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Rupee dips to all-time low, breaches 40
The rupee pierced the psychological barrier of 40 on Wednesday to touch a low of 40.25 against the dollar on relentless corporate demand for the greenback and thin supply. The Reserve Bank of India pumped in an estimated $50-70 million in the spot and forward markets. The State Bank also sold dollars.
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Rupee, FI jitters see Sensex slip by 31 points
Uncertainty the rupee front and the continuous bouts of sales by institutional players at the index-based stocks saw wild fluctuations in the BSE-30 share Sensitive Index. The index hovered in a band of 3,380.98-3,482.05 to finally close at 3,400.79 points, registering a net loss of 30.93 points.
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RBI may have to revoke diktat on overnight forex positions
The Reserve Bank of India (RBI) may be forced to revise its diktat directing banks to square up their foreign-exchange positions after liquidity in the forward market dried up. Rolling back the measure may be accompanied by the restoration of nostro accounts outside the 15% overseas investment limit for banks.
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Centre plans to amend FC(R) Act to allow options in commodities trading
In a bid to give a fillip to commodities trading, the government has, in principle, also decided to introduce options in addition to futures by making necessary amendments in the Forward Contract (Regulation) Act, 1952. Options are currently banned under the FC(R) Act.
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