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Rupee tumbles to another low of Rs 56

MUMBAI: Continuing free-fall for the sixth day in a row, rupee today crashed below the psychological level of 56 against US dollar to yet another all-time low on heavy demand for the American currency from importers, especially oil refiners, amid foreign fund outflows and weak equities.

At the Interbank Foreign Exchange (Forex) market, the domestic unit recorded its steepest fall ever by dipping below the crucial levels of Rs 55 and Rs 56 per dollar within a span of two days, forex dealers said.

After a lower start at 55.82, the rupee continued its downward journey by losing 74 paise at 56.13 at 1350 hrs.

The dollar has also gained against the Euro and other leading currencies following ratings agency Fitch's downgrading Japan's sovereign rating by one notch to A+ with a negative outlook.

Strong dollar demand from importers pulled rupee down to a record low of 56.13, placing the domestic currency, which has lost over 12 per cent since March this year.

Forex dealers said the American currency remained in demand even as the Reserve Bank imposed restrictions of forward contracts by banks and arbitrage trading.

They said capital outflow of foreign funds from falling markets remained a major driver behind the rupee's fall as dollar surges because investors are finding the American currency a safer bet amid concerns that Greece might exit euro-zone.

Data from market regulator Sebi showed that FIIs sold stocks worth Rs 283 crore yesterday.

Meanwhile, the BSE benchmark Sensex dropped below the 16,000 level by losing over 179 points.

Finance Minister Pranab Mukherjee had said yesterday: "The government is taking a series of steps. However, managing rupee is market-related...There is a lot of volatility.

"As and when RBI will consider necessary they will intervene. It depends on the market forces and market forces are uncertain," he said. — PTI

HC issues contempt notices to striking AI pilots, IPG

NEW DELHI: The Delhi High Court on Wednesday issued contempt notices to 67 striking Air India pilots and their representative body, Indian Pilots Guild (IPG), for disobeying its earlier order by which their stir was termed as illegal.

"Issue notices on this application (of Air India management) to the non-applicant (respondents 1 to 68). Notice shall indicate that the non-applicants (pilots) shall file their replies to it. List the matter on July 13," justice Reva Khetrapal said.

The court's order came on a fresh application by Air India management seeking initiation of civil contempt proceedings against the striking pilots for their "flagrant violation" of an earlier order which did not only term the strike as illegal, but had asked them to resume work.

Lalit Bhasin, counsel for Air India, cited the judgment of a division bench of the high court by which the plea of IPG was dismissed and said that the pilots can be tried for civil contempt under the Civil Procedure Code, that entails a punishment of three months jail term.

Taking note of the plea, justice Khetrapal, however, said, "In the meanwhile, I still feel that better sense will prevail on the pilots.

"Nobody is concerned with the plight of the passengers as somebody might have to see a person on a death bed... Some must have missed an important meeting or an important interview."

The counsel for Air India also told the court that "the IPG have held a press conference to categorically state that the pilots are still on strike. It manifests that they are still in defiance of the judicial order."

Earlier in the day, Air India management had filed a contempt petition in the high court against the striking pilots on the ground that they have failed to comply with the court's earlier order restraining them from undertaking the stir. — PTI

Reebok India's 2 top ex-employees booked

Gurgaon: The local police has booked a former Managing Director (MD) and a Chief Operating Operator (COO) of the India chapter of global sports goods firm Reebok on charges of forgery, cheating and criminal breach of trust and causing a loss to the tune of over Rs 8,700 crore. The FIR, registered on Sunday evening, charged Subhinder Singh Prem, former MD, and COO Vishnu Bhagat of misappropriating funds during their tenure. Their employment contract was terminated on March 26, 2012.

The duo, employed with the company for 16 years, has been accused of operating four secret warehouses in Delhi to keep clandestinely diverted and stolen stocks. The company claimed that this fraudulent act had put at risk the jobs of around 40,000 people involved directly and indirectly in the business of Reebok and Adidas group in India.

The complaint stated that in January, the company had identified fraudulent activities and conducted an internal inquiry. It was found the duo had been indulging in fraudulent activities over several years and was involved in systematically cheating and defrauding the company of hundreds of crores of rupees. The company also claimed that Reebok and Adidas Group had suffered irreparable damage to its reputation.

The FIR was registered under section 406/408 (Criminal breach of trust)/418 (cheating with knowledge/467 (forgery of valuable security)/468 (forgery for cheating) /477A (falsification of accounts) and 120B (criminal conspiracy).

Army chopper crashes in Siachen, one pilot killed

NEW DELHI: An Indian Army officer was killed and another injured on Wednesday when the helicopter they were piloting crashed on the Siachen glacier, the world's highest battlefield, during a routine supply sortie, the army headquarters here said.

The two officer-pilots were trying to land the chopper at the Bhim post helipad in northern glacier area at 11.45am when they lost control of the flying machine and it crashed 400 metres short of the helipad, an officer in the army headquarters said.

"The pilot was killed and the co-pilot was badly injured. The Army is evacuating the injured officer to a military hospital," the officer said.

He, however, refused to identify the two pilots immediately. — IANS