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The rupee started at just above 66 on January 1, 2016 but since then has been moving sharply downwards with the currency crossing the 67 level on the January 14, 2016 and the 68 mark on the January 20. Like the stock markets, the Indian rupee has been witnessing turmoil against the dollar ever since the beginning of this year. The Indian currency tested the 28-month low of 68 against the dollar on Wednesday, last seen in September 2013. The domestic unit opened lower at 67.77 per dollar on Wednesday as against Tuesday’s closing level of 67.65 and breached 68 level for the first time since September 4, 2013, to hit intra-day low of Rs 68.07, down 42 paise and closed at 67.95/96 against the dollar. The rupee had hit the record intra-day low of 68.85 in September 2013. It had last touched 68.62 a dollar on September 4, 2013. Finance Ministry on Wednesday said it is keeping a close watch, along with RBI, on the domestic currency’s movement and hoped that market volatility will stabilise soon. “The central bank and the finance ministry…we are keeping a close watch. We are monitoring the situation. We are in constant touch and the central bank will deal with the situation as and when required,” Das said. On Thursday, the rupee after a brief recovery again breached the 68-mark in late morning deals, depreciating by 10 paise to 68.05. The domestic unit resumed higher at 67.88 per dollar as against Wednesday’s closing level of 67.95. Later, it slid to 68.06 before quoting at 68.05 at 1040 hrs on Thursday. The rupee started at just above 66 on January 1, 2016 but since then has been moving sharply downwards with the currency crossing the 67 level on the January 14, 2016 and the 68 mark on the January 20. “This movement was quite unexpected as the fundamentals had justified a level of 65-66,” said a CARE Rating report. We take a look at reasons why Indian rupee has been falling against the US dollar 1. Global economic slowdown: This the major factor which is contributing to both the stock markets and Indian currency fall. China’s yuan devaluation has also been hurting the sentiments globally. China has been witnessing a slowdown, with the International Monetary Fund has reiterated and while slashing the global growth forecasts for the third time in less than a year on Tuesday (Jan 19). IMF has cited a sharp slowdown in China trade and weak commodity prices that are hammering Brazil and other emerging markets. 2. Crude oil prices: US is the biggest importer of crude oil. So when the crude prices go down, it means US will be saving more dollars to buy it, as a result dollar as a currency strengthens, leading to fall of Indian rupee and other currencies at the forex market. 3. FIIs have been in the sell off mode in equity segment for last 3 months. From Jan 1 to Jan 20, foreign institutional investors (FIIs) sold shares worth Rs 7,146 crore in the domestic equity markets. On the other hand, domestic institutional investors, or DII’s net buying stood at Rs 9,249 crore during the same period. 4. India’s Trade deficit: Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75 per cent to $22.2 billion amid a global demand slowdown. Imports too plunged 3.88 per cent to $33.9 billion in December over the same month previous year. Trade deficit during the month under review widened to $11.6 billion as against $9.17 billion in December 2014.
Indian Cinema: Globalised Challenges Ahead
Indian cinema particularly, Bollywood and its others regional fellows are engaging in a bid that push themselves at the forefront of global cinema circles. They participate in many International film festivals even before they are screened for the domestic audience. However, it has become a practice for all cinema makers either to get recognized or market for their latest flick long time before, now it has been seen as a part of regular campaign for them. They have gained a prominence among the international viewers since India is the second largest movie producer after USA, globally. A fraction of Indian cinema finds specific taste of foreign film lovers and thus retains a significant place under their preferences. Recently they got another recognition from none other than the President of India, Smt Pratibha Patil, while was delivering her speech in the 54th National Film Awards ceremony, heightened the spirit of Indian cinema by saying that, "At a time when every sector of our economy is being influenced and in most cases taking the benefits of the currents of globalization, our film industry can utilize this opportunity too. As interest in India and its culture increases across the globe, the film industry can take advantage of its already large presence and play the role of a cultural ambassador, by showcasing incredible India and its values of humanism, tolerance and harmony." As this may be at one side, the other at domestic level, we have to look beyond commercial versions and have to explore wider possibilities to project Indian cinema came over the ages of entertainment, that is, purely an entertainment content. We can spot changes in the film making concepts from young entrants across the regions/languages. Emphasizing the importance of such experiments the President said, "The master storyteller is after all, the one who weaves a powerful message into a seemingly straightforward narrative and makes the viewer introspect. Questions such as why did certain things happen, who was wrong and could things have been done differently - continue to gnaw the mind of the viewer, after watching a thought provoking movie. Therefore, maintaining a balance between entertainment and social relevance shall continue to be a challenge for the industry. While on the one hand a message without entertainment will not capture the attention of the audience and on the other hand, mere entertainment without a message would be like an oyster without a pearl. There is no simple formula for maintaining this balance, but this is your challenge." The real challenge lay at the hands of new wave experimentalists who do combine the both aspects as a successful formula like films viz. A Wednesday, Firaaq, Mumabi Meri Jaan, Munnabhai series and others who are very recent additions continued with the spirit of ART FILM directors like Shyam Benagal, Govind Nihalani, Adoor Gopalakrishnan etc. The mid-way of film making apart from enjoying awards and accolades get wider box office recognition from the society, too. However, unless there are innovative ideas to support the film makers in the form of finance, market access, tax concessions, infrastructure for shooting and exhibitions from the government side or through private participation, there is an eminent danger prevails as in the long run film makers may disassociate from these ventures, if they fail for a while or two, commercially.
