BusinessLine Twenty Years Ago - Today

may 1 | Updated on April 30, 2014 Published on April 30, 2014

Russia to auction Indian rupee

Moscow: The Indian rupee has a new-found demand here as currency in international trade. According to a senior official of the Russian Finance Ministry, Ms. Margarita Gretskaya, the Government plans to auction shortly

Rs. 400 crores to Rs. 700 crores out of rupee funds due from India this year as repayment of Soviet credit.

The funds will be used by Russian private companies for making critical imports from India, Ms. Gretskaya told the first Indo-Russian business Seminar organised here jointly by the Indian Embassy, Indian Business Association (Moscow) and Russian Foreign Policy Foundation.

Dollar buying by RBI to be limited

New Delhi: The Government is considering various measures to reduce the forced buying of the dollar by the Reserve Bank of India to prevent the rupee from appreciating and to maintain the competitiveness of India’s exports. These include permitting retention of more foreign exchange abroad by Indians as well as moderating the inflows by corporates.

The latest figures available with the Finance Ministry show that the RBI was forced to buy nearly $14 billions in the open market during the 12 months ended March 31, 1994 against $15.37 billions in the 12 months ended March 1993, which saw unification of the exchange rate.

‘Flow of foreign equity key to success of reforms’

Calcutta: The officer on special duty in the Planning Commission, Mr. Ramesh Jairam, has called for adequate foreign equity investment in the country and said that this, among other things, would go a long way in determining the success of the economic reform process initiated by the Centre a little over two years ago.

Published on April 30, 2014
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