Rupee plunges to 64.20 per USD

The rupee dropped sharply to 64.20 per dollar in late morning trade today. This follows good demand for the US currency from banks and importers due to rise in crude oil prices. The rupee resumed lower at 63.65 per dollar against the last weekend's level of 63.20 at the Interbank Foreign Ex...

Oil prices scale up on disappointing US housing data

Oil prices climbed in Asian trade today as disappointing US housing data tempered expectations of stimulus tapering by the Federal Reserve. New York's main contract, West Texas Intermediate for delivery in October, rose 36 cents to 106.78 dollars in mid-morning trade. Brent North Sea crude ...

Rupee turns weak again; Slips 70 paise in early trade<br/>

The rupee today again turned weak and plunged 70 paise to 63.90 against the US dollar in early trade. This follows strong recovery on Friday, due to increased demand for the American currency from importers and some banks.Dealers said besides increased month-end demand for dollar from importers, dol...

Sensex continues its rising streak for 3rd straight day

The Sensex at the Bombay Stock Exchange, continued its rising streak for the third straight day today as it rose 144 points in early trade. The gain came on expectations that the government would take steps to attract capital flows to fund the current account deficit. Besides, a firming trend in the...

IT department suspects possible tax evasion by defaulters of NSEL

The income tax department suspects possible tax evasion by defaulters of the National Spot Exchange Ltd (NSEL). It has found that stocks projected by most of them are forged and over-reported. The IT department had conducted nation-wide searches on the business premises of about two dozen members of...

Govt to come up with more measures soon to attract inflow of forex

The government is to come with steps to attract inflows of foreign exchange in a week or 10 days. This was stated by Financial Services Secretary Rajiv Takru in Mumbai today after a meeting of top bankers chaired by Finance Minister Chidambaram. He said all measures to attract fund flows are under c...

FM meet top bankers in Mumbai to discuss ways to shore up foreign capital

IMF Chief warns central banks not to end stimulus measures<br/>

The head of the International Monetary Fund Christine Lagarde has warned central banks not to end their stimulus measures too soon. She said stimulus policies were still needed in some regions, especially Europe, United States and Japan.With signs that the global economy is improving, there has been...

RBI imposes monetary penalty on 6 banks for violating KYC guidelines

The Reserve Bank has imposed monetary penalty worth 6 crore 50 lakh rupees on six banks for violating Know Your Customer guidelines. In a press release issued in Mumbai today, RBI has informed that penalties ranging from 50 lakhs to two crore have been imposed on Allahabad Bank, Bank of Maharashtra,...

FM invited to Singapore's South Asian Convention

Singapore has invited Finance Minister P Chidambaram to address the second South Asia Diaspora Convention to be held in November,which aims to provide a &quot;unique, one-of-a kind platform&quot; to tap into the investment opportunities in the region.The theme of the convention, organised by...