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India
Inc covering $10-Bn short forex positions
Mumbai: Corporate India has started covering gross
forex short positions, estimated at a staggering $10 billion
or so and testing the waters by taking on fresh long positions
on the dollar in anticipation of a dip in the rupee in
early October.
Senior
dealers say that export-dollar cancellation is also rearing
its head in a market with heavy "oversold" positions.
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IDBI
corporatising plan in full swing
New Delhi: Preparatory work for transforming the
Industrial and Development Bank of India (IDBI) into a
universal bank was apace in anticipation of passage of
the bill pending before Parliament. Banking secretary
NS Sisodia told FE that "we need not wait further
once the IDBI bill is passed," adding that the government
and the bank were going ahead with all preliminary work
needed for corporatising IDBI.
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