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Aug 4: News behind the lens
Aug 4: News behind the lens
A labourer works in a ferrochrome factory at Bharibramna, 20 km (12 miles) west of Jammu
Steelmaker JSW Steel on Thursday denied the conclusions drawn in a report by the Lokayukta -- Karnataka's anti-graft watchdog -- against the company on procurement and transportation of iron ore in the state.
The steelmaker is not looking at legal recourse on the issue for now but may do so in the future, Seshagiri Rao, joint managing director and group CFO, told a press conference in New Delhi.
Lokayukta had cited certain alleged illegal purchase of iron ore and transactions linking the company and a group firm.
An employee counts rupee notes at a cash counter inside a bank in Agartala, Tripura
The rupee hovered near a two-week low on Thursday weighed by dollar's gains following Japan's intervention to stem the yen's rise supported by robust dollar demand from oil refiners for import payments to Iran.
* At 1:45 pm, the partially convertible rupee was at 44.4500/4550 per dollar, weaker than Wednesday's close of 44.31/32.
* Volatile local shares added to rupee's woes, traders said.
* The yen slid 3% versus the dollar on Thursday as Japan intervened to curb the currency's strength to support its export-led economy, one day after the Swiss central bank unveiled a shock cut in interest rates to cap a soaring Swiss franc
A couple rests on a seaside promenade during a rain shower in Kochi
Monsoon rains need to pick up in August after two straight weeks of below normal showers to help make up for the loss in soil moisture and aid vegetative growth of crops such as rice, cane, corn, cotton, and soybean.
The June-September rains in India, the world's second-biggest producer of rice, cotton and sugar, were 22% below normal in the week to Aug. 3 after being 23% below average in the previous week.
The state-run weather office said monsoon rains, which irrigate 60% of India's farms and deliver 75-90% of total rainfall, were six% below normal between June 1 and Aug. 3. Last month, the weather office forecast rains just slightly below average for the entire June to September season.
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