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This is an archive article published on December 8, 1999
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Rupee falls against dollarMUMBAI: THE Indian rupee ended weaker on Tuesday after dollar purchases were made by SBI on a day when dollar su...
December 8, 1999 12:00 AM IST
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Rupee falls against dollar
MUMBAI: THE Indian rupee ended weaker on Tuesday after dollar purchases were made by SBI on a day when dollar supplies were lower than expected, dealers said. The rupee ended at 43.4575/4625 per dollar but off the day8217;s low of 43.475.
It had opened at 43.42/43 after closing at 43.4225/4275 on Monday. quot;Supply of dollars from foreign funds were insufficient to match the day8217;s demand. We could see the current trend continuing. I see the rupee weakening gradually to the 43.50 level by the month end,quot; a dealer said.
Icra downgrades BPL Sanyo FD
MUMBAI: CREDIT rating agency ICRA has downgraded the rating assigned to the fixed deposit FD programme of BPL Sanyo Technologies Ltd BSTL from MA8217; to MB8217;.
quot;The revised rating of BPL indicates inadequate safety and reflects the competition and the sluggish growth in the audio market. The rating downgrade also factors the deterioration in performance of BSTL,quot; an Icra release said.
FIPB nod forPfizer wholly-owned unit
NEW DELHI: THE Foreign Investment Promotion Board has approved the proposal of Pfizer Inc to set up a wholly owned subsidiary in India. Sources in the industry ministry said the board cleared the Pfizer proposal for the second time after the Department of Company Affairs, to which the application was referred, conveyed its no-objection.
DCA has stated that since the norms on setting up of subsidiaries by foreign firms had been issued by the industry ministry, the proposal did not relate to any provision of the Companies Act.
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