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Rupee reverses early gains to end flat at 64.53 a dollar

The rupee gave back most of its initial gains in tandem with local equities and settled almost flat at 64.53 against the US currency following fag-end dollar demand from importers and banks.
Forex markets sentiment took a sudden U-turn as currency traders attention turned towards the next big risk event -- Fed Chair Janet Yellen's speech and also US Consumer Confidence survey due later in the day.
Bearish equity markets and month-end dollar demand predominantly weighed on rupee trade, a forex dealer said.
Strong capital inflows, however, limited the fall.

Small banks offer special services to woo customers

Small finance banks (SFBs), the latest among the lenders licenscd by the Reserve Bank of India (RBI) to serve the unbanked population of India, are offering a slew of innovative products to woo customers from rural and urban areas including small businesses.
While their counterparts from universal banking space are struggling with bad loans and stringe­nt account opening norms (know your customer– KYC), SFBs are offering si­m­plified procedure of ope­ning a bank account by lin­king it with Aadhaar card.

Kerala govt investing Rs 50,000 cr on infra projects: Issac

The Kerala government is investing about Rs 50,000 crore on infrastructure projects this year to enhance job opportunities for the youth, state Finance Minister Thomas Issac
said here today.
Noting that about 40 per cent of the investment has already been declared, he said the proposed investment is huge for a small state like Kerala.
"I don't go into how we are financing. It's going to take place.
It will change Kerala's profile," Issac, who was speaking at a seminar on urbanisation organised by a Left-affiliated outfit, said.

Housing rentals to decline by 10-20% in IT hubs: Report

India's software and services hubs are expected to witness a 10-20 per cent reduction in housing rents over the next three quarters beginning July, as the IT sector experiences subdued sentiment, says a report.
Industry body Assocham said owing to the pressure on hiring and annual pay rise for employees, house owners in Bengaluru, often called India's Silicon Valley, seem to have done a reality check and are accordingly slashing the rentals.

28%GST levy;fireworks units to begin indefinite stir on Jun 30

Fireworks manufacturing units in Tamil Nadu will begin an indefinite strike from June 30 in protest against levy of 28 per cent GST on fireworks .
A Asaithambi, President,The Tamilnadu Fireworks and Amorces Manufacturers' Association, said the 'exorbitant' GST would affect eight lakh workers involved in the industry and demanded that it be reduced to 15 per cent.
He said 811 fireworks units in the state would participate in the indefinite strike.

Rupee stumbles on oil worries, hits fresh 3-week low at 64.59

The rupee remained under pressure against the US dollar for the third-straight day today, depreciating 7 paise to end at a fresh 3-week low of 64.59 on steady demand of the US currency amid a global oil rout.
Forex market traded with a broadly hesitant tone on growing uncertainty about global economic growth as sell-off in crude prices remained unabated, triggering volatility in financial markets.
Demand for the greenback from banks and importers and little support from local share market too weighed on trade.

Provide adequate transaction details in passbooks:RBI to banks

The RBI today asked banks to provide "adequate details" of transactions in the passbooks and statements of accounts so that customers can cross-check them.
Earlier, the Reserve Bank had advised them to avoid inscrutable entries in passbooks/statements of account and ensure that brief, intelligible particulars are invariably entered with a view to avoiding inconvenience to depositors.
However, the RBI said it has come to its notice that many lenders still do not provide adequate details.

Rupee dives to 3-week low of 64.59 against dollar

Caught in a downward spiral for the third straight session, the rupee today depreciated by 7 paise to end at a fresh three-week low of 64.59 on steady dollar demand amid eepening global oil rout.
This is the lowest closing for the home currency since May 30, when it had closed at 64.66.
Forex market traded with a broadly hesitant tone on growing uncertainty about global economic growth as sell-off in crude prices remained unabated, triggering volatility in financial markets.

Rupee dives to 3-week low of 64.59 against dollar

Caught in a downward spiral for the third straight session, the rupee today depreciated by 7 paise to end at a fresh three-week low of 64.59 on steady dollar demand amid deepening global oil rout.
This is the lowest closing for the home currency since May 30, when it had closed at 64.66.
Forex market traded with a broadly hesitant tone on growing uncertainty about global economic growth, as sell-off in crude prices remained unabated, triggering volatility in financial markets.

Federal Bank launches $310 million share sale to institutions - term sheet

Indian private sector lender Federal Bank Ltd has launched a share sale to raise 20 billion rupees ($310 million), with an option to increase the amount by 5 billion rupees, according to a deal term sheet.

Federal Bank said in a regulatory filing on Wednesday it had launched a so-called qualified institutions placement of shares but did not give details.

The bank is selling new shares in a price range of 111.50 rupees to 116.70 rupees, equivalent to a 4.5 percent discount to the stock's close on Wednesday at the bottom of the range.

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