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Drumbeat: Ad Buzzaar
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| Wednesday, June 10, 1998
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Paris all set to stage the world's biggest social event -- World Cup`98 |
Rupee falls below 42 as SBI shuts $ window
The rupee hurtled past the 42 mark to hit a historic low of 42.25 against the greenback on Tuesday. The sharp drop - by 45 paise - over Monday's closing quote came as corporate demand for dollars surged. This, even as the State Bank of India pulled away its support for the local currency. The six-month annualised forward premium went higher at 10.50% intra-day, but closed at 9.80%.
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Cyclone flattens Gujarat: 79 dead
A cyclonic storm with wind speed reaching 150-200 km per hour swept through coastal Saurashtra early yesterday morning killing 79 people, injuring hundreds and immobilising life in many parts of Gujarat. The most severe cyclone to hit the western coast in a quarter century, it left a trail of destruction -- snapping power and telecommunication links, uprooting trees and levelling kutcha houses.
Foreign banks set to back FIs' lending plans to the core sector
Financial institutions are planning to lend in a big way to infrastructure projects, backed by guarantees of foreign banks, to bridge the shortfall in core sector financing in the absence of the US Exim guarantees. This is part of the institutional strategy to see through infrastructure funding without any glitches in the aftermath of the withdrawal of guarantees by the US Exim.
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