UAE markets end in positive territory as trading volumes climb | GulfNews.com:
"UAE markets closed higher yesterday as volumes started climbing in the last two days after a relatively slow post-Eid period last week.
The Dubai stock benchmark DFM General Index rose 0.23 per cent to close at 2670.43. The volume traded jumped to 659.57 million shares from Tuesday’s 472.92 million. The turnover was up by about Dh100 million, from Dh556.45 million to Dh657.95 million. Of the 26 shares traded, 11 advanced, nine retreated and six remained unchanged.
The Abu Dhabi stock measure gained 0.52 per cent to 3921.00. The volume traded jumped to 147.72 million shares from 89.99 million a day earlier. Consumer staples sector led the gains with a 2.89 per cent jump, followed by telecom and banks."
'via Blog this'
Wednesday, 21 August 2013
Kremlin Aide Threatens End of Free Trade With Ukraine | Business | The Moscow Times
Kremlin Aide Threatens End of Free Trade With Ukraine | Business | The Moscow Times:
"Russia could annul a free trade regime with Ukraine and scrap joint projects in a number of industries if Kiev signs an association agreement with the European Union, Kremlin advisor Sergei Glazyev was quoted as saying Wednesday.
By signing the agreement — which is slated for November — Ukraine will forfeit its ability to independently regulate its international trade and customs issues with other countries, handing them over to Brussels, Glazyev told Ukrainian daily Vesti.
"The legal base for direct dialogue between Kiev and Moscow will thus disappear. We will have to discuss all trade related issues with Brussels, not Kiev," said Glazyev, who advises President Vladimir Putin on developing Russia's Customs Union with Belarus and Kazakhstan."
'via Blog this'
"Russia could annul a free trade regime with Ukraine and scrap joint projects in a number of industries if Kiev signs an association agreement with the European Union, Kremlin advisor Sergei Glazyev was quoted as saying Wednesday.
By signing the agreement — which is slated for November — Ukraine will forfeit its ability to independently regulate its international trade and customs issues with other countries, handing them over to Brussels, Glazyev told Ukrainian daily Vesti.
"The legal base for direct dialogue between Kiev and Moscow will thus disappear. We will have to discuss all trade related issues with Brussels, not Kiev," said Glazyev, who advises President Vladimir Putin on developing Russia's Customs Union with Belarus and Kazakhstan."
'via Blog this'
Dubai’s Emirates NBD to Boost Fees on $12 Billion Debt Deals - Bloomberg
Dubai’s Emirates NBD to Boost Fees on $12 Billion Debt Deals - Bloomberg:
"Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, expects to raise more than $12 billion for clients in the remainder of the year, boosting investment banking income as the lender seeks expansion.
The Dubai government-controlled lender has mandates for about 20 bond and loan deals after helping raise $14.6 billion for clients in 23 such transactions so far this year, Giel-Jan Van Der Tol, the lender’s head of wholesale banking, said in an interview yesterday. The deals have an average size of about $500 million and there’s issuer interest from countries where customers invest in Shariah-compliant debt, he said."
'via Blog this'
"Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, expects to raise more than $12 billion for clients in the remainder of the year, boosting investment banking income as the lender seeks expansion.
The Dubai government-controlled lender has mandates for about 20 bond and loan deals after helping raise $14.6 billion for clients in 23 such transactions so far this year, Giel-Jan Van Der Tol, the lender’s head of wholesale banking, said in an interview yesterday. The deals have an average size of about $500 million and there’s issuer interest from countries where customers invest in Shariah-compliant debt, he said."
'via Blog this'
Dubai's Arabtec may merge with Kuwait, Saudi firms - bi-me.com
Dubai's Arabtec may merge with Kuwait, Saudi firms - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Dubai-based Arabtec Holdings is in merger talks with Kuwait's Combined Group Contracting Co and Saudi Arabia's Saudi Oger to create a pan-Gulf construction firm, Kuwaiti newspaper Al-Qabas reported on Wednesday.
The newspaper quoted unnamed sources. Spokesmen at the companies could not immediately be reached for comment.
Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, reported last week that it swung to a second-quarter net profit, helped by growth in its key markets and expense reductions"
'via Blog this'
"Dubai-based Arabtec Holdings is in merger talks with Kuwait's Combined Group Contracting Co and Saudi Arabia's Saudi Oger to create a pan-Gulf construction firm, Kuwaiti newspaper Al-Qabas reported on Wednesday.
The newspaper quoted unnamed sources. Spokesmen at the companies could not immediately be reached for comment.
Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, reported last week that it swung to a second-quarter net profit, helped by growth in its key markets and expense reductions"
'via Blog this'
SCM sells 100% in Ukrainian Pharmacy Holding
SCM sells 100% in Ukrainian Pharmacy Holding:
"
The largest financial and industrial group of Ukraine – System Capital Management (SCM, Donetsk) – has finalized a deal on the sale of a 100% stake in Ukrainian Pharmacy Holding, which unites the Zdravitsa and Dobri Liky chains, the Central Pharmacy and the A'STA regional wholesale pharmaceutical company, reads a posting on the Web site of the group.
The parties are not disclosing the value and other details of the deal.
Earlier, SCM's public relations and communications director, Natalia Yemchenko, wrote on her Facebook page that the SCM Group plans to sell Ukrainian Pharmacy Holding."
'via Blog this'
"
The parties are not disclosing the value and other details of the deal.
Earlier, SCM's public relations and communications director, Natalia Yemchenko, wrote on her Facebook page that the SCM Group plans to sell Ukrainian Pharmacy Holding."
'via Blog this'
Ukraine Has Very Good Chance to Sign EU Association - U.S. Ambassador
Ukraine Has Very Good Chance to Sign EU Association - U.S. Ambassador - Press Release - Digital Journal:
"The American Ambassador to Ukraine Geoffrey R. Pyatt reached such conclusion based on the opinions of the Ukrainian authorities and European colleagues, he told in an interview to radiosvoboda.org. Pyatt also expressed his belief that Europe held the door open for Ukraine. He hopes that Ukraine would go through that door.
Pyatt was impressed by the seriousness Ukrainian authorities paid to the signing of Association Agreement (AA), focusing on the steps toward meeting the European standards. Speaking of conditions, necessary for the November signing of the AA between the EU and Ukraine, American official highlighted the need for the Ukrainian authorities to cooperate with the European community in order to move forward.
The most important step Ukraine could make is take into account the EU's concern regarding the issue of selective justice. Pyatt emphasized that in case of selective justice the U.S. paid attention to the principle, not any particular person. This principle "is very important to the USA as it takes us back to the question of Ukrainian democracy, it is the ground for our strategic cooperation," said Pyatt."
'via Blog this'
"The American Ambassador to Ukraine Geoffrey R. Pyatt reached such conclusion based on the opinions of the Ukrainian authorities and European colleagues, he told in an interview to radiosvoboda.org. Pyatt also expressed his belief that Europe held the door open for Ukraine. He hopes that Ukraine would go through that door.
Pyatt was impressed by the seriousness Ukrainian authorities paid to the signing of Association Agreement (AA), focusing on the steps toward meeting the European standards. Speaking of conditions, necessary for the November signing of the AA between the EU and Ukraine, American official highlighted the need for the Ukrainian authorities to cooperate with the European community in order to move forward.
The most important step Ukraine could make is take into account the EU's concern regarding the issue of selective justice. Pyatt emphasized that in case of selective justice the U.S. paid attention to the principle, not any particular person. This principle "is very important to the USA as it takes us back to the question of Ukrainian democracy, it is the ground for our strategic cooperation," said Pyatt."
'via Blog this'
Iran Today: New Oil Minister “We Must Raise Production More than 50%” | EA WorldView
EA WorldView | A Window On The World:
"Iran’s new Oil Minister, Bijan Namdar-Zanganeh — after years of All-Is-Well messages by the Ahmadinejad Government — has implicitly acknowledged the effects of falling production and exports.
Calling for a reversal in the situation, Zanganeh said on Tuesday, “An increase in Iran’s oil production capacity will result in higher bargaining power in the international bodies and the OPEC. Therefore, the oil production capacity must be raised to above four million barrels a day by applying enhanced recovery methods.”
Iran’s oil production was more than 4 million barrels per day at the start of 2012 but, amid US-led sanctions, has fallen to 2.6 million barrels per day, its lowest level since the 1980s."
