M A I N   N E W S

Re plunges to new low

MUMBAI, Sept 19 (PTI) — Sustained heavy dollar demand from corporates and importers sent the rupee crashing to historic lows of Rs 46.25/28 per dollar in early intraday deals at the inter-bank foreign exchange market today on growing concerns of rising oil price.

Nervousness crept the forex spot trade from the onset of business, as corporates and banks turned panicky and rushed to cover dollar positions, taking a heavy toll in the rupee value, dealers said.

Opening on a new low at Rs 46.05/15, lower from yesterday’s record low close of Rs 45.99/46.01, the rupee plunged to fresh life-time lows of Rs 46.25/28 in early deals. The rupee, however, later rallied smartly and is currently traded at Rs 46.19/22, still hovering around new record lows.

“A state-run bank was reported to have sold dollars to enable the rupee to rally from early historic lows. The rupee is currently traded at Rs 46.05/10 (10.55 a.m.), a dealer said.

Increase in global oil price and fresh incidents in the gulf countries have put considerable pressure on the rupee, resulting in a sharp fall in the currency’s value, bankers said.

London Brent crude oil futures for November delivery traded 73 cents higher at $ 34.71 a barrel on Monday.

Meanwhile, in cross-currency trades, the Euro was quoted at Rs 39.40/45, pound sterling at Rs 64.97/65.00 and Japanese yen (100) at Rs 43.21/24. 

Khursheed axed, Jaiswal steps in as UPCC chief

NEW DELHI, Sept 19 (UNI) — In a major move to strengthen the organisation in UP, Congress President Sonia Gandhi today appointed Mr Sri Prakash Jaiswal, Lok Sabha member from Kanpur, as the new UPCC President in place of Mr Salman Khursheed.

Announcing this party spokesperson Ajit Jogi said the decision would strengthen the party .

A former Mayor of Kanpur, Mr Jaiswal had held several positions, including UPCC Vice-President, UPCC General Secretary, UPCC backward cell Chairman, and Kanpur DCC President. Mr Jaiswal will take up his new assignment on September 22.

The removal of Mr Salman Khursheed is considered to be a very significant move by Mrs Sonia Gandhi to bring in all factions of the party. The groups of Mr N.D. Tiwari and Mr Jitendra Prasada were unhappy with Mr Khursheed.

Support to BJP ‘not absolute’

BANGALORE, Sept 19 (UNI) — The VHP support to the BJP is ‘‘not absolute but only conditional’’ and it will take a decision on the issue only at the time of elections, VHP General Secretary Pravin Bhai Togadia said today.

Talking to newsmen here, he, however, parried questions as to whether the VHP would sever its ties with the BJP if the latter dropped the Ram Temple issue from its agenda. His organisation would stand behind those who worked for the cultural and national aspirations of the Hindus.

The BJP had not said that it had dropped the Ram Temple issue from its agenda permanently, Mr Togadia pointed out and added that the VHP would support only those who favoured the construction of the temple in Ayodhya. However, it had no objection to the BJP’s attempts to woo Muslims.

The construction of the ground floor of the temple would be completed by March 2001 and it would be ready for placing the idol of Ram Lakhan. However, the VHP’s ‘‘dharma sansad’’ (religious parliament) to be held in Prayag in January next, would decide on the future course of action, he added.