Friday, August 21, 1998
CRR, repo rates hiked to stem rupee slide
Concerned over the steep fall in the value of the rupee against the dollar, the Reserve Bank of India yesterday unveiled a multi-pronged strategy to bring stability in the foreign exchange market. The apex bank has hiked the cash reserve ratio (CRR) on banks' net time and demand liabilities by one percentage point to 11% with effect from August 29, raised the repo rate (interest rate on securities repurchased) by three percentage points to 8%.
FIIs all set to enter forward currency market
The Reserve Bank on India, in an announcement, said that FIIs will be allowed to take forward cover up to 15% of the value of their investments as on June 11. The new measure will be in addition to the forward cover facility available for incremental investments.
Singhanias challenge Piaggio move to ICC
The Singhanias have challenged the contention of its joint venture partner in LML Ltd, Piaggio, to transfer their court case to the International Chamber of Commerce (ICC), Singapore, for arbitration. The Indian promoters have contented through their counsel Yogendra Swarup that Piaggio C.S.P.A., a 100% subsidiary of Piaggio, has not made any declaration before the registrar of companies.
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