiners weighs
* Global growth worries pressurise local currency
* Weak domestic econ factors hurting rupee - traders (Updates to close)
By Aditya Phatak

The rupee ended at 51.475/485 to the dollar, weaker than Monday's close of 51.14/15, after touching a low of 51.495, a level last seen on Jan. 16.
Emerging market currencies, including the rupee, received a boost after robust Chinese trade data raised hopes for improvement in risk appetite, but then focus shifted to the slower-than-expected import growth prompting profit sales.
The China data initially pushed up the rupee to an intraday high of 51.06 to the dollar. But concerns about the broader Indian economy is likely to keep the rupee pressured, dealers said.
"More pressure on the rupee is likely due to weak domestic fundamentals like a widening current account deficit, absence of strength in equities and lack of large dollar inflows," said Subramaniam Sharma, director of brokerage Greenback Forex, who expects the currency to inch towards 51.60 during the week.

Airtel 4G in Bengaluru next, after Kolkata



Today even as the Union Telecom Minister, Kapil Sibal unveiled the fourth generation (4G) of mobile technology services by Bharti Airtel in Kolkata, making the city, and the service provider the first in the country to bring in the revolutionary technology, rough details about the next state to be in line for the services has been revealed, as well. According to a report by The Hindu, after Kolkata, the southern city of Bengaluru will receive 4G services by Airtel next, roughly in 30 days. Revealing the details was the company's Chief Executive Officer (India and South Asia) Sanjay Kapoor as he addressed the media gathered at the event, held at the ITC Sonar, Kolkata. Although further details about the services to be unveiled in Bengaluru stay slim, today saw Airtel revealing their 4G plans for Kolkata.

Congress MP wants party to stop using YSR's photo in publicity

                                                          
The YSR Congress had said that the "policy decision taken by Congress not to spare YSR on corruption charges will spell doom of the ruling party".
The debate as to whether to blame Rajasekhara Reddy or not has started within Congress of late, with some leaders suggesting that allegations against Jagan cannot be seen in isolation.
While leaders like Hanumantha Rao suggest that the party stops using Rajasekhara Reddy's name, others like Lok Sabha member A Sai Pratap say that they cannot criticise the late Chief Minister due to the strong association they had with him.
He regretted that no such meeting was held after the loss in the bypolls to Kadapa Lok Sabha and seven assembly segments recently.
The bypolls in 16 constituencies became necessary as the sitting Congress MLAs were disqualified by the Assembly Speaker for switching loyalty to Jagan and voting against the Congress government during a floor test last December.
The sitting member quit in support of the Kadapa MP in one constituency, while another seat became vacant, when actor-turned-politician Chiranjeevi quit as MLA following his election to the Rajya Sabha.
 State Congress president Botsa Satyanarayana said yesterday that truth over the allegations of corruption against Rajasekhara Reddy regime would come out in the CBI probe.
Hanumantha Rao suggested that a meeting of senior leaders be convened to analyse the party's preparedness for the ensuing by-polls to 18 assembly seats.
He regretted that no such meeting was held after the loss in the bypolls to Kadapa Lok Sabha and seven assembly segments recently.
The bypolls in 16 constituencies became necessary as the sitting Congress MLAs were disqualified by the Assembly Speaker for switching loyalty to Jagan and voting against the Congress government during a floor test last December.

Baby Afreen will need 3 weeks to recover: Doctors

                                                                           
Bangalore: Three-month-old Afreen, battling for life at a government hospital here after being allegedly tortured by her father, would take at least three weeks to recover, doctors attending on her said today. "She is still on ventilator and she had blood transfusion. It will at least take three weeks for her to recover", doctors at Vani Vilas Hospital, where she was admitted on Sunday in the intensive care unit, said.
"The baby is getting convulsions so we fear that the brain cells could be damaged. We can have a full assessment only after baby Afreen comes out of the ventilator", they said. The child has a severe head injury and deep bite marks on the thigh and buttocks.

She is still on ventilator and she had blood transfusion. It will at least take three weeks for her to recover," doctors at Vani Vilas Hospital, where she was admitted on Sunday in the intensive care unit, said.

"The baby is getting convulsions so we fear that the brain cells could be damaged. We can have a full assessment only after baby Afreen comes out of the ventilator," they said. The child has a severe head injury and deep bite marks on the thigh and buttocks.


Umar Farook, father of Afreen, has confessed to police that he tried to kill the child because he wanted a boy and not a girl. He has been arrested.

Facilitating Naxals' release within legal framework: Odisha

                                                                 
Kandhamal: Odisha Chief Minister Naveen Patnaik on Thursday announced the names of the 27 Maoist leaders and supporters including Sabyasachi Panda's wife - to be released from prison in exchange for the two hostages. But there's no word on when and how, and indeed whether Naxals have agreed. Though one faction has extended the deadline to April 7. 
Referring to the issue of the release of Italian national Paolo Bosusco, he said, "We hope the joint statement of two Naxal-appointed mediators and government has reached Sabyasachi Panda by now for the release of the Italian hostage
"We will initiate legal procedure to facilitate the release of these people from jail. This is done by us on humanitarian ground and hope the Maoists will reciprocate," Patnaik said.
But what isn't clear yet is when the Italian national and abducted MLA Jhina Hikaka will be released?
This came hours after the Odisha government on Tuesday released Subhashree Panda, the wife of Maoist leader Sabyasachi Panda, who was arrested and jailed in 2010 in connection with an encounter case.
The release of the Maoist leader's wife came amidst the former's ultimatum to the Odisha government to release seven Naxal leaders in exchange for the release of the abducted Italian national, Paolo Bosusco.