Business

The reverse repo rate under the LAF stands adjusted to 6.5 per cent and the Bank Rate stands reduced to 9.5 per cen

The rupee on Friday opened 63.81 after closing at 63.50 ending its 5-day-gain on Thursday.

Shareholders cast their votes at a special meeting on Thursday morning and based on results, the buyout won their go-ahead and the deal.

The markets have recovered after all the blood-letting with the Sensex closing up 28 points after recovering from a 500-point crash.

Rupee has fallen more than 6 per cent this week so far and more than 12 per cent since July 15 RBI moves.

The rupee appreciated and ended at 63.20 bouncing back from an all-time intra-day low of 65.56 on Thursday.

Anil Ambani claimed he did not recall anything about board meetings citing the fact that he did not prepare minutes of the meeting.

The most radical, structural change in India's economy in the recent period has been the rise of its middle class.

Nifty also dropped by 98.90 points to 5,302.55 as companies having exposure to overseas markets suffered losses.

The RBI said the hardening of long-term yields "has resulted in banks incurring large mark-to-market losses in their investment portfolio".

Swamy had raised questions of corruption involved in the deal and claimed it to be fraudulent.

Shares of state-run capital goods major BHEL slumped 19 per cent on dismal performance during April-June quarter and downgrades by brokerages.

Investors have started questioning the RBI Governor Duvvuri Subbarao's resolve to roll back measures to defend the rupee.

The RBI and Sebi had imposed various restrictions on the futures market by way of raising the margins and limiting the positions that market participants can take.

The idea behind increasing the FDI limit in the telecom sector is to help the industry get fresh funds to lower financial burden.

The benchmark 10-year bond yield rose as much as 33 basis points to 8.50 per cent, its highest since late May 2012.