Wednesday, June 24, 1998
Rupee breaches 43-mark as RBI stays away; recovers to 42.90 against dollar
The relentless fall of the rupee continued on Tuesday with the currency breaching the 43 barrier against the dollar, to touch a new low of 43.05, before recovering to close at 42.90/92. There were even quotes at 43.08, although no deal was struck at that level. In a related development, the pound sterling breached the 72-mark to touch a low of 72.50, before closing at 71.60.
IOC, HPCL offer ONGC a stake in refineries
The Oil and Natural Gas Corporation (ONGC) has been offered a stake in all upcoming public-sector refinery projects. Top sources told The Financial Express that Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) have approached ONGC for participating in their projects being commissioned in Paradip and Punjab.
SEBI okays investment by FIIs in unlisted debt
The Securities and Exchange Board of India (SEBI) in its annual meeting held in Mumbai approved amendments to the SEBI regulations, 1995 for investments by foreign institutional investors (FIIs). These measures have taken place keeping in view the negative sentiment of FIIs towards the Indian market. The SEBI board approved changes to the regulations to permit FIIs investing through the 100% debt route to invest in unlisted securities.
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