'via Blog this'
"Iran’s new Oil Minister, Bijan Namdar-Zanganeh — after years of All-Is-Well messages by the Ahmadinejad Government — has implicitly acknowledged the effects of falling production and exports.
Calling for a reversal in the situation, Zanganeh said on Tuesday, “An increase in Iran’s oil production capacity will result in higher bargaining power in the international bodies and the OPEC. Therefore, the oil production capacity must be raised to above four million barrels a day by applying enhanced recovery methods.”
Iran’s oil production was more than 4 million barrels per day at the start of 2012 but, amid US-led sanctions, has fallen to 2.6 million barrels per day, its lowest level since the 1980s."
'via Blog this'
Russia's Plan For Ukraine: Purported Leaked Strategy Document Raises Alarm - Kiev Ukraine News Blog
Kiev Ukraine News Blog:
"It has long been known that Moscow is determined to prevent Ukraine from entering into an Association Agreement with the European Union.
And now, it seems, the Kremlin has a plan.
At least that's what many in Ukraine are thinking after the newspaper "Dzerkalo tyzhnia" over the weekend published a 10-page document the paper claims was drafted by Moscow and its allies in Ukraine that outlines a multipronged effort to extend Russia's influence in the country.
Opinions vary on the authenticity of the document.
But former Foreign Minister Volodymyr Ohryzko told RFE/RL's Ukrainian Service he had no doubt it reflects Moscow's intentions."
'via Blog this'
"It has long been known that Moscow is determined to prevent Ukraine from entering into an Association Agreement with the European Union.
 |
| Ukrainian politician Viktor Medvedchuk (R) and Russian President Vladimir Putin in Kiev on July 27. |
At least that's what many in Ukraine are thinking after the newspaper "Dzerkalo tyzhnia" over the weekend published a 10-page document the paper claims was drafted by Moscow and its allies in Ukraine that outlines a multipronged effort to extend Russia's influence in the country.
Opinions vary on the authenticity of the document.
But former Foreign Minister Volodymyr Ohryzko told RFE/RL's Ukrainian Service he had no doubt it reflects Moscow's intentions."
'via Blog this'
Gulf Daily News » Business News » NBK Bahrain's net profit grows 44pc
Gulf Daily News » Business News » NBK Bahrain's net profit grows 44pc:
"National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in the kingdom, has reported a net profit of $53.9 million for the first half of 2013 compared with $37.5m last time, a growth of 44 per cent.
NBK Bahrain's total assets increased by 18pc to $6.48 billion at the end of June against $5.5bn a year before.
Shareholders' equity increased by 5pc to $668m compared with $636m a year ago."
'via Blog this'
"National Bank of Kuwait - Bahrain (NBK Bahrain), the subsidiary of NBK Group in the kingdom, has reported a net profit of $53.9 million for the first half of 2013 compared with $37.5m last time, a growth of 44 per cent.
NBK Bahrain's total assets increased by 18pc to $6.48 billion at the end of June against $5.5bn a year before.
Shareholders' equity increased by 5pc to $668m compared with $636m a year ago."
'via Blog this'
Dubai utility DEWA plans coal-fueled power plant | Arab News
Dubai utility DEWA plans coal-fueled power plant | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Dubai Electricity and Water Authority has unveiled plans for a 1200 megawatt (MW) clean coal power plant and is seeking bidders to build what would be the first such project of its kind in the Gulf region.
The utility has issued a request for tenders for the plant, which will be built in two phases to generate 600 MW each when completed in 2020 and 2021 respectively, a statement from DEWA said.
When fully operational, the plant will contribute 12 percent of projected output under Dubai’s 2030 Integrated Energy Strategy, the statement added."
'via Blog this'
"Dubai Electricity and Water Authority has unveiled plans for a 1200 megawatt (MW) clean coal power plant and is seeking bidders to build what would be the first such project of its kind in the Gulf region.
The utility has issued a request for tenders for the plant, which will be built in two phases to generate 600 MW each when completed in 2020 and 2021 respectively, a statement from DEWA said.
When fully operational, the plant will contribute 12 percent of projected output under Dubai’s 2030 Integrated Energy Strategy, the statement added."
