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Not me, sir
Communications Minister A Raja has learnt it’s better to be safe than sorry. After the EGoM meeting on the 3G spectrum auction, Finance Minister Pranab Mukherjee was surrounded by journalists. He refused to make any comment and then turned towards Raja and said, “Nobody should talk to the press about this meeting.” Even before Mukherjee could finish, Raja waved his hands and said, “Sir, I am not saying anything. I am not saying anything.” A few days ago, Mukherjee had summoned Raja and told him not to talk to the press about the 3G issue and to ensure that no inter-ministerial communication related to the 3G auction was leaked from his office — letters from Mukherjee to Raja and vice versa have all been leaked to the press in recent weeks.

Emerging-market funds pulling out
Emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said.

News of the day

Govt may import up to 2 MT rice
The government is planning to import up to two million tonnes of rice to augment domestic supply, as production of the foodgrain is projected to decline due to the twin impact of drought and floods. The Centre, which had scrapped import duty on rice last month, may also consider incentivising imports, sources said.
Corporate

Rupee at month high, rises 8 paise at 46.22/$

The rupee today appreciated by 8 paise to hit a month"s high of 46.22 against the US currency in early trade, in line with other firming Asian currencies. - Bonds drop on rate-hike speculation - Rupee gains 7 paise at 46.54/$ in early trade - Forex reserves dip $144 million - Forex reserves fall by $144 mn to $283.4 bn - Rupee starts New Year on weak note, sheds 7 paise - Rupee gains 12 paise against in early trade Continued capital inflows by foreign funds also supported the Indian rupee. At the Interbank Foreign Exchange (Forex) market, the Indian rupee strengthened by 8 paise to trade at about a month"s high of 46.22 a dollar. The currency had ended 32 paise higher at 46.29/30 in yesterday"s trading. Dealers said the dollar"s losses against other Asian currencies and increased capital inflows by funds into equities supported the rupee sentiment. Meanwhile, benchmark index Sensex surged 171.05 points or 0.92 per cent at 17,729.78 points in opening trade today.


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