Rupee falls 16 paise against dollar to 54.53 in early trade

The rupee today fell by 16 paise to 54.53 against the dollar in early trade at the Interbank Foreign Exchange market in line with weak local equities, following withdrawal of support by DMK to the Congress-led UPA government, despite RBI cutting its short-term lending rate.The rupee had lost 20 pais...

France Budget Minister resigns on charges of bank fraud

The French Budget Minister, Jerome Cahuzac has resigned as the authorities began a formal investigation into allegations of tax fraud. Mr. Cahuzac's job was combating tax avoidance is alleged to have used a Swiss bank account to hide money from the tax authorities. He has previously denied ...

Cyprus rejects EU-IMF bailout tagged with levy on bank deposits

Cyprus' parliament has rejected a controversial levy on bank deposits, proposed as part of an EU-IMF 13 billion dollars bailout package. No MPs voted for the bill, with 36 voting against and 19 abstaining. Thousands of protesters who had filled the streets outside parliament reacted with jo...

Colombo-Chennai sector flights cut in half by Sri-Lankan Airlines

Sri Lanka's national airline, Sri Lankan Airlines has announced a cut in the number of its flights on the Colombo-Chennai sector by half. The number of weekly flights has been brought down from 28 to 14. Issuing a press release, the Airline said that the reduction has been done in view of a...

Govt working on competition policy to provide improved business climate

Govt working on competition policy to provide improved business climate

Sensex tumbles 285 pts at close

The Sensex at the Bombay Stock Exchange plunged 285 points, or 1.5 percent, to close at a two-week low of 19,008, even as the Reserve Bank announced its credit policy review, and as European markets fell, today. During the session, the Sensex had dropped below the 19,000 level. The Nifty at the Nati...

RBI cuts key policy rate by 25bps:CRR unchanged

In its mid-quarter policy review today, the Reserve Bank of India (RBI) decided to reduce the key repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect. Consequently, the reverse repo rate stands adjusted to 6.5 per cent and the marginal standing facility (MSF) rate a...

Several initiatives by FMC to improve transparency in coomodity futures market: Min Thomas

The government today said that Forward Market Commission (FMC), has taken several initiatives to improve transparency in the commodity futures market . This was informed by Consumer Affairs Minister Prof. KV Thomas in a written reply in the Lok Sabha. He said the futures trading on national commodit...

Rupee gains 26 paise to quote at 53.91 against dollar

The rupee today gained 26 paise to53.91 against the dollar in early trade. This follows fresh selling of the US currency by exporters ahead of the Reserve Bank policy review.Strengthening of euro against thedollar overseas on easing fears about a controversial bailoutfor Cyprus and a higher opening ...