'via Blog this'
BRICS Business Council To Boost Inclusive Growth Eurasia Review
BRICS Business Council To Boost Inclusive Growth Eurasia Review:
"South Africa President Jacob Zuma says the leaders of the BRICS countries will use the bloc’s Business Council as a platform to explore new models and approaches towards more equitable development and inclusive growth in the world.
Speaking on Tuesday at the inaugural BRICS [Brazil, Russia, India, China and South Africa] Business Council meeting, Zuma said the strength of the alliance was amplified by the fact that BRICS countries accounted for 43% of the world’s population.
The council, which was established at the fifth BRICS Summit in March, exists in order to develop and grow business, trade, manufacturing and investment ties among BRICS countries, and BRICS countries and Africa."
'via Blog this'
"South Africa President Jacob Zuma says the leaders of the BRICS countries will use the bloc’s Business Council as a platform to explore new models and approaches towards more equitable development and inclusive growth in the world.
Speaking on Tuesday at the inaugural BRICS [Brazil, Russia, India, China and South Africa] Business Council meeting, Zuma said the strength of the alliance was amplified by the fact that BRICS countries accounted for 43% of the world’s population.
The council, which was established at the fifth BRICS Summit in March, exists in order to develop and grow business, trade, manufacturing and investment ties among BRICS countries, and BRICS countries and Africa."
'via Blog this'
Qatar shares stay positive despite retail sell pressure
Qatar shares stay positive despite retail sell pressure:
"Taking cue from global markets, local retail investors resorted to heavy selling but the Qatar Exchange remained in the positive trajectory albeit at lower levels.
Both domestic and foreign institutions together injected (net) QR78mn into the Qatari bourse, which helped its 20-stock Qatar Index (based on price data) gain a marginal 0.06% amidst net selling from foreign retail investors.
The index that tracks Shariah-principled stocks outperformed the market’s key indices."
'via Blog this'
"Taking cue from global markets, local retail investors resorted to heavy selling but the Qatar Exchange remained in the positive trajectory albeit at lower levels.
Both domestic and foreign institutions together injected (net) QR78mn into the Qatari bourse, which helped its 20-stock Qatar Index (based on price data) gain a marginal 0.06% amidst net selling from foreign retail investors.
The index that tracks Shariah-principled stocks outperformed the market’s key indices."
'via Blog this'
UAE firm's green farm in Ghana will create jobs and aid environment - The National
UAE firm's green farm in Ghana will create jobs and aid environment - The National:
"A social responsibility company is planning to set up a sustainable organic farming system in Ghana.
Nahtam will acquire 4,000 acres of land in the capital city of Accra, which will produce food while offsetting carbon production.
"Carbon footprint is a global issue and the simplest and easiest method to offset carbon is to plant as many trees as you can," said George Itty, chief executive of Nahtam."
'via Blog this'
"A social responsibility company is planning to set up a sustainable organic farming system in Ghana.
Nahtam will acquire 4,000 acres of land in the capital city of Accra, which will produce food while offsetting carbon production.
"Carbon footprint is a global issue and the simplest and easiest method to offset carbon is to plant as many trees as you can," said George Itty, chief executive of Nahtam."
'via Blog this'
Infrastructure projects begin to take hold - The National
Infrastructure projects begin to take hold - The National:
"The Northern Emirates - Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah - are often characterised as lagging behind Abu Dhabi and Dubai. However, that perception is about to be shattered, following a Dh16 billion investment in a series of key projects to help improve infrastructure in the five emirates.
As The National reports today, many of these works are nearing completion, including a clutch of major roads, hospitals, schools, labour offices, civil defence centres and more than 2,000 new homes.
In Sharjah, where traffic congestion has been a bugbear for many years, the notorious National Paints roundabout is being substantially upgraded. The project entails replacing an old bridge, widening both carriageways and installing new drainage as part of a root-and-branch redevelopment of this notorious black spot for motorists."
'via Blog this'
"The Northern Emirates - Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah - are often characterised as lagging behind Abu Dhabi and Dubai. However, that perception is about to be shattered, following a Dh16 billion investment in a series of key projects to help improve infrastructure in the five emirates.
As The National reports today, many of these works are nearing completion, including a clutch of major roads, hospitals, schools, labour offices, civil defence centres and more than 2,000 new homes.
