MUMBAI: The Reserve Bank of India intervened in the spot dollar market twice on Thursday to prevent the dollar from slipping below Rs 35.71. However, the premium on forward dollar declined.

Surprisingly the RBI did not intervene in the forward market even though the swap premiums crashed by nearly 7-8 paise, dealers said.

Opening at 35.71-35.72 to a dollar, the rupee firmed to 35.70-35.71 levels on steady selling of the US currency. The rupee ended at 35.70-35.71 per dollar. The RBI's spot dollar buying was not much today and estimated to be below $100 million, a dealer said.

Voltas

MUMBAI: Hyundai Heavy Industries (HHI), part of the Korean international conglomerate Hyundai, has entered the booming Indian construction equipment market through Voltas Ltd's minining and construction equipment division. An exclusive distribution agreement between the two companies was signed. n EEBNew AAAI chief

MUMBAI: Ram Sehgal of Contract Advertising (India) Pvt Ltd was unanimously elected President of the Advertising Agencies Assocation of India (AAAI) for 1997-98.

Coatings & Chem

MUMBAI: Coatings & Chemicals Corporation Inc, the second largest supplier of non-stick coatings to the US cookware market is setting up a fully owned export oriented unit to manufacture non-stock coatings near Ahmedabad. The EOU is being set up in the name of Chicago Coatings Corporation Ltd. The new facility is the extension of CCC's factory which operates in Chicago.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.