Rupee settles down after intra-day high, as RBI talks tough
Mumbai: In a tough move to control the rupee from going out of control and collapsing against the dollar, the Reserve Bank of India banned banks from holding speculative dollar positions and ordered them to square their positions. This move came as the rupee sank against the dollar in the morning to touch an intra-day low of Rs. 44.95/96. The RBI intervention lead to a marginal recovery in the value of the Indian currency and it finally finished at Rs. 44.74/76.

The six month (annualised) forward premium did not witness much movement throughout the day, but at close it fell to 3.06 per cent. The 12-month forward premium closed at 3.15 per cent against Wednesday's close of 3.14 per cent.

Market analysts were not apprehensive of the ruppe’s slide, since, globally, the US dollar has been appreciating against most currencies. Noted forex dealers feel that the rupee was quoting high against the European currencies, and a 6-7 per cent depreciation of the rupee per year is within expectations.
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Government said to be considering liberalisation of TV uplinking norms
New Delhi: A group of ministers is said to be studying a proposal that would allow non-media companies to set up uplinking hubs in India.

As per the existing guidelines, only media companies, specially broadcasters, with maximum 20 per cent foreign equity, are allowed to uplink out of India for broadcasting purposes directly. Until two years ago, only VSNL the state owned international telecom carrier, was the sole provider of uplinking facilities in the country.

The government is said to be thinking about the liberlisation in view of the fact that the government wants to make India an uplinking hub for TV channels and not all broadcasters may invest in setting up an uplinking base here.
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