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The governor's new clothes![[Details]](/icons/bullet.gif){kind=icon} The RBI governor's utterances at a press briefing on Monday have not gone down well with the forex market. The rupee fell to 39.93 to the dollar on Tuesday before correcting on massive RBI intervention.
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Jalan's rupee view The Reserve Bank's signal is clear. If the market feels that the rupee should decline from Monday's level of around Rs 39.55 per US dollar, the Reserve Bank will not rush to shore it up. Reserve Bank governor Bimal Jalan made this clear when he said "I have no target....I am not saying RBI will defend the rupee at a certain level".
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Consolidating ties JM Financial obviously realised that it would be left behind if it didn't have an international partner. One reason is that its rivals have already tied up with foreign firms. The more important reason is that with plenty of business from divestments and privatisations round the corner, a tie-up will create an organisation which will have both domestic as well as international placing power.
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Consolidating ties
The Index -- Sara-Lee -- Nutrine
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The Group
