Bizbits

T M Nagrajan has been elevated as an executive director, an IDBI release said. Advisors to IDBI, S K Chakrabarti and A Lahiri, have been designated as executive directors with effect from Thursday. In a major administrative reshuffle, the portfolios of executive directors, P V Narasimham and P S Subramanyam have been interchanged.

Rupee falls against dollar

MUMBAI — The Indian rupee weakened by 10 paise to Rs 39.22/24 against the US dollar following good demand from banks and corporate sectors in an active interbank foreign exchange (Forex) market here today.

The market opened nearly steady at Rs 39.22/24 per US unit, due to heavy demand it went upto Rs 39.32/34 during the intra- day trading session, dealers said and added that it went up to Rs 39.35. But at this level there was selling in the market and players started booking profit which halted the further downfall of the rupee.

Bullion prices fall steeply

MUMBAI — Prices of gold and silver declined steeply on the bullion market on Friday in view of weak overseas advices. Standard gold, after a low start, declined further to close at Rs 3,970, showing a fall of Rs 25 over the last close of Rs 3,995. Silver .999 and raw eased to Rs 8150 and Rs 8050 from Rs 8300 and Rs 8200 per kg respectively. 22-carat gold drifted lower by Rs 25 to Rs 3670 per ten gm in sympathy. Ten tola gold also decreased by Rs 200 to Rs 46,500 per bar.

Gold, at London, was fixed weak at USD 287.70 per ounce as against usd 289.20 previously. Reports of fresh import of gold by banks and other authorised agencies under the open general lincence also dampened the sentiment, they said.