The Indian infrastructure space is set for a major fund-boost worth billions of dollars from foreign venture capital investors as regulator SEBI has removed a lacunae in norms to allow such investments.
The Reserve Bank of India (RBI) will not hurriedly close a special window for oil marketing companies (OMCs) to buy dollars for crude oil imports, said the RBI Governor Raghuram Rajan on November 13. The RBI is striving bring stability in the currency market.
To save the falling rupee, the Reserve Bank of India (RBI) will sell dollars to the government-owned oil marketing companies (OMCs) in the counry, said the RBI on August 28. Through a designated bank, the RBI will, with immediate effect, is to sell dollars to Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp.
Media reports say that the Reserve Bank of India sold dollars via State-run banks in early trades on August 1 after the currency weakened tracking the dollar's strength in Asia. The Reserve Bank of India was seen selling dollars from Rs 60.75 levels, say dealers.
By phasing out expat pilots, SpiceJet is planning to save Rs 90 crore per annum. Foreign pilots employed by Indian airlines are paid in dollors. Not jut, SpiceJet, the falling rupee has made airlines in India to act in an area where they have dragged their feet for years - phasing out expat pilots. Now the low cost carrier SpiceJet has brought down its number of expat pilots, all of whom are commanders, from over 100 a year ago to just 25 now.
In order to contain volatility in rupee exchange rate, state-run oil marketing companies (OMCs) agreed to buy dollars for importing crude oil from a single public sector bank. This follows the direction by Reserve Bank of India (RBI) to these companies to use a special window for buying dollars