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Rupee dips further - securities move lower
Mumbai: The rupee further depreciated against the dollar on Tuesday to close at 43.66/6650, down from Monday's close at 43.62/63.

Forwards market: The 12-month premium closed at 0.75 per cent (0.67) and the six-month at 0.71 per cent (0.59).

G-Secs: In the bond market, the 7.37-9 year-2014 paper closed at Rs102.03 (7.05 per cent YTM), down from Monday's Rs102.18 (7.03 per cent YTM). The 10.25-16 year-2021 closed at Rs125.36 (7.48 per cent YTM), lower than Monday's Rs125.58 (7.46 per cent YTM). The 7.38-10 year-2015 benchmark paper was dealt at Rs102.16 (7.07 per cent YTM).

Reverse repo: In the one-day auction, the RBI received and accepted 41 bids amounting to Rs32,000 crore.

CBLO market: There were 170 trades for Rs6,990.45 crore in the rate range of 4.81-4.95 per cent.
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HDFC Bank to raise micro-financing level to Rs.250 crore
Chennai: HDFC Bank is planning to increase its financing in micro-finance institutions to a quantum of Rs250 crore this year as compared to Rs75 crore in fiscal 2005.

HDFC Bank started its micro-finance operations in mid-2003.

Micro financing involves financing of small loans extended by non-governmental organisations (NGOs) and self help groups (SHGs) to individuals for starting or sustaining a small economic activity, whether it is crop tilling, sheep rearing, small trading or running a paan shop.

The bank lends money to these groups at about 10 per cent interest.

The groups lend this money to the individuals after taking into account its costs, at between 15 per cent and 20 per cent.
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HDFC Bank, Idea Cellular launch co-branded Visa cards
New Delhi: Idea Cellular and HDFC Bank have announced a tie-up to launch a range of co-branded products. The tie up will provide a Visa credit card for its subscribers and a post-paid connection for HDFC Bank credit card customers.

The Visa credit card is available in Gold and Silver variants at Rs2,000 and Rs700 respectively. Subscribers will get up to eight per cent back on their post-paid bill payment, along with reward points on supermarket, grocery, and petrol spends.

Benefits include value-added services up to Rs1,500 a year and mobile handset insurance worth Rs10,000. The co-branded credit card would be available in 60 cities across the country and would be usable at over 21 million Visa outlets across the world.
The co-branded connection will also offer special calling rate benefits.
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