In Sharjah, where traffic congestion has been a bugbear for many years, the notorious National Paints roundabout is being substantially upgraded. The project entails replacing an old bridge, widening both carriageways and installing new drainage as part of a root-and-branch redevelopment of this notorious black spot for motorists."
'via Blog this'
UK seeks to renew Iran sanctions despite court setback - The National
UK seeks to renew Iran sanctions despite court setback - The National:
"
The United Kingdom government is seeking to renew sanctions against Iran's largest private bank, despite Britain's Supreme Court finding no evidence Bank Mellat had helped to fund Iran's nuclear programme.
Last month nine UK senior judges ordered the sanctions against the Tehran-based lender be removed after labelling the measures as "irrational". But Britain's treasury is now seeking to reinstate the listing through European Union courts. The treasury is attempting to intervene in the EU Council's appeal against an earlier decision by the EU General Court to declare EU sanctions against Bank Mellat as unlawful.
"The treasury's evidence has been found wanting by the highest court in the UK. These continued actions at the EU are an attempt to maintain sanctions against Bank Mellat by the back door," said Sarosh Zaiwalla, senior partner at Zaiwalla & Co, Bank Mellat's London law firm."
'via Blog this'
"
Last month nine UK senior judges ordered the sanctions against the Tehran-based lender be removed after labelling the measures as "irrational". But Britain's treasury is now seeking to reinstate the listing through European Union courts. The treasury is attempting to intervene in the EU Council's appeal against an earlier decision by the EU General Court to declare EU sanctions against Bank Mellat as unlawful.
"The treasury's evidence has been found wanting by the highest court in the UK. These continued actions at the EU are an attempt to maintain sanctions against Bank Mellat by the back door," said Sarosh Zaiwalla, senior partner at Zaiwalla & Co, Bank Mellat's London law firm."
'via Blog this'
Tecom chief executive at the heart of a quiet revolution in Dubai - The National
Tecom chief executive at the heart of a quiet revolution in Dubai - The National:
"
Amina Al Rostamani is leading a quiet revolution at the heart of Dubai's business community, and doing it with a style that has become distinctly hers in the 12 years she has spent at one of the emirate's most successful ventures.
While the spotlight may have been on the headline-grabbing growth at Emirates Airline, or the raft of new construction projects announced in Dubai over the past few months, she has been remoulding Tecom, a unit of Dubai Holding, where she was recently appointed as the chief executive.
"I'm very honoured to be chief executive. It was planned as a natural succession, and I wanted to reposition the company to reflect changes in the market," she says. She had previously been the head of the business parks division of Tecom, but her elevation to the top job was accompanied by a reorganisation of the corporate structure and the appointment of several new senior executives."
'via Blog this'
"
 |
| Amina Al Rostamani has overseen a transformation at Tecom as the company's chief executive. Clint McLean for The National |
While the spotlight may have been on the headline-grabbing growth at Emirates Airline, or the raft of new construction projects announced in Dubai over the past few months, she has been remoulding Tecom, a unit of Dubai Holding, where she was recently appointed as the chief executive.
"I'm very honoured to be chief executive. It was planned as a natural succession, and I wanted to reposition the company to reflect changes in the market," she says. She had previously been the head of the business parks division of Tecom, but her elevation to the top job was accompanied by a reorganisation of the corporate structure and the appointment of several new senior executives."
'via Blog this'
Egypt is staring into an abyss | GulfNews.com
Egypt is staring into an abyss | GulfNews.com:
"There are many deeply unsettling things about the violence in Egypt, but perhaps the most striking is how similar the rhetoric from both sides often is.
Throughout his year in office, Mohammad Mursi, though democratically elected, never seemed to accept the idea of legitimate opposition. He demonised his opponents as traitors and foreign agents. In this, as much as in his repeated grabs for ever-more power on behalf of the Muslim Brotherhood, he consistently alienated potential allies in Egypt’s opposition.
Today, with Mursi deposed and detained, the generals who ousted him justify their blood-soaked crackdown by describing demonstrators opposed to military rule as terrorists. The danger for both sides is that as the rhetoric escalates, and the body count rises, retreat and compromise become more difficult by the hour."
'via Blog this'
"There are many deeply unsettling things about the violence in Egypt, but perhaps the most striking is how similar the rhetoric from both sides often is.
