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Re flat
Mumbai: The rupee remained almost flat against the dollar on Friday. The rupee opened at 46.54, moved in the range of 46.52-54 and ended 46.52/53.

Forwards: In forwards, the six-month premium ended at 1.42 per cent (1.42 per cent) and the 12-month premium at 1.38 per cent (1.38 per cent).

Bonds: Bonds ruled range-bound ahead of the Rs9,000-crore worth Government auction. Bond prices moved in a band of 20 paise, said dealers.

G-secs: On Friday the 7.59-10 year-2016 paper opened at Rs98.18 (7.86 per cent YTM) and ended at Rs98.09 (7.88 per cent YTM) against the previous close of Rs98 (7.89 per cent YTM). The 8.07-11 year-2017 paper opened at Rs101.12 (7.91 per cent YTM) and ended at Rs100 (7.92 per cent YTM), against the previous close of Rs100.98 (7.93 per cent YTM).

Call rates: Call rates were between 6.00 and 6.10 per cent.

Reverse repo: In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 20 bids amounting to Rs20,570 crore and in the second one-day reverse repo auction, 40 bids for Rs20,595 crore.

CBLO: The CBLO market saw 291 trades aggregating to Rs14,593.15 crore in the 4.00-6.20 per cent range.
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Rupee may go for full float
Mumbai: The rupee may soon become fully convertible according to the much-awaited report on 'fuller capital account convertibility,' released by the Reserve Bank of India (RBI).

However, the currency liberalisation will come with conditions. The most important is the ban on participatory notes (PNs) and the use of it as a tax haven.

NRIs will stop enjoying tax exemptions on the interest on bank deposits.

RBI will have to build a war chest of securities and cease to become the government's merchant banker, while the Centre as well as states will have to rein in liabilities.
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Forex reserves down $ 41 m
Mumbai: According to RBI's Weekly Statistical Supplement, reserves fell by $41 million to touch $165.326 billion for the week-ended August 25. In the previous week, reserves rose by $273 million to touch $165.367 billion. The euro traded between the $1.2766 to $1.2890. There was an FII inflow of around $25 million into equities the week under consideration. Gold reserves remained unchanged at $6.557 billion. The reserve position in the IMF increased by $1million to touch $768 million; but foreign currency assets decreased by $42 million to touch $158 billion. .
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United Bank plans IPO
Kolkata: The United Bank of India is going in for an initial public offering (IPO) of an undisclosed amount soon.

The issue is aimed at converting Rs1,232 crore of its equity base of Rs1,532 crore into preferential share and perpetual bond.

The bank has already submitted its proposition to the Reserve Bank of India and is awaiting its decision.
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domain-B : Indian business : News Review : 02 September 2006 : banking and finance