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Since 1st March, 1999
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Business Briefs

Rupee strides to new high

Mumbai, June 11:Extending overnight sharp gains, the rupee strode to another 26-month closing peak of Rs 46.6950/7050 per dollar today, driven-up by sustained flow of dollars from export proceeds and expatriates’ remittances amidst negligible demand from companies and importers. Posting a gain of 7-1/2 paise from yesterday's close of Rs 46.77/78, the rupee may breach the Rs 46.50-dollar level in the next two days.

Opec output

Doha, June 11: Opec today decided to maintain current production levels until they meet again in September, the president of the oil cartel said. He added that the cartel would also hold an extraordinary meeting on July 31 to reassess the situation.

Parekh bail

Calcutta, June 11: The chief metropolitan magistrate rejected the bail application of Kamal Parekh, former president of the Calcutta Stock Exchange, and remanded him in police custody till June 20. He was arrested last night in connection with the Rs 120-crore payment crisis at the bourse in March 2001.

Oracle centre

Calcutta, June 11: Oracle’s Indian subsidiary will set up an ‘e-governance centre of excellence’ at Gurgaon (Haryana) in partnership with Hewlett Packard India.

TN plan outlay

New Delhi, June 11: The government today raised Tamil Nadu’s plan outlay for 2003-2004 by 22 per cent to Rs 7,000 crore but asked it to maintain budget discipline as fiscal consolidation is essential for economic growth.

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