20 march 2004

rupee higher
the rupee ended sharply higher at 45.16/17 in its value against the dollar. this is better than the 43-month closing high of 45.2250/2300 on march 10.
g-sec - the yields on the benchmark 10-year paper fell to 5.15% (5.17%) with the 7.37% 2014 ending 21 paise higher at rs 117.25/30.

inflation finally below 5 per cent
new delhi: after 16 weeks of over 5.0 per cent, inflation fell to 4.91 per cent mark for the week ended march six due to sharp fall in prices of vegetables, wheat, fuel products and manufactured items including food products, restoring credibility to the governments oft repeated claims of bringing it down to this level.

rbi approval required for investment schemes abroad
mumbai: all banks, indian and foreign, including those not having an operational presence in india should henceforth seek approval from the reserve bank of india before marketing foreign currency deposit schemes, overseas mutual funds, or any other such foreign financial services to resident indians.in a circular to all authorised dealers in foreign exchange, the apex bank has observed that, several advertisements by both foreign and indian banks, soliciting foreign currency funds and deposits do not contain appropriate disclosures to guide potential depositors

tmb's elected directors to discharge their duties
chennai: the company law board (clb) has directed that the 10 elected members of the tamilnad mercantile bank can now discharge their duties.this follows the submission of a report to the clb of the proceedings of the bank's annual general meetings for the seven-year period between 1997 and 2003 and the elections to the board conducted at tuticorin on march 12. the chairman of the meeting, s. ramalingam, a retired judge of the high court, submitted the report. the bank's board now consists of 14 members including two nominated by the reserve bank of india and two by the central government.

19 march 2004

rupee stable
the rupee was steady, ending the days trade at 45.2425/2450 in its value against the dollar.

forward market - the six months forward closed at 0.44 per cent (0.39 per cent) and the one-year forward closed at 0.54 per cent (0.48 per cent).