24 may 2000

rupee dives to below 44
mumbai: as a result of huge demand from foreign banks who were on a buying spree, the rupee dived by 5 paise on tuesday, ending the day at 44.02/03 to the dollar after touching an intra-day low of 44.04/05, after having closed at 43.9725/9775 to the dollar on monday.

it is assumed that dollar repatriation by the fiis, was the primary reason for the run on the rupee. the scene would have been worsem, but the nationalised banks came in and sold dollars for some time to stabilise the movement.

the six-month forward annualised premium ended the day at 2.41 per cent (2.31 per cent) while the 12-month premium ended at 2.78 per cent (2.72 per cent).

management recast likely in indusind bank
mumbai: the beleagured hinduja family controlled, indusind bank is likely to see some more changes in its management structure.