Bizbits

Rupee falls by 10 paise against dollar

MUMBAI: The Indian rupee declined further sharply by ten paise to 43.42 against the US greenback on sustained corporate dollar demand at the interbank foreign exchange forex market on Thursday. The absence of positive response from Pakistan on withdrawal of their forces from the Line ofControl LoC in Kargil made the market nervous. The rupee opened nearly steady at 43.31/33, which happened to be the day8217;s high, came under pressure on heavy dollar demand from banks and corporates spurred by the unending border crisis. It continued to fall during the course of the day, and ended lower at 43.40/42, as against 43.31/32 of the previous day, losing ten paise of its value. Dealers said corporates bought dollars fearing further crash of the rupee as there is no sign of peace at the the border.

Kuber group director arrested

NEW DELHI: Delhi police have arrested a director of the Kuber group of finance companies, which had allegedly misappropriated crores of rupees collected through its various schemes from investors. Crime branch police arrested Mukesh Mohan Sharma, brother of company chairman Pradyumna Kumar Sharma, yesterday and produced him today in the court of metropolitan magistrate Manoj Jain, who remanded him to two day8217;s police custody. Police sought his remand to identify someproperty of the company in Dehradun and Meerut in Uttar Pradesh. The managing director of the group of companies PK Sharma, who was arrested here on June 3, is now in the judicial custody. Police had earlier claimed that Kuber group of companies has assests worth crores of rupees including three buildings, 30 flats and 250 acres of land in South Delhi, apart from a commercial plot in Patparganj Industrial Area in East Delhi, three buildings in Mumbai and other properties in Meerut and Lucknow.