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Forex reserves at $ 65 bn

Mumbai, Nov. 16: Fresh foreign direct investment inflows, export remittances and revaluation of the dollar vis-a-vis the euro have led India’s foreign exchange reserves to reach a new record high and cross the $ 65-billion mark during the week ended November 8. With the rupee gaining strength, the lag in export earnings has reduced, thus leading to the rise in the country’s foreign exchange reserves by $ 755 million to $ 65,376 million in the reporting week, the Reserve Bank of India said in its weekly statistical supplement here.

Wharton award

Hyderabad, Nov. 16: The governor of Andhra Pradesh, Chakravarti Rangarajan has been awarded the second Wharton Alumni award by the Wharton India Economic Forum, 2002. The award instituted in 2001 was decided by the faculty and students of Wharton School.

WorldCom chief

New York, Nov. 16: Michael Capellas, who recently left Hewlett-Packard, has accepted the challenge of heading WorldCom. Capellas who has no experience in the telecommunications industry, will replace interim CEO John Sidgmore and chairman Bert Roberts, effective December 2.


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