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Ahead of crucial floor test, CM Joseph Vijay calls on DMK supremo Stalin

Chennai, May 11 (PTI) Tamil Nadu Chief Minister C Joseph Vijay on Monday called on his predecessor, DMK President MK Stalin at the latter’s Alwarpet residence here, days ahead of the crucial floor test the government is slated to face. After winning polls and assuming office as the chief minister, this is the first time Vijay was meeting Stalin and the visit was described by government sources as a “courtesy call.” Stalin and his son Udhayanidhi Stalin accorded a warm welcome to CM Vijay. The meeting happens a day after Vijay’s harsh criticism of the previous DMK regime for Rs

Rupee crashes 82 paise to close at all-time low of 95.31 against US dollar

Rupee hits record low

Mumbai, May 11 (PTI) The rupee tanked 82 paise to settle at its record low of 95.31 (provisional) against the US dollar on Monday after US President Donald Trump rejected Iran’s response to the West Asia peace proposal, following which crude oil prices surged rapidly. Prime Minister Narendra Modi urging citizens to avoid buying gold and embrace austerity measures further dented market sentiments. A strengthening US dollar and steep foreign capital outflows further pressured the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.97 and traded in the range of 94.87-95.34. It eventually

Sensex falls over 1,300 pts as high crude oil prices, PM austerity appeal unnerve investors

Mumbai, May 11 (PTI) Stock markets fell for the third day running on Monday, with the benchmark Sensex tumbling 1,313 points amid rising crude oil prices after the US and Iran failed to reach a peace deal to end the war in West Asia. The 30-share BSE Sensex tanked 1,312.91 points, or 1.70 per cent, to settle at 76,015.28. During the day, it tumbled 1,370.79 points or 1.77 per cent to 75,957.40. The 50-share NSE Nifty dropped 360.30 points or 1.49 per cent to end at 23,815.85. In three sessions since Thursday, Nifty dropped over 2 per cent or 515

As PM Modi calls for conserving foreign exchange, what steps can India take?

MUMBAI, May 11 (Reuters) – Indian Prime Minister Narendra Modi has urged citizens to adopt practices to conserve foreign exchange as the Iran war-driven spike in oil prices has piled pressure on the rupee and depleted ​FX reserves. Modi on Sunday said Indians should aim to conserve fuel and fertilisers while avoiding foreign travel and gold purchases. ‌The address “signals a potential policy shift ahead,” Nomura said in a Monday note. The rupee dropped to a record low against the dollar last week. Higher crude prices are particularly detrimental for India, which imports 90% of its oil requirements and about

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