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November 21: News behind the lens

  • November 21: News behind the lens

    November 21: News behind the lens

  • <p>Currency notes are stapled to form a garland at a market in Jammu</p><p><b>The rupee touched the 52 per dollar mark for the first time in 32-1/2 months on Monday as domestic equities weakened and oil importers bought dollars.</b></p><p>At 3:13 pm, the partially convertible rupee was at 52.00 per dollar, 1.3% weaker than Friday&#39;s close of 51.3350/3450, after touching 52.02, its weakest level since March 5, 2009.</p>

    Currency notes are stapled to form a garland at a market in Jammu

    The rupee touched the 52 per dollar mark for the first time in 32-1/2 months on Monday as domestic equities weakened and oil importers bought dollars.

    At 3:13 pm, the partially convertible rupee was at 52.00 per dollar, 1.3% weaker than Friday's close of 51.3350/3450, after touching 52.02, its weakest level since March 5, 2009.

  • <p>Deputy Chairman of India&#39;s Planning Commission Montek Singh Ahluwalia speaks during a news conference in New Delhi</p><p><b>Fiscal deficit in the current fiscal year will exceed 4.6% of the gross domestic product target, though the final figures would depend on the actual expenditure, Singh told a TV channel.</b></p><p>"It&#39;s going to be more than, I am pretty sure, the budget amount in the current year," Ahluwalia said, adding, "it may not be as much as a percentage point deterioration."</p><p>On Sunday, Ahluwalia had told that economic growth for the current fiscal year would likely be about 7-7.5%, while it was "not impossible" that the fiscal deficit could swell to 5.5%, against the government&#39;s target of 4.6% for the year.</p>

    Deputy Chairman of India's Planning Commission Montek Singh Ahluwalia speaks during a news conference in New Delhi

    Fiscal deficit in the current fiscal year will exceed 4.6% of the gross domestic product target, though the final figures would depend on the actual expenditure, Singh told a TV channel.

    "It's going to be more than, I am pretty sure, the budget amount in the current year," Ahluwalia said, adding, "it may not be as much as a percentage point deterioration."

    On Sunday, Ahluwalia had told that economic growth for the current fiscal year would likely be about 7-7.5%, while it was "not impossible" that the fiscal deficit could swell to 5.5%, against the government's target of 4.6% for the year.

  • <p>The tanker Awanuia pumps oil from the stricken container ship Rena, about 12 nautical miles (22 km) from Tauranga, on the east coast of New Zealand&#39;s North Island</p><p><b>US crude oil fell more than $2 and Brent crude lost over $1 per barrel on Monday on worries over the prospects for global economic growth as debt crises dominated headlines on both sides of the Atlantic.</b></p><p>A US congressional committee looked set to fail in a bid to cut at least $1.2 trillion from the US deficit over the next 10 years. While the group had until midnight on Wednesday to bridge differences over taxes and spending, comments from congressional aides suggested it would admit defeat on Monday.

    The tanker Awanuia pumps oil from the stricken container ship Rena, about 12 nautical miles (22 km) from Tauranga, on the east coast of New Zealand's North Island

    US crude oil fell more than $2 and Brent crude lost over $1 per barrel on Monday on worries over the prospects for global economic growth as debt crises dominated headlines on both sides of the Atlantic.

    A US congressional committee looked set to fail in a bid to cut at least $1.2 trillion from the US deficit over the next 10 years. While the group had until midnight on Wednesday to bridge differences over taxes and spending, comments from congressional aides suggested it would admit defeat on Monday.

  • <p>An old woman walks past a bus decorated with an Euro coin and a map showing the euro-zone countries in the Andalusian village of Umbrete</p><p>The euro zone&#39;s debt crisis struck again at the heart of Europe on Monday despite a clear-cut election victory in Spain for conservatives committed to tougher austerity.</p><p><b>Spain&#39;s Socialists became the fifth government in the 17-nation single currency area to be toppled by the debt crisis this year. Portugal, Ireland, Italy and Greece went before.</b></p><p>But an absolute parliamentary majority for Mariano Rajoy&#39;s centre-right Popular Party brought no respite on financial markets increasingly alarmed by the absence of an effective firewall to halt a meltdown on sovereign bond markets.</p>

    An old woman walks past a bus decorated with an Euro coin and a map showing the euro-zone countries in the Andalusian village of Umbrete

    The euro zone's debt crisis struck again at the heart of Europe on Monday despite a clear-cut election victory in Spain for conservatives committed to tougher austerity.

    Spain's Socialists became the fifth government in the 17-nation single currency area to be toppled by the debt crisis this year. Portugal, Ireland, Italy and Greece went before.

    But an absolute parliamentary majority for Mariano Rajoy's centre-right Popular Party brought no respite on financial markets increasingly alarmed by the absence of an effective firewall to halt a meltdown on sovereign bond markets.

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