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Rupee slides against dollarMUMBAI: The Indian rupee weakened against the dollar on heavy demand from the corporate sector and the State Bank...

Rupee slides against dollar

MUMBAI: The Indian rupee weakened against the dollar on heavy demand from the corporate sector and the State Bank of India SBI at the fag end of trading on the interbank foreign exchange forex market on Tuesday.The market opened at Rs 39.21/23 per US dollar. Later it moved up and hovered in the range of Rs 39.22-28 for most part of the day. SBI entered in the market during the later part of the day and bought heavily on behalf of its client to meet the remitances, which pushed the dollar higher to Rs 39.28/30 at the close. The Reserve Bank of India RBI intervened heavily in the near and forward dollar, drifting the premiums lower.

RBI bans Patliputra Housing

MUMBAI: The RBI has barred Patna-based Patliputra Housing Development and Finance India Private Ltd from accepting deposits from the public for violation of its various norms. A RBI press statement said the apex bank in exercise of its powers under sub-section 4 of Section 45k of the RBI Act, has barred the company from accepting any form of deposits fresh deposits, renewals and even investment in any of its schemes.The RBI said the company did not comply with its directives and did not reply to its showcause notice.

ICICI sells Raasi Cement

MUMBAI: The Industrial Credit and Investment Corporation of India Ltd ICICI sold 2,94,686 equity shares representing 1.80 per cent of the capital of Raasi Cement Ltd at the rate of Rs 100 per share through negotiated sale on December 29, 1997, the ICICI said.

NSE alerts members on illiquid scrips

MUMBAI: The NSE authorities have advised its members to be alert before executing orders in illiquid securities, especially if the orders are received over telephone, and to inform the exchange of any suspicious activities. The modus operandi appears to be to contact the member over telephone, claiming to be an existing client and placing orders. After the orders are executed, when the member contacts the client for fulfillment of obligation, the client completely denies having placed any such order and is therefore unwilling to fulfill the obligation. Since the security is illiquid, it may not be possible for the member to square-up the transaction and the member himself has to perforce fulfill the obligation.