Rupee value crashes to 18-month low

MUMBAI: The rupee hit an 18-month low of Rs 36.14 against the dollar on Wednesday but recovered after the Reserve Bank of India (RBI) denied a newspaper report that India would introduce an exchange rate band. Dealers said the rupee fell steeply in the morning in speculative trade. The market reacted in a panic and hammered the rupee down. But the rupee recouped some of its losses after the RBI called the newspaper report `misleading'. ``No decision in this regard has been taken by the Government and the RBI,'' it said.

1,000-rupee notes

HYDERABAD: The Centre proposed to re-introduce currency notes of Rs 1,000 denomination even while phasing out coins of smaller denominations, Union Minister of State for Finance Satpal Maharaj said on Wednesday.

Lanka win series

COLOMBO: Sri Lanka clinched the three-match One-Day International series when they defeated India by seven wickets in the second one-dayer at the Premadasa Stadium here today. India reached a modest total of 238 in their quota of 50 overs. The hosts achieved the required runs scoring 241 for three in 41.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.