Bizbits

Re falls against dollar again
MUMBAI: The Indian rupee ended weaker than previous closing levels but off the day’s lows after heavy import demand seen in the early part of the day abated, dealers said. Dollar bids towards close indicated there was still some demand but the rupee was unlikely to weaken much, they said.The rupee ended at 43.53/535 per dollar, off lows of 43.545 and compared with its previous close of 43.51/515. “Early trade saw dollar bids from the SBI and there was buying from several state-run corporates including oil, gas and power firms,” dealers said. "With the RBI having taken so many measures to ensure there is no liquidity problem during the Y2K transition, they will not allow any flip in the currency. I’m sure they will not let the rupee slip below 43.55," the chief dealer of a private bank said. "There was equal commercial interest for the dollar from both the importers and exporters, as well as corporates. The rupee would have rallied, if it had not been for the last minute dollar-buying interest," a forex dealer commented.

IDBI signs $ 50 mln deal with NIB
MUMBAI: The Industrial Development Bank of India (IDBI) has signed an agreement with Nordic Investment Bank (NIB) for availing a line of credit of $ 50 million.

The credit line, which is the fourth to be contracted by IDBI from the Finland-based multilateral institution, is being extended without a sovereign guarantee and carries a sub- commercial rate of interest over a maturity period of nine- and-a-half years, an IDBI statement said here today. The proceeds of the loan would be utilised for funding identified projects involving import of goods and services from the nordic countries or joint ventures/licence agreements with nordic companies, IDBI said adding, its earlier three lines of credit amounted to $ 120 million.