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Since 1st March, 1999
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Business Briefs

Blow to US steel tariffs

Washington, May 3:The World Trade Organization has ruled that US tariffs to protect the American steel industry are illegal. The ruling, which has been made available to governments but has not been publicly released, was confirmed by a US trade official, the Washington Times reports. The official, who asked not to be named, said the US plans to appeal the decision, leaving the tariffs in place in the meantime.

Forex reserves

Mumbai, May 3:India’s foreign exchange reserves crossed the $ 77 billion mark, a record high, following fresh inflows during the week ended April 25. During the past three weeks, the forex reserves grew by $ 1.9 billion. The country’s foreign exchange reserves rose sharply by $ 933 million to touch $ 77,010 million in the reporting week, according to the Reserve Bank's weekly statistical supplement released here today.

Gilt auction

Mumbai, May 3:The Reserve Bank of India has received an overwhelming response to its auction, second this fiscal, for two government securities aggregating Rs 9,000 crore — namely ‘7.27 per cent stock 2013’ and ‘6.30 per cent stock 2023’.

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