The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
The Indian unit was trapped in a range of 44.26-44.30 during the day after resuming steady at 44.27/28 per dollar.
The central bank seemed to have taken steps to prevent any major fall in the local currency due to outflows following the worldwide stocks carnage, a forex dealer said.
Foreign Institutional Investors (FIIs) pulled out about USD 225 million from equity markets on February 26 and 27 and also withdrawn massive funds on Wednesday when the benchmark sensex fell by 4.0 per cent in line with global meltdown.
High global crude oil prices continued to weighed on the rupee sentiment. Oil companies were seen buying dollars as crude prices rose past USD 62 a barrel level in later afternoon trade in Asia, forex dealers said.
The equity markets bounced by 1.71 per cent despite depressed Asian cues after investors covered short positions on the back of heavy buying by mutual funds.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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