Rupee opens 7 paise down against dollar

MUMBAI: The Indian rupee fell by 7 paise to over two-month low of Rs 45.64 against the US dollar in early trade at the Interbank Foreign Exchange on Wednesday, tracking losses in other Asian currencies.

Forex dealers said besides dollar's gains against other Asian currencies, continued demand for the American currency from importers also kept pressure on the Indian rupee, but a moderate recovery in stock markets in the opening trade capped its losses.

The rupee had ended at eight-week low of Rs 45.57/58 against the US dollar in the previous session amid a tumbling of stock markets.

Meanwhile, the Bombay Stock Exchange benchmark Sensex climbed 68.29 points up to 19,760.13 in the opening trade on Wednesday.

Read more: Rupee opens 7 paise down against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-opens-7-paise-down-against-dollar/articleshow/6979931.cms#ixzz16CnGo6kY

Sensex closes 279 points lower

MUMBAI: Late selling pressure on Wednesday resulted in a benchmark index of Indian equities falling sharply in the last half hour of trade, and closing 279 points lower.

The 30-share sensitive index ( Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,735.28 points, closed at 19,412.78 points (provisional), down 279.06 points or 1.42 percent from its previous close at 19,691.84 points.

It touched an intra-day low of 19,375.92 points.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty ended at 5,851.1 points, down 1.41 percent.

Broader markets indices also ended up in losses, with the BSE midcap index ending 1.22 percent down and the BSE smallcap index moving down 0.79 percent.


Read more: Sensex closes 279 points lower - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-closes-279-points-lower/articleshow/6979843.cms#ixzz16Cn5nWfj

Andhra Pradesh CM K Rosaiah resigns

NEW DELHI: Andhra Pradesh chief minister K Rosaiah announced on Wednesday that he would be quitting on grounds of health. He told reporters that he would submit his resignation to Governor ESL Narasimhan.

"I have done my best as the CM of the state. No one asked for my resignation, it's my own call," Rosaiah said while announcing his resignation on TV.

I urge my successor to keep Andhra Pradesh Congress together, Rosaiah further added.

Senior Congress leaders Pranab Mukherjee, Ahmed Patel and Moily are going to Hyderabad to deal with the situation.

Read more: Andhra Pradesh CM K Rosaiah resigns - The Times of India http://timesofindia.indiatimes.com/india/Andhra-Pradesh-CM-K-Rosaiah-resigns/articleshow/6980998.cms#ixzz16CmMGPcd

BJP-JD (U) close to three fourth majority in Bihar

PATNA: The Nitish Kumar-led JD(U)-BJP alliance on Wednesday headed for a three-fourth majority in Bihar, bagging 175 of the 243 Assembly seats and leading in 30 others. (Nitish, the Chanakya who wins Bihar hands down)

Smashing opposition to smithereens, the NDA partners improved their performance considerably compared to the last elections in 2005, when they together won 143 seats. (NDA lost only 1 of 11 seats in Muzaffarpur)

The RJD-LJP alliance steered by Lalu Prasad and Ram Vilas Paswan ate humble pie and secured just 18 seats and was leading in ten other places. They had 64 seats last time.

To add to RJD's humiliation, former chief minister and Prasad's wife Rabri Devi lost at Sonepur in Saran district to nearest BJP rival and was trailing in Raghopur.

The Congress suffered a major electoral setback as it won only four seats and was ahead in three compared to the nine seats it held in 2005. (Bihar elections a victory of merit over dynastic politics: BJP )

The CPI won one seat. Reacting to the people's verdict, Kumar said, "We have no magic wand, but people's trust. I will need to work harder than I did in the last five years and I will not hesitate to do it.

"The outcome of the elections also proves beyond doubt that it was a victory for development and for the people of the state."

The poll verdict, he said, would disappoint those doing politics on the basis of caste and the outcome would mark a "new story" in Bihar and have effect outside the state.

"The trends are positive and reflects that those making false claims or promises will face the music," he said. (Congress will have to rebuild itself in Bihar: Sonia)

Without naming RJD chief Lalu Prasad who had criticised the exit polls predicting victory for the NDA, Kumar said, "Media should not be criticised for its projection that NDA will pull off a landslide victory in Bihar.

"People should refrain from unnecessary criticism of the media .... if you live up to the people's aspirations and expectations you will definitely be rewarded," Kumar said.

"Now I feel that the people have thrust on my shoulder more responsibilities and I have to continue to make efforts with full dedication."

TOI