Forex kitty declines

Mumbai, Oct. 31: India’s foreign exchange reserves have declined by $15.4 billion, the biggest fall in over eight years, for the week ended October 24. The forex reserves stood at $258.4 billion for the said period, compared with $273.9 billion in the previous week. The reserves had fallen by $118 million for the week ended October 17 and by $9.99 billion in the week before.

Revenue gap

New Delhi, Oct. 31: The government’s revenue deficit at the end of the first half of 2008-09 has gone up to 78,313 crore, which is almost 142 per cent of the budget estimate for the entire year, reveals data released by the Controller General of Accounts. The revenue deficit was estimated at Rs 55,184 crore for the year.

FDI clearance

New Delhi, Oct. 31: The government has cleared 40 foreign direct investment (FDI) proposals, which will bring about Rs 1,498 crore into the country. They include plans by ILFS-ORIX Trust and the Asset Reconstruction Company of India.

NBFC funds

Mumbai, Oct. 31: The Reserve Bank of India has allowed non banking finance companies (NBFCs) to raise short-term funds in foreign currency up to $10 million under the approval route to meet liabilities.

Crude dip

New York, Oct. 31: Oil prices fell more than $1 to below $65 a barrel as weak demand and the global economic crisis put crude on track for the biggest monthly drop ever. US light crude for December delivery fell $1.08 to $64.88 a barrel. London Brent crude was down $1.34 to $62.37.

BoI rate hike

Mumbai, Oct. 31: Bank of India (BoI) has hiked interest rates on certain maturity deposits by 0.25-0.5 per cent from November 1. Deposits having a tenure of one year to 399 days will attract an interest rate of 10 per cent against 9.75 per cent earlier.

NTPC move

New Delhi, Oct. 31: NTPC is likely to exit the beleaguered Dabhol power project in Maharashtra if the government hives off the adjacent LNG import terminal and sells it to a third party.