Friday, August 14, 1998
Rupee slips to a new low of 43.08 against dollar
The rupee dipped further to close at yet another new low of 43.08/12 against the dollar on Thursday after weakening in intra-day trades to 43.28. On Wednesday, the rupee closed at 42.95/43.05 after touching a historic low of 43.35, weaker than its previous close of 42.88/91.
ICICI to utilise banking arm's counters to redeem bonds
In the first exercise as a universal bank, ICICI will put to use ICICI Bank counters across the country to redeem the institution's bonds. Bondholders of the forthcoming seven-year maturity "encash bond" -- to be launched on August 27 -- are offered instant encashment of the prinicipal amount of the instrument after one year at ICICI Bank counters.
Five-year paper auction sails through without a hitch
The five-year 2003 government stock auctioned on Thursday sailed through smoothly without any devolvement on the Reserve Bank of India (RBI) or primary dealers. The RBI received 167 applications worth Rs 5,567.16 crore for a notified amount of Rs 3,000 crore at a high coupon rate of 11.78 per cent.
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