Indian cricket team at Chennai 600028 premiere
The entire Indian cricket team has been invitated to join the 600 odd VVIP guests in Singapore in late February 2007. Director Venkat Prabhu, Producers SP Charan and JK Saravana had extended their invitation to the Indian cricket team when they had met them in the Chennai one day International match. The much expected International film premiere has a International guest list from India, Singapore and Malaysia. Superstar Rajinikanth is said to be on the VVIP guest list.
Indian Cricket rules in Chennai 600028!
The Indian National team might have had an unexpected early exit in the World Cup. But, in Chennai 600028 the street cricket teams heighten every Indians passion and love for the wonderful game! Director Venkat Prabhu says, "Cricket is a religion in India. We love the Indian Team but we love the game more. That's what Chennai 600028 has in store for my fellow Cricket fans. But, this just isn't another Cricket film!" The much awaited film might just be an answer to the aching hearts of every cricket fan at this point of time. The film's theme song 'Ulle Vaa' sung by Yuvan Shankar Raja, DJ Sathiya & SilveSTAR was dedicated to every Cricket fan!
Indian Censors says 'Chennai 600028 a movie for all'
Chennai 600028 was watched by the Indian censors last week. The film's makers sat and watched with censor representatives nervously praying for the best. At the end of the film, the censors had reflected very minor changes and gave the film a 'U' (Universal) grade equivalent to a 'G' (General) grade. The censors praised the makers of their enormous efforts put in to make the film. They encouraged the film to be submitted to both local and international awards.
Indian toddler vanishes, found dead in Oz
Australian police are on the hunt for a child killer after the body of a missing toddler was found 20 km away from where he had disappeared six hours earlier. The Indian boy, Gurshan Singh Kaurchanna, 3, who was on a three-month holiday in Australia with his parents, vanished from a relatives house in Lalor at about 1.10 pm (Australian time) on Thursday, while his mother was having a shower. (Read: Oz Police hunting for killer of Indian toddler) The family from Faridkot district in Punjab, which was due to leave Australia soon, told the police that Gurshan was home playing. His mother, Harpreet Kaur, who is studying in Australia, was in the bathroom and came out to see the security door ajar and Gurshan gone. After a frantic search on the premises, a family member called the police. The boy went missing while his father was at library. The boy was distraught that he was not allowed to go with his father. According to reports, there were couple of people in the house when the boy went missing. A massive hunt was launched and a council worker discovered the body at Oaklands Junction, close to the Melbourne airport after 7 pm. An Australian newspaper website quoted the police as saying that the body found was in grey top and blue jeans. This is what Gurshan had been wearing when he went missing. Victoria Police Deputy Commissioner Sir Ken Jones was quoted by Australian media as saying that they believed the child had been murdered. We are treating as worst case ... as a homicide,'' he said. This is a terrible tragedy. (Read: Toddler's death in Oz: Indian community shocked) ''We are doing everything in our power to establish what happened. Clearly the circumstances are suspicious, so we are assuming the worst. The police say the boys body had no obvious signs of injuries and there is a need to conduct forensic tests. Jones assured that all resources would be put in to bring the culprits to justice.