Financial Briefing -- Reserve Bank for soft-landing of rupee

Monday, November 17 1997

Financial Briefing -- Reserve Bank for soft-landing of rupee

The Reserve Bank of India (RBI) actions on the foreign exchange front would be centered only to ensure ``soft-landing the rupee'' against the US dollar in the light of intense lobbing by the exports for a devalued rupee vis-a-vis the greenback, experts said. Although the different statements made by the government officials slid the rupee in the recent past and the RBI attempted to `talk' the rupee up, there is a consensus among the market participants that the rupee was south-bound with respect to the dollar to ensure export competitiveness, reports PTI.

Visa move to improve services: Visa International Asia Pacific has announced a series of initiatives designed to strengthen the capability of member financial institutions in the region in managing risks associated with the card payment system industry. In today's fast growing, rapidly evolving and highly competitive environment for payment systems, managing risk is an ever-increasing challenge. Visa is stepping up the services and programmes by harnessing the latest highly sophisticated technologies to ensure that the members will be to overcome these challenges, said Jack Miller, General Manager, Visa International.

New coin dispensation machine: RBI governor C Rangarajan will inaugurate a coin dispensation machine on Monday.The machine will be located in the RBI main building.

Short-term debt: At the end of March 1997, the ratio of short-term debt to the level reserves stood at a little over 25 per cent, said YV Reddy, deputy governor, RBI. On the perception that India's debt servicing burden was high, he clarified that it had come down from 35.3 per cent in 1990-91 to 25.4 per cent in 1996-97.

Investors' plaint against Prudential: Investors of Prudential Capital Markets on Saturday filed a criminal complaint against the firm with the economic offence cell of the state police. The investors, under the banner of National Association of Small Investors, today met the Mumbai city police commissioner with the complaint.