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By Nimesh Vora
MUMBAI, Oct 7 (Reuters) - The Reserve Bank of India has
been selling dollars in the non-deliverable forward
(NDF) market via local banks based in India's GIFT City International Financial Services Centre, as it seeks
to support the sliding rupee, traders said.
The rupee has repeatedly hits record lows in recent sessions as the likelihood of more super-sized rate hikes from
the U.S.
Federal Reserve piles pressure on emerging market currencies.
The intervention by the RBI in the onshore NDF market was confirmed by Treasury officials at two large private sector banks
present in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City
(GIFT City) in western India.
"The RBI is also keeping a close watch on positions held by banks in this market, and asking questions," one of the officials
said, adding that the central bank was looking at
gross as well as net positions.
"The RBI is intervening in NDF and spot as the arbitrage between the two has mostly disappeared. Intervention in one works in the other too."
In the offshore NDF market, USD/INR rates tend to trade
at a premium to onshore rates when there is major risk aversion sentiment globally and when the rupee is facing significant downward pressure.
"There is merit in the RBI ensuring that the forward rates for the rupee are in alignment across markets," said Vivek Kumar, economist at QuantEco Research.
"For the RBI, the GIFT route is the easiest in terms of accessibility to the NDF market."
The inter-bank NDF volumes out of GIFT City IFSC were
at $2.3 billion on Thursday, according to data available on the Clearing Corporation of India website.
(Reporting by Nimesh Vora; Editing by Savio D'Souza)
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BERLIN (AP) - Police in Germany said Friday they detained a man for resisting
arrest and biting a service dog.
Officers were called to a dispute between two 29-year-old men and a 35-year-old woman in the western town of Ginsheim-Gustavsburg shortly after
midnight.
The trio acted in an "extremely aggressive and uncooperative" fashion, police said in a statement.
Officers were only able to overpower one of the men by using "massive physical force," it said.
"In the course of resisting arrest the 29-year-old man also bit a police dog," the statement said, adding that the canine
did not sustain any injuries.
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All three were detained and spent the rest of the night in jail to
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Miracema Brazil (law2.wlu.edu)
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By David Stanway
SHANGHAI, March 18 (Reuters) - China's cash-strapped regions are lobbying Beijing
to loosen its purse strings to help fight pollution, saying
they don't have the funds to meet state policies aimed at fixing the damage
done by decades of unrestricted development.
The cost of environmental compliance was a major theme at this
month's annual session of the National People's Congress, where thousands of non-binding recommendations submitted by delegates give an insight into the major
preoccupations of legislators.
Beijing has been at pains to stress it will not ease up in the "war on pollution" launched
five years ago by Premier Li Keqiang, even though the economy
grew at its slowest rate since 1990 last year.
But with resources tight and controlling debt a
priority, many parliamentary delegates called for more spending support from Beijing and a more
"coordinated" approach to keeping pollution in check and
the economy on track.
"We cannot stop or hinder economic development in order to pursue environmental protection," said delegate Pei Chunliang from central China's Henan province, which has struggled to find new sources of growth.
"In some regions the rules of economic development have not been respected," Pei
warned in a proposal calling for more support for environmentally friendly firms.
For regions under pressure to meet smog targets or resolve long-standing environmental problems while trying to
meet growth targets, immediate relief is seen as essential.
"There is a big gap between fiscal revenues and expenditure," said Zhang Leiming, mayor of the city of Pingdingshan in Henan,
blaming the economic slowdown and the city's dependence on coal.
Zhang said his city had spent hundreds of billions of yuan to tackle problems like land subsidence, but
it was "far from enough", and the state needed to establish a giant fund to
help resource-dependent cities meet their
goals.
Many regions called for state aid to rectify such longstanding pollution problems, with delegates from coal-producing regions like Shanxi lobbying for tax and debt relief.
Other regions are also struggling to implement new directives to prevent agricultural pollution and clean up rivers.
"Due to insufficient local financial resources and historical debts, it is difficult to meet the funding requirements," said delegate Yu Huiwen, head of the environment bureau in Sichuan province,
which is responsible for protecting the upstream area of the Yangtze.
The finance ministry said in its report to parliament this month that it will allocate 25 billion yuan ($3.7 billion) to a smog prevention fund this year, a 25 percent increase on 2018, and 30 billion yuan to treat water pollution, up 45 percent.
Environmment minister Li Ganjie, who acknowledged earlier this year
that some regions were struggling with the "historical burdens" of polluting
industries, also told a briefing during the parliamentary session that China would provide more
support for local governments.
The government was "currently studying and preparing to adopt new measures," he said, but added it wasn't just about money, but also policies and
technical guidance.
"Whatever the difficulties, we will help them find a reasonable solution," he said.
($1 = 6.7136 yuan) (Reporting by David Stanway; editing by Richard Pullin)
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