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Fall in rupee is driven by apprehensions about China crisis

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Mumbai: The huge fall in rupee has been described by the State Bank chairman Arundhati Bhattacharya, as being propelled by growing fears about the crisis affecting China and does not indicate any problems with the Indian economy, according to a report in Economic Times.

She said: “The current strain on the rupee is triggered by global issues as there are some amount of apprehension as to where China is going. Obviously it’ll take a little time before we get the floor.”

The markets crashed on Monday and the stock indices fell nine pins. Following this the rupee fell 82 paise to 66.65 to the dollar. The Sensex and Nifty had to take the blows as well. The Sensex was 5.94 per cent down at 25,741.56 and the Nifty registered 7,809 around 5.92 per cent down.

The cumulative market value of listed stocks that denote the total investor wealth, fell below Rs 100 trillion mark.

Bhattacharya called this blood bath in the market as being “triggered by facts then it is much more difficult to stop. But I do believe that this is more triggered by apprehension (over China) than facts” as per the ET report.

She added that investors will realize that India is a good spot as all its macro parameters are doing well.

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TikTok Still Unavailable on Google, Apple App Stores: Report

TikTok refused to share anything more than what it had said on Wednesday

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TikTok
The logo of the TikTok application is seen on a screen in this picture illustration taken Feb. 21, 2019. VOA

TikTok remained unavailable for download on both Google Play Store and Apple’s App Store on Thursday – a day after the Madras High Court’s Madurai Bench lifted the ban on the short video-sharing app.

Sources in the Ministry of Electronics and Information Technology said that official communication to the technology companies would be made after it receives the court directive.

The IT ministry had earlier asked Google and Apple to block the app following the Supreme Court’s refusal to stay the Madras HC’s call for ban on the app on April 3.

Deciding the case filed by advocate Muthukumar, the Madurai Bench on Wednesday vacated its interim order banning the app, subject to conditions that pornographic videos will not be uploaded on it, failing which contempt of court proceedings would begin.

Owned by Chinese company ByteDance, TikTok claims to have over 120 million monthly active users in India.

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TikTok has over 54 million monthly active users (MAUs) in India. Pixabay

A search for the app on Google Play Store and Apple’s App Store on Thursday did not yield any result.

While Google and Apple refused to share any official statement, the companies would be able to reinstate the app only when they receive an official directive revoking the ban.

Also Read- Facebook Actively Working on Launching WhatsApp Pay Soon

TikTok refused to share anything more than what it had said on Wednesday.

“We are glad about this decision and we believe it is also greatly welcomed by our thriving community in India, who use TikTok as a platform to showcase their creativity,” TikTok had said. (IANS)