Wednesday, June 10, 1998
Re plunges below 42 mark
The rupee plunged below the 42 mark to touch a historic low of 42.25 against the dollar at the inter-bank foreign exchange market on Tuesday. The fall took place as State Bank of India (SBI) withdrew its support to the Indian currency and corporate demand for dollars increased.
FIIs pull out $ 129 m in a single week
Foreign institutional investors (FIIs) pulled out $ 129.1 million (Rs 510 crore) in the first week of June (1-5) by selling shares in the Indian markets. As a result, cumulative net investment by FIIs fell below the $ 9 billion mark to $ 8.906 billion. The Securities and Exchange Board of India (SEBI) said that the FIIs had pulled out $ 223.7 million (around Rs 883.7 crore) from the market in the month of May.
Saito promises new Maruti models
Suzuki Motor Corporation (SMC) will be giving full technical co-operation to Maruti Udyog Limited (MUL), now that its dispute with the government has been resolved. Y Saito, chairman of MUL and Bhaskarudu said that the immediate aim of the company would be introduce new models, but did not specify a time-frame.
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