KCCI body call on Advisor: Ganai urges Business leaders to play proactive role in promoting entrepreneurship culture

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SRINAGAR: A delegation of Kashmir Chamber of Commerce and Industry (KCCI) Thursday called on the Advisor to Governor, Khurshid Ahmad Ganai, and discussed with him various issues pertaining to the trade and tourism sectors in the State.

The delegation, led by the newly-elected President KCCI, Sheikh Ashiq Ahmad, highlighted several issues for developing entrepreneurship with linkages to services sectors like tour and travel industry. They briefed the Advisor about highlighting the tourism potential of heritage sites in the State, which can attract a large number of high-end tourists to the state.

Issues related to restoration of Chinar Bagh at Dalgate, facilitation of public conveniences at tourist destinations, parking issue at the Srinagar Airport, enhancement of Haj quota to private tour operators and power tariff to industrial units were discussed during the meeting.

The Advisor urged the industrialists to play a proactive role in creating conducive environment for promotion of tourism, trade and entrepreneurship in the State. He said it is imperative that all stakeholders work together for growth of vital sectors of the State’s economy.

Urging the KCCI delegation to promote entrepreneurships by extending a helping hand to the startups, he said only a self-sustained and self-reliant business culture will ensure creation of jobs in the private sector and enhancing employability of the skilled youth in the State. He urged the business fraternity to hold regular interactions with top tourism and business players by organizing meets and exhibitions in and outside the country.

Rupee declines 11 paise to close at 73.27 against US dollar

MUMBAI: Indian rupee depreciated by 11 paise to close at 73.27 against the US dollar on Thursday due to steady capital outflows and sharp decline in domestic equities amid intensifying geopolitical tensions.

Dealers said a spurt in dollar demand from importers and hardening yields in the US markets weighed on the domestic currency.

Foreign investors pulled out around Rs 1,495.71 crore on a net basis from capital markets on Thursday with stocks declining 1 per cent in line with global sell-off. FPIs had pulled out Rs 2,046.54 crore on net basis Wednesday.

However, easing crude oil prices restricted the fall in the local currency, dealers said.

Oil prices fell over fears of possible drop in oil demand after a melt down in global equities. Brent crude prices were trading at USD 76.71 per barrel.

At the Interbank Foreign Exchange, the rupee opened on a lower note at 73.33 and dipped further to hit an intra-day low of 73.37 against the US dollar.

But the local unit gained some ground and finally settled for the day at 73.27, showing a loss of 11 paise over the previous close.

On Wednesday, the rupee strengthened by 41 paise to close at more than three-week high of 73.16 against the US currency.

Unabated capital outflows by foreign funds, and heavy selling in domestic equities dampened the sentiment, dealers said.

The benchmark BSE Sensex slumped about 344 points on Thursday to settle at 33,690.09, while, the broader NSE Nifty closed below the 10,200-mark by slumping 99.85 points, or 0.98 per cent at 10,124.905.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.2746 and for rupee/euro at 83.6478. The reference rate for rupee/British pound was fixed at 94.6190 and for rupee/100 Japanese yen was 65.33.

Meanwhile, bond markets were almost flat on easing crude oil prices. Yield of the benchmark 10-year government security was almost steady at 7.869 against 7.87 Wednesday. The yield of 6.84 government security maturing in 2022 eased by 1 basis point to 7.72.