The Financial Express -- Markets

Friday, December 26 1997

RBI says rupee fall warranted by need to counter rise in REER

The Reserve Bank of India has described the sharp fall of the Indian currency against the dollar as a "correction" of the cumulative real appreciation of the rupee. The "Report on Currency and Finance 1996-97" attributed the "gradual" depreciation of the Indian unit to the high value of the trade-based real effective exchange rate of the rupee.

Special securities of Rs 20,000 cr converted into marketable lots

The Reserve Bank of India converted Rs 20,000 crore worth of special securities in its portfolio into marketable lots of varying maturities and coupon rates in 1996-97. Following the sudden increase in the liquidity of the system the RBI decided to control domestic interest rates and exchange rate through this route.

Merchant bankers face bleak times

Merchant bankers are being slowly but steadily squeezed in by lack of public offers of capital. According to the Reserve Bank of India's December bulletin, the number of issues from non-government public limited companies has crashed to 67 in the first half of fiscal 1997-98 as against 638 issues which hit the market during the same period the previous year.

RBI says rupee fall warranted by need to counter rise in REER

Special securities of Rs 20,000 cr converted into marketable lots

Dearer imports may prop cellular-handset prices

RBI rejects exchange-rate band proposal

Low industry growth hits primary market

Merchant bankers face bleak times

Export credit falls below target

Market discounts India Cements' statement on Raasi scrip purchase