FII inflows likely in coming days: FinMin - Indian Express

ENS Economic Bureau : Mumbai, Wed Jun 12 2013, 04:13 hrs Government officials on Tuesday rung up large foreign investors as the rupee dipped to 58.98 level against the dollar in a free fall that has shaved off 3.25 per cent from its value in just two days of this week. Economic affairs secretary, Arvind Mayaram told reporters, "Indication is some of the FIIs (foreign institutional investors) are now poised to bring in large funds. In the next three to four days, we will see a mid-course correction". Later in the day chief economic advisor, Raghuram Rajan said, "The government, the RBI and Sebi are watching market developments and each one will take actions as warranted." He also said the government will announce another set of steps to make foreign direct investment easier to bring in more rupee into the economy while the pace of gold imports for June "should see a significant drop". Rajan categorically ruled out any further moves to restrict gold imports. "I should add that we are not contemplating any additional restrictive measures on gold and there is no reason for speculating on this basis," he said in a note to explain the reasons why the rupee should recover its ground soon. The strong comments and an intervention by the Reserve Bank of India to sell dollars made the rupee pull back to a slightly improved 58.39 at the close of the day. It is still however withing striking distance of Rs 60 to a dollar, a level it was expected to reach by next year. Rajan explained that the decline of 7.5 per cent in the value of rupee since May 1, 2013 "has been significant". He, however, refused to accept that it was because of steep sell of by institutional investors from their holding of rupee debt after the US Federal Reserve's remarks. ... contd. ALSO READ Coal block auctions to wait till CBI wraps up allocation probe FIPB meet on Jet-Etihad deal postponed to Friday 17 states to see substantial power shortages, south to be worst affected Ex-CEO Phaneesh Murthy removed from iGate's board Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFC7_7xITTWlO0mmsz8AxIIwiDlSg&url=http://www.indianexpress.com/news/fii-inflows-likely-in-coming-days-finmin/1127992/

Put the internet to work for you. via Personal Recipe 2910127