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Business Briefs

Forex reserves surge

Mumbai, May 10: India’s foreign exchange reserves continued to rise to record levels with fresh inflows of $ 588 million to touch $ 77,598 million during the week ended May 2. The country’s foreign currency assets rose by $ 733 million at $ 74,205 million, according to the Reserve Bank of India’s weekly statistical supplement released here today. The rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the US dollar, analysts said.

Naik for Iran

New Delhi, May 10: Petroleum minister Ram Naik will leave early tomorrow for a three-day visit to Iran to strengthen ties between the two countries in various areas of hydrocarbon sector.

Oil strike

Mumbai, May 10: Hindustan Oil Exploration Company Ltd has struck oil in onshore Cambay basin near Palej, 52 kms from Vadodara, Gujarat.


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