Throughout his year in office, Mohammad Mursi, though democratically elected, never seemed to accept the idea of legitimate opposition. He demonised his opponents as traitors and foreign agents. In this, as much as in his repeated grabs for ever-more power on behalf of the Muslim Brotherhood, he consistently alienated potential allies in Egypt’s opposition.
Today, with Mursi deposed and detained, the generals who ousted him justify their blood-soaked crackdown by describing demonstrators opposed to military rule as terrorists. The danger for both sides is that as the rhetoric escalates, and the body count rises, retreat and compromise become more difficult by the hour."
'via Blog this'
Shale revolution will be a long time coming | GulfNews.com
Shale revolution will be a long time coming | GulfNews.com:
"There is much hype about shale oil and gas these days, and a lot of what is being said is true. Its impact on the price of oil and manufacturing costs in the US will soon be considerable. China will probably become less competitive.
But on the global scene, we see no major changes in the total demand for Gulf oil in the next two decades. Consumption is projected to continue to grow, driven by fossil-fuel hungry Asian economies. And the Gulf is successfully shifting their attention to cater to that demand.
In spite of the recent technological developments in the extraction of natural gas, its lower price and its lower environmental impact, growth in oil consumption is projected to outpace growth in natural gas consumption in the next 20 years. Oil’s central role in the world’s energy mix will remain substantially intact, mostly due to strong growth in Asian demand."
'via Blog this'
"There is much hype about shale oil and gas these days, and a lot of what is being said is true. Its impact on the price of oil and manufacturing costs in the US will soon be considerable. China will probably become less competitive.
But on the global scene, we see no major changes in the total demand for Gulf oil in the next two decades. Consumption is projected to continue to grow, driven by fossil-fuel hungry Asian economies. And the Gulf is successfully shifting their attention to cater to that demand.
In spite of the recent technological developments in the extraction of natural gas, its lower price and its lower environmental impact, growth in oil consumption is projected to outpace growth in natural gas consumption in the next 20 years. Oil’s central role in the world’s energy mix will remain substantially intact, mostly due to strong growth in Asian demand."
'via Blog this'
Glencore Xstrata posts first-half loss of $8.9b | GulfNews.com
Glencore Xstrata posts first-half loss of $8.9b | GulfNews.com:
"Newly merged mining giant Glencore Xstrata reported a switch into a first-half net loss of $8.9 billion (Dh32.7 billion) on Tuesday owing to merger write-downs, but signalled it would pay an interim dividend.
At the same time last year and on a comparable asset base, the business made a net profit of $2.2 billion.
The expected dividend was a sign of confidence in the future, the group said, forecasting bigger-than-expected economies of scale."
'via Blog this'
"Newly merged mining giant Glencore Xstrata reported a switch into a first-half net loss of $8.9 billion (Dh32.7 billion) on Tuesday owing to merger write-downs, but signalled it would pay an interim dividend.
At the same time last year and on a comparable asset base, the business made a net profit of $2.2 billion.
The expected dividend was a sign of confidence in the future, the group said, forecasting bigger-than-expected economies of scale."
'via Blog this'
Indian rupee slump to promp bank intervention | GulfNews.com
Indian rupee slump to promp bank intervention | GulfNews.com:
"India’s rupee slumped to a new record low to the dollar on Tuesday, prompting suspected central bank intervention, amid fears that measures to stabilise it and kickstart the economy will not work.
Asia’s worst-performing currency this year slid to Rs64.13 (Dh3.7) to the dollar in morning trading, past its previous low of 63.22 the previous day.
Two suspected interventions by the Reserve Bank of India (RBI) to sell dollars saw the rupee retrace slightly to 63.19, dealers told AFP on condition of anonymity."
'via Blog this'
"India’s rupee slumped to a new record low to the dollar on Tuesday, prompting suspected central bank intervention, amid fears that measures to stabilise it and kickstart the economy will not work.
Asia’s worst-performing currency this year slid to Rs64.13 (Dh3.7) to the dollar in morning trading, past its previous low of 63.22 the previous day.
Two suspected interventions by the Reserve Bank of India (RBI) to sell dollars saw the rupee retrace slightly to 63.19, dealers told AFP on condition of anonymity."
'via Blog this'