Rupee remains unchanged
The rupee remained almost unchanged against the dollar on Friday as demand met the supply of dollars.

The rupee opened at 44.94/96 and touched an intra-day low of 45.07. It then moved up to close the day at 44.91, against 44.92/93 on Thursday.

Forwards: In the forward premia market, the six-month closed at 2.01 per cent (1.98 per cent) and the 12-month ended at 1.85 per cent (1.82 per cent).
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Banks capital market exposure may rise
Mumbai: A draft circular issued by the RBI recently said the aggregated capital market exposure of banks can go up to 40 per cent of their net worth on both solo and consolidated bases. This is due to the modified Reserve Bank of India guidelines coming into force from January 2007. The RBI had mentioned this measure in the mid-term review of its annual policy statement for 2005-2006.

However, banks' direct capital market exposure will be limited to 20 per cent of their individual net worth. At present, banks' capital market exposure is restricted at 5 per cent of their total outstanding advances.

Going by the banks exposure to this sensitive area as on March 31, 2006, all banks have large additional legroom for capital market exposure.

As on March 31, PSU banks' exposure to capital markets amounted to Rs13,274 crore. The modified guidelines will allow them to go up to Rs46,006 crore.

Foreign banks' exposure to the capital market is Rs2,243 core against a potential Rs9,714 crore. For old private banks it is Rs1,077 crore (Rs3,868 crore) and for new private banks, Rs5,290 crore, as against their potential limit of Rs13,656 crore.
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Forex reserves rise to $170bn
Mumbai: Foreign exchange reserves rose by $1.168 billion to $168.284 billion during the week ended November 10 as against $167.116 billion during the week ended November 3.

Foreign currency assets increased by $1.172 billion to $161.563 billion, according to figures released by the Reserve Bank of India. The reserve position in the IMF went up by $2 million to $652 million.

While gold reserves were steady at $6.068 billion, SDRs declined $6 million to $1 million.
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ICICI Pru registers 143 pc growth in H1
Mumbai: ICICI Prudential Life Insurance has clocked a 143 per cent growth during the half year April-September 2006, earning new business weighted premium of Rs1,626 crore, as against Rs 668 crore during the corresponding period of the previous year.
The company underwrote 658,437 policies during the period and the sum assured stands at Rs64,113 crore.

ICICI Prudential continues to be the leading private life insurer with a retail market share of 9.2 per cent of the total and 30 per cent of the private market. Assets held stand at Rs11,423 crore as on September 30, 2006.
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Kotak Life's new product
Mumbai: Kotak Mahindra Old Mutual Life Insurance has launched Sukhi Jeevan, an insurance product aimed at semi-urban and rural customers. This is a long-term savings and protection life insurance plan offering regular bonuses. The policy offers the option of saving small amounts regularly each year and accumulating a lump sum.

This plan provides early surrender and paid-up options, apart from death and maturity benefits. This policy can be revived within two years from the date of first unpaid